Knoxville Whig and chronicle. [volume] (Knoxville, Tenn.) 1875-1882, 1875-03-24

ne issue.
The special joint committee apIoint-
ed by the Legislature to consider iues-
lions growing out of the recent deci-
sion of the Supreme Court on the Tor
bett issue, made the following report {:
Whereas, the Supreme Court If this
| State has, at its present term in tie city
of Nashville, in the cause therein
pending of :" the State of Tennessee
and Sam'l Watson, Trustee, 70 the
President and Directors of the Bank of
tennessee, ct al" adjudged and de-
creed that the notes of the bank issued
since May 8, 1861, held by Aehison
aud Duncan and set out in their an
swer are legal, and subsisting debts of
the bank, entitled to payment at their
face value, and having the same prior
ity of payment out of the assets of the
bank as the notel Issued before May 6,
1861.
That the debtors to said bank were
entitled in payment of their dues to
the bank, to tender said notes issued
subsequent to May 6, 1861, and that
When the common school fund was
placed in the bank to constitute part
of its capital, it became assets of the
bank, to which the creditors of the
bank had right to look, and that
these constituted trust fund applica-
bic to the Payment of the debts of the
bank. The act of the Legislature of
1866, which appropriated the assets of
the bank, or school fund, i'm paired the
obligation Of the contract between the
bank and its creditors, and was there
fore null and void. as was also the as,
signment made in pursuance of that
act, so far as il gave preference to the
school fund.
And, whereas, it Is to the interest of
the State as well as the other parties
interested in said bank assets, to have
as speedy settlement Of the affairs
thereof as may be possible.
Therefore, il is resolved by the Cen
eral Assembly of the State Of Tennes-
see, that the assent Of the State be and
the same is hereby given to the sale of
the real and personal Assets of the
Bank OF Tennessee, as provided in the
acts of 1866, entitled an Act to wind
up and settle the business of the Bank
OF Tennessee, and in the deed of as
signment made Hereunder on the 4th
of April, 1866 and said assent is also
given to the receiving the purchase
money for said property in the said
notes OF the bank issued after the 9th
day OF May, 1861 (; provided the bids
therefor be made separately and show.
ing whether in United States treasury
notes or in said issue Of the bank
provided further, that under an order
Of court the Clerk and Master take
proof, and report a minimum price
upon the real assets of said bank.
And resolved further, that the Treas
urer of the State be, and he is hereby
empowered and directed to deliver up
the fifty bonds Of 81 900 each, attached
by the creditors of said bank in said
cause, to the said trustee and the Clerk
and Master of the Chancery Court Of
Nashville, to be holden by them as is
now done a. TO the other personal AS
sets Of the bank.
And resolved further, that to avoid
further expense in and about said mat
tiers, and in the behalf that the assets
OF the bank are amply sufficient tn
satisfy the claims Of said note holders
so adjudged TO be entitled to priority
Of satisfaction out Of said assets, the
direction Of the Attorney General
heretofore given against the State in
favor Of the right Of the holders of
said notes issued since the 9Th Of May,
1861, to tender and pay the same to the
Slate in payment Of their taxes, il
hereby revoked.
The report was adopted IN the Senate
by the following vote:
Ayes-Messrs. Alden, Blizzard, Buch-
anan, Butler, Hodges, Jones, Logan,
Marchbanks, Marye, Quarle-, Smith,
TTotter, Speaker Paine--l3.
Noes - Meesrs. Emmert, Haynes,
Jordan, Oyerton, Raglaud, Wade,
Wilson,.