Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-04-13
CHE Q

pOSlLlOu upon any question d4oCbnB
the material interests of the country,or
that initiates, directly or remotely,
against the industrial classes.
The charter of the Bank Of Tennes-
see contains a clause obligating the
| State to receive its Issues for dues to
the State. OF course this applies to
valid issues and no other. What are
valid issues? No question about old
issues. That the State is bound to re-
ceive them has been settled blythe uni
ted States Supreme Court, IN the case
| Of Furman, Green & Co. VS.. Nichol.
Is the ''Torbett issue a valid issue?
What does this depend upon? If is
sued In the regular course of the bust
ness Of the bank and its branches, and
not for IA purposes, then 1t is a valid
issue; otherwise, it is not. 1t then be-
comes purely a matter of fact, the law, in
the case ~refelredto, having been settled.
He who says that the seth General AS
sembly of Tennessee ought to have
settled 1t knows but little of the power
and character of our Government, or
makes a poor use of his knowledge in
this behalf. The question is clearly
one for the courts. The Supreme
| Court Of Tennessee has had the ques-
ton before it, and has fully considered
K upon all the testimony Of all who are
acquainted with the facts. The proof,
as Ear as we can gather it, was all M
way, that the "Torbett issue was put
forth In the regular business of the
bank and its branches, and not a dol
4 IL ,--- -, Al 49, W. Ahav1hN
| otherwise until these facts were estab-
hshed by the strongest testimony.
Gentlemen Of the highest character,
who we're familiar with the operations
of the bank, swore straight out" that
there was none, whatever, issuedfOr wal
purposes. With such evidence as this
before the Court, how could it get
around giving it the consideration it
deserved? and how can the people of
Tennessee question the integrity of the
Court and witnesses In the premises?
But, for how much is the State ha-
bic? The bubble VIII ~bepricked in an
swering this significant question. Some
newspapers and people very recklessly
assert that there are, at the present
time, four or five millions of this issue
outstanding. Where is the proof of
this? Bring it forward, and we viii
surrender the case, for we would be no
party to the act Of saddling this vast
Indebtedness upon the taxpayers of
Tennessee. We profess to be governed
wholly by the record, and, according 70
that, there is not one million Outstand-
ing. Samuel Watson, Treasurer, pub
lished, some weeks ago, a statement
from the books Of the bank, which
clearly shows that there cannot be as
much as one million, and this state
meDt is corroborated by a number Of
bankers and business men IN all parts
Of the State. Indeed, the better Opin-
ion seems to be not more than $780,
900.
The case recently decided by the
Supreme Court was one in which the
State was not really a party. 1t was
between certain dePositors and note
holders. There are, perhaps, two mil I
lions Of depOsltOTs' claims against the
bank. In this case 1t was decided that
the note holders (Of TOrbett ISSUE have
preference Of satisfaction Over the de-
pOsitOrs out Of the assets of the bank.
This. then, Is the condition Of things:
The assets Of the bank 60 first to pay
the note holders and second to deposit
tors. When the assets are exhausted
the note holders have recourse on the
Treasury, but the depOsitors have not.
But the outstanding ''TOTbett issue"
amounts, we Will say, to 100000.
Now, how is it to be met? The assets
are about al follows:
1. Notes in process OF collection, and
most OF which can be collected in
.'TOrbetJ issue over $4,000, but.
S-ys"t
2. Tennessee Rnds. 205,uOO
3. Real estate and other property that
viii bring ns.TOrbett issue say. 10000
&. United stats lj,c0J
5. Money lOauSE on mortgages, about. 100000
G. A lot Of United States bonds, which
were recovered from a man who once
had charge Of the sacred school
fund. % all OF il that Is left............. 10000
This is a pretty close approximation
Of the assets Of the bank, and If
Samuel Watson, Treasurer, is not mis-
taken in his estimate Of the amount
outstanding, they viii very nearly pay
off the note holders, whose claims ale
to be met, leaving the depositors out IN
the cold. If this were all, 1t would
seem that the hurrah made by some
folks over this matter would be gratu-
itous; bat there Is another chapter to
look into, whose revelations will prove
a source Of comfort to certain parties.
We call upon the Taxpayers TO follow
Us while we explore this chapter. 1t
contains some mighty good reading"
II Will be found that there is another
issue that is going 70 give them far
more trouble than the ''IOTbett issue.
1t seems that the school fund was, by
law, made a part of the capital stock
Of the bank. This the bank lost, ex-
cept about the sum Of S6IS,0O This
amount has been clearly traced into
the Treasurysof the State, and must be
paid by the State to the bank for its
creditors. 1t is true, the money is not
now IN the Treasury, Except the $780,
600 IN United States bonds, and it is
further true that the State never got
the benefit Of it. 1t seems that the
. powers that once controlled things at
the capitol placed it in the hands of
one Rutter, and that, whether it got
out Of his hands or not, 1t never got
back into the Treasury. How is. this
for high? Who has 70 settle this little
bill? There is no way to dodge it, 1t
has to Be paid, and the farmers, and
every other. class of our citizens, have
to raise the money by being taxed, and
on no class will the burden be heavier
than on the tillers of the soil.
In conclusion, we would remark that
the question we have been discussing
is nOtsa political one, by any sort Of
construction, and We regret our con-
temporary has seen fit to Pu, 1t in this
attitude. 1t has passed from that arena
to the more exalted one of Judicial in
vestigation, where it should be exempt
from the attacks Of political malevo-
lence, and where 1t should remain en-
shrined in the sanctity of legal author
ity. Journals II can scarcely perform
a higher mission than that Of throwing
around the courts Of the country the
impenetrable shield Of protection; to
encourage and foster in the public
mind a profound respect for them, and
to guard them against the assaults of
Dolitical demagOgues and corrupt and