Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-03-16
THE TORBETT ISSUE.
How the Senate Takes the Bull by
the Horns.
Important Action Of that Body Yes
terday.

In the Senate yeSte. day Mr. Quarles
from the special joint committee appointed
TO consider all questions connected with
the decision Of the Supreme Court in the
Bank Of Tennessee case, presented the fol-
lowing
REPORT on THE TOFBETT ISSUE.
Whereas, the Supreme Court of this
State has, at its present term in the city Of
Nashville, in the cause therein pending Of
.'the State Of Tennessee, and Saml Watson
Trustee, vs.. the President and Directors Of
the Bank Of Tennessee, ct al, adjudged
and decreed that the notes Of the bank is
sued since May 9, 1861, held By AtchisOn
and Duncan and set out in their answer
are legal, and subsisting debts Of the bank,
entitled to payment at their face value, and
having the same priority Of payment ont Of
the assets Of the bank IS the notes issued
before Nay 6, 1861.
That the debtors to said bank were enti-
tied 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 tie creditors Of the bank had q right
to look, and that these constituted a trust
fund applicable to the payment Of the debts
Of the bank. The act Of the Legislature
Of 1866, which appropriated the sssets Of the
bank, or school fund, impaired the Obligd-
ton Of the contract between the bank and
its creditors, and was therefore null and
COid, as was also the assignment made in
pursuance Of that act, so far as it gave
preference to the school fund.
And, whereas, il is to the interest of the
State as well as the other parties interested
in said bank assets, to have as speedy a set
Element of the affairs thereof as may be
possible,
Therefore, it is resolved by the General
Assembly Of the STATE Of Tennessee, 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 10 wind up and settle The business
Of the Bank Of Tennessee and in the deed
Of assignment made Hereunder on the 4th
of April, 1856, 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; pro-
vided the bids therefor be made separately !
and showing whether in United States !
treasury notes or in said issue of the bank; |
provided further, that under an order of |
court The Clerk and Haster take proof, and |
report minimum price upon the real as |
sets Of said bank.
And resolved further, that the Treasurer |
Of the State be, and he is hereby empOW- |
cred and directed TO deliver up the fifty /
bonds, United States bonds Of 81 900 each, |
attached by the creditors Of said bank in
said cause, to the said trustee and tie
Clerk and Master of the Chanoery Court of
Nashville, to be holden by them as is now
done as TO the other personal assets Of the
bank.
And resolved further, that to avoid fur
Their expense in and about said matters,
and in the belief that the assets Of the
bank are amply sufficient to satisfy the
claims Of said note holders so adiudged 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 sad
notes issued since the 9th May, 1861, to
tender and pay the same to the State in
payment Of their taxes, is hereby revoked.
Mr.. AarchbaEks moved to suspend the |
uies to take up the resolution, which pre-
vailed.
Mr.. Hodges advocated the adoption of
he resolution.
Mr. EmmeTt, in opposition, said that he
could never consent to tine payment Of any
ieb.s in aid Of the rebellion.
Mir. Wade protested against the adoption |
IF the resolution. The State was no party
% the recent suit, and, in his judgment, the |
merits Of the suit had not been fully de-
.ided
Mr.. Jones favored the resolution, which
vas then adopted.
Ayes-Messrs. Alden, BLIZZARD, Buchanan,
Butler, Hodges, Jones, Logan, Marchbanks,
Aarye, Quarles, Smith, Trotter, Speaker
NOes-Messrs. Emmert, Haynes, Jordan,
)verton, Ragland, Wade, Wilson,.