Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-04-14
WHAT WENT WITH THE SCHOOL
FrNn


Democratic State Treasurer under his
administration. In an article pub
lished in the KnogUiIIe Wing of Aug.
%, 1868, signed Senior Editor he
stated the case as follows.
"The Federal army at Augusta, Ga,
captured 100000 Of the school fund and
returned it to the Governor, and the only
officer connected with the State Govern
ment as State Treasurer was a Greene
county johnson Democrat. Without au-
thOTity Of laW, he secretly loaned it to an
irresponsible, insOlyent bank at Memphis,
and half Of it turns ont TO be a total loss to
the State"
In the UNION AND AMERICAN of
Aug. %, 1868, we showed beyond a
p~eradventure where the responsibility
for this loss Of the sO-called school
fund properly belongs, as follows:
Now Is to the responsibility for the loss
Of the school fund" The Governor
charges that the late State Treasurer is re-
spOnsible FOR this loss, ard that be was a
"Greene county johnson Democrat" We
know nothing as TO the politics Of the late
DR.. Stanford. We have heard, however,
that lie was an old line Wing, and here he
was regarded by outsiders as an intense
Radical. He wa a member Of the State
Convention which amended the Constitu-
ton and put the present State Government
in operation, and he was elected Treasurer
by the Legislature which elected the pres
ent Secretary of State and Public Printer,
and men Of that stripe. But how anne
this "Greene county johnson Democrat
to be entrusted with the custody Of the
school fund?1 Gov. BrOWnlOW stated
more than a year ago (see hnOEWe Wing
of April "a, IS67,) that 'the fund remain
ed in the keeping Of the Governor and
Comptroller for fifteen months in perfect
safety" Then why was it disturbed? and
who took Il from their keeping? The Gov
ernOr says DR.. Stanford took iL. But who
authorized him to take charge Of h sfund?
Let Us see. In the House Of Representa-
tives on the 18th Of December, 1865, Mr..
Mulloy offered q resolution requiring the
Governor, Secretary of State and Comp
t%TOller, TO pay to the Superintendent Of
Public instruction six hundred and
eighteen thousand two hundred and fifty
dollars, with accrued interest," that being
the amount realized from the sale Of the
coin belonging TO the Bank Of Tennessee.
This resolution was adopted on the 18th.
On the 9Th Of February, 1866, this TesOlu-
/ tion came up in the Senate, when Mr..
Trimble offered a bill in lieu "tO wind up
and settle the business Of the Bank Of Ten
neSsee." This bill was passed through the
/ Senate, and when It came up on its third
reading in tie House, Mr.. Patton, a Radi-
/ cal member, offered AZ amendment in lieu
/ of the fifth section, providing as follows:
THAT the President and Directors, with
out delay, and at as early a day as practi-
( cable, cause an assignment and deeds Of
trust of all the assets of said bank and
branches, and property Of all kinds, real,
personal and mixed, including She fund
| above described OF S61S,250, and all inter
est thereon accrued or %acCTuing, 10 be made
and executed il the name and behalf Of
the Bank Of Tennessee, and under its seal,
for the uses and in trust as follows: First,
10 secure the full sum Of Sl,5O0,OOO, the
amount of the common school fund de-
posted in the Bank Of Tennessee by acts
Of the Legislature, which shall be a peter
red claim. with interest accrued and aCCTu-
INC on said sum Of Sl,JO0,O00, since the 9th
day Of May, 1861, which sum Of S6lS,2j0,
United States seVen-thirty bonds shall be
retained and placed in the hands Of The
Treasurer of the State of Tennessee, as
part Of the common sCh9Ol fund originally
deposited in the Bank Of Tennessee, etc.
This amendment was adopted, and the
bill as amended was then passed IN its
third reading, by the following vote:
Ayes-Messrs. Anderson, Arnell, Baker,
Garter, CliBgan, Doughty, DOwdy, Donald
son, Duggau, DUnDaWay, FUsOu, Garner,
Gilmer, GrimmCtt, Hudson, Hale, jarvis,
Jones Of Claiborne, Mason, Maxwell, Nc
Nair. Mullins, Mos, Norman, Ordway,
Parks, Patton, Porter, Pickett, Raulston,
Rodgers, Symmetry, Smith of HaTdeman,
Smith Of ObiOn, SnOdderiy, T~hOrnburgh,
Underwood, Waters Of Wilson, Waters Of
Madison, Walker Of Rhel, Welch, VIII
lians, Willis, .WOodcOck and WOOds-4j.
sNOeS-MessTs. Brandon, Bleds0e. Cow
ard, Elliott, Faulkner, Garrett, Jones Of
Greene, Melton, Murphy, Nix, Scales
Thomas, WaLTen, Winnie and Speaker eis-
kell-15.
The bill as amended came up III the
Senate on the 10Th Of February, 1866, for
concurrence in the House amendments.
and It appears that Mr.. Trimble smelt a
. mouse Of considerable size in that portion
of the amendment touching the school
fund, for ne "mOVed a concurrence In all
Of the House amendments TO the bill, .eX-
cept that part Of the amendment 10 the
fifth section, making the Treasurer Of the
State the custodian Of the school fund set
apart therein ont Of the assets Of the Bank
Of Tennessee" But his sCTUples seem to
have been overcome, FOR he subsequently
modified his motion, and mOveda concur
renee in.aI the House amendments to the
Ill" The vote on Mr.. TTimble's motion
was Is follows:
Ayes-Nessrs. AldEidge, Bossson, Cate,
CyPert, Case, Frazier Of Wilson, Frazier
Of Knox, Keith, Mckinney, McElwee,
Nelson, Senter, Trimble aud Thompson
Ia.
N0es-MessTs. Bowen, Powell, Smith
and Speaker FriersOn-A.
% Thus We hnU'thaj the authority under
which Treasurer Stanford took possession
[. Of the'schOOf fund was conferred upon him
0uthe motion Of a Radical, and by Radi-
cal votes. But for this action Of the Radi-
Gals in the. Legislature, Of whom it cannot
be said they were "nOt in. sympathy with
Gov. B7OWnlOw or his measures the
school fund would have remained in the
keeping Of the Governor and Comptroller.
The first motion made to take this fund
out Of the keeping Of the Governor and
Comptroller, was by q political partisan Of
the Governor, and the amendment trans
ferring it from their hands and placing it in
those of the State TREASURED, was offered
by q Radical, and voted for by every Radi-
cal present in each house but four or five.
We have thus shown how the school fund
| was taken from the custody Of "the Gov
ertor.auj Comptroller, where. 1t had re-
manned for fifteen months in perfect safe
Is, and placed i'm the hands Of Treasurer
STANFORD. Now, how did it come to be
cleaned % an irresponsible, insOlyent bank
at MempLis9' The Governor says the late
Treasurer did it "wiLhouJ authority Of
t.: Let us look into thismatter a little.
Section 23O Of the Codeof Tennessee reads
as follows:
"Ihe Treasurer shall deposit ali moneys
that shall come 10 his hands on account of
tie State, within three days after receiving
the same, in such bank OF banks as, in the
opinion OF the Comptroller and Treasurer,
shall be secure
4 year'Or more before this :scaCol fund.
was placed In OF cleaned" 10 the h~iuespOn-
sible, ins6lyent" Tennessee National Bank
at Memphis, for that is the bank alluded
to ~ the Senior Editor an effort was
made to have that bank designated as a
fiscal accent of the Stale. hut L0mUtrOlleT