The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1876-10-11

tax on whisky was 20 cents per gal
lon it produced immeasurably more
revenue than when it was at 90 cents
and 81 per gallon. His friend,
Whitthorne had demonstrated that.
bv means of the prohibitorv whisky
law, that 500 millions of dollars had
been lost to the Government within
the last eleven years. The same re-
marks will apply equally well to the
tax on tobacco.
What becomes of all this money? !?
He would show by comparisons.
| The expenses of Buchanan's 5 admin
istration, confessedly the most ex-
| travagant up to the war. averaged
sixty-fve millions of dollars per an
num-the expenses of Grants adj
ministration have averaged one hum
died and seventy-one millions for
seven wears past; as this was his
last he had no idea what they might
amout to. Every man, woman and
child pays into the Golfers of the
United States Government an aver
age of twenty-five dollars a head.
| The expenses of the White House
were greater under Lincoln than un-
der any of his predecessors-$52, !, 900
Der annum-but under Grant they
have averaged $1O4, 726 a year. As
an apology for Grant, however, it
must be remembered that he had
Babcock in his family.
He overhauled the affairs of the
Navy Department, showing that with
a less efficient navy now, according
to the testimony of experienced ma
val officers, than in 1861, the an
nual expenditures since the war
have averaged $35, 100000 year to
$1I,OO0,00O per year previous to
that period He also discussed the
National banking system. The 800
and 1920 bonds, issued in 1862,
the principal of which was to be paid
in legal tender notes OF the Govern
ment and the interest in coin, were
by the acts of the Republican party
since the war so altered as TO be
made payable, principal and interest
in coin thus, without any cores
ponding benefit to the government
therefron, increased in value il the
markets 500 millions o. dollars.
The demonecization of silver by
the Republican party was one Of the
most outrageous acts ever enacted
in the history Of the Government.
He paid his respects TO IafJ's infa-
NOUS instructions 10 u. ). Marshalls
! in most unmeasured terms, regard
ing it as the most fragrant violation
OF constitutional authority Oh record
in this country.
Gov. Harris paid a glowing tribute
to Gov. Tilden and MS services in
the State and city of New York, af-
| ter which he entered into an eXpla-
nation of his connection with the
Bank of Tennessee. He said:
Having been requested to give an
explanation Of the loss of the school
fund, L cheerfully do SO to the eX-
tent of my information upon the
subject.
By the act of Jan. 8, 1888, the
Bank of Tennessee was Incorporated
and the school fund of the State was
made a part of the capital of the
/ bank.
The sixth section of the act pro-
vided that 1.-The Governor OF the
State shall nominate aud appoint
twelve persons TO act as directors,
Il which nominations and
appointments shall be subjected tc
confirmation or rejection by the
General Assembly,
When the nomination OF these di
rectors was confirmed by the Gener
al Assembly, all the powers aud du
ties of the Governor, in respect tc
the Bank of Tennessee, were ended
Even if u vacancy was occasloned
by the death, resignation, or removal
of any one of the directors so nomi'
mated, the law gave the Governor nc
power to fill it; it was filled by the
remaining directors.
These directors elected all the
officers of the Bauk and appointed
the directors for all the branches,
the Governor having no more power
over the action and management oil
| the bank than any other citizen of
the State. When l was elected
| Governor in 1857 Hon. Cave john
son was President of the Bank.
Having the fullest confidence IN his
capacity and integrity, renomina-
ted him and the board of directors
that | found acting with him, AMI
they were confirmed by the Legs
| lature.
After my reelection in 1859, l
was informed by Mr.. johnson that
his failing health would compel hIm
TO retire, and at the same time
most of the directory expressed a
wish to be relieved; whereupon L
nominated a new board, which was
confirmed by The Legislature. When
reelected In 1861, L renominated
the same board OF directors Lhat /
had nominated ia 1889, aud they
were again confirmed.
These directors having been first
appointed ia 1893, shows that their
appointment was not controlled iii
any measure by the war or It's in-
cidents, which began in 1861.
Ihe President and directors were
the legal custodians of the capital
and assets Of the Bank. and had
the entire management Of its busi-
ness, subjected only to the author.
ity OF the General Assembly. The
Governor having no authority, un
der the law, TO interfere with il In
any manner whatever.
With regard to the removal OF
the capital and assets of the bank
from the State in 1862. can on
ly say that on the 5th Of February,
1862, the Legislature passed an act