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

TO pack the books, papers, and as
sets of he Bank for removal at a
moments notice.
When Fort Donelson fell and
| Nashville was evacuated bv the
| Confederate army, the officers of
the Bank removed the balance of
the capital aud assets South TO keep
them within the Confederate lines.
I see that G.. G.. Torbett, who was
President of the bank from the be-
ginning to the end of the war, states
in a deposition that he gave. before
legislative committee i'm March,
1870, that it was by order of Gen.
Johnson that the assets Of the bank
were removed from Nashville.
After the evacuation of Nashville
| went to the army and made my
headquarters with the commanding
General of the Army.
The Bank being within the Con-
federate lines, in the custody Of G..
G Torbett. President. John A. Fish
er. Cashier, and Flippin, Teller. with
some of the officers of the branches.
From my constant association with
the commanding General, I was fa-
miliar with the military situation,
and | kept the officers Of the bank
advised from time to time of the
places of greatest safety, and when
necessary, secured for them such
transportation and guards as were
necessary for the preservation of the
assets; but this was the full extent
my interference with the manage
ment of the bank. Late in 1868 or
early in 1861, Col. Torbett exhibit
ed to me an order issued by the
Secretary Of the Treasury of the
Confederate States for the impress
ment Of the coin of the Bank of Ten
nessee as a basis for the financial
operations Of the Confederate Gov
eminent, informing me at tine time
that the coin Of several Of the banks
of the Southern States had already
been impressed.
| went immediately to Richmond,
had an interview with the Secretary
of the Treasury and President, in
formed them that the assets of the
bauk were not the property of a
private corporation, that they belong
ed to the whole people Of Tennessee,
and were a sacred trust in the hands
of the officers of the bank, and pro-
tested against the impressment or
seizure of the coin. At my request
the order was countermanded and
the coin saved, and it, with the
other assets of the bank, remained
in the custody Of the officers of the
bank to the end of the war
| never knew, and had no other
means Of knowing than every other
citizen, from the published reports
of the bank, how much coin or other
assets the oank had.
| see that Col. Torbett states in
his deposition that there was about
100000 in specie when the bank
went South, aud he also states In his
deposition that $50, 900 in coin was
given for sterling exchange and that
about a years salary was paid TO
State and bank officers in coin.
I also see that Col. Young, of the
9TH Iowa Cavalry, receipted the
officer Of the bank on the 18th MAY,
1865, for ffty-seyen kegs and boxes
Of gold and silver coin, the aggregate
weight of which was 1926 pounds.
| am told by bankers that if the gold
and silver coin was in the usual pro-
portions kept by banks, the 1926
pounds would be quite equal to the
5000, ,000-but upon that subject L
know nothing. | have also been in
| formed that when the coin, assets,
books and papers of the bank were
returned to Nashville. they were
dumped down in one of the rooms
at the Capitol, and remained there
| for days or weeks under guard of
soldiers, but of this know nothing.
| see that Governor Brownlow, in
his message to the Legislature, Oct.
3, 1865, says that there was returned
in gold and silver coin, $446. 719, 10,
which was invested in $6l8,250 of
7-30 United States bonds.
It appears from the deposition of
Geo r. Rutter that he was the Pre-.
sident of the National Bank, which
was organized in 1865. and soon af-
ter, ''this bank was made the depos-
/ itory of the funds Of the State
through political influences, with the
understanding among the leading
Radicals of the State : X that
this bank was to support the Radical
party and be their financial agent,
and furnish money to run the ma
chine, whenever they wanted it..
This was the general understanding
and frequently talked over prior and
subsequent to the passage Of the bill
making the bank the fiscal agent of
the State
That in May, 1866, the $618, ,25O
OF 730 U. S. bonds were deposited
in the Tennessee National Bank, and
that the drafts of tue members OF
the members Of the Legislature and
other Radical leaders upon the bank
to support the Radical party \ 4
aud run the machine" were so fire.
quent and heavy that the bank was
soon driven TO suspension and in
solyency.
According to the showing Of the
Republican party, the officers Of the
bank preserved the coin through four
ears Of war with a loss OF less than
thlrty-three per cent, but l doubt
very much whether it was diminish-
ed beyond the amount invested in
the sterling exchange and the years
salary paid to the State and bank
officers, as stated by Col. Torbett.
1t passed through several hands be-
fore it reached the Capitol, and was.
apprehend, not very carefully
guarded between the time il reached