The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1883-03-10
TENNEsSEE'S TREASURY.
Final Report of the Legislative Com
mittee on the Subject.


The committee say, since making
their first report in regard to the de.
ficit. there has been accounted for
the following moneys, which should
be entered as credits on the ex-treas-
urer's accounts:
The amount on deposit with the Ne
chanIe Savings Bank. Knoxville s2l 900
b lance on deposit with the Conti-
mental Bank Of New York % 900
Balance on deposit January with the
Mechanics National, ROCKVILLE 1900
Making total s4s, 900
This taken from the deficiency of
s403, 666.91, as shown by our former
report leaves he actual defcienc, of
said Polk 1878, S66.91.
The balance in The hands of the
Continental Bank of New York has
been Withdrawn therefrOm and paid
into the treasury by order of tie com.
mittee. The amount in the Mechan
les Savings Bank of Knoxville is
simpI II debt against the estate of
Thomas OConner, deceased. This
debt the Committee are infOrme'l by
the administrator of O'Couner will
he paid in full in a few days, most
probably before the adjournment of
the Legislature. If it is not paid the
attorney general has been requested
to take the necessary steps to enforce
the collection Of the same The Me-
chanics' National Bank of Knoxville
is in good standing and is the success
sor of the Mechanics Saving Bank.
Up to January s. 1883, the'accounts
! with this bank were kept at the
treasurer's Office in the Lame of the
former bank, and checks drawn on
the Mechanics Savings Bank we're
cashed by the Mechanics National
Bank. The committee think this
was simply carelessness, and they as
cribe no criminal intent to the off.
GERS of the bank.
The committee report that they
had turned over the treasurer's office
to the newly elected treasurer and ob-
tanned from him receipt rs if he
had received the office from Polk, the
former treasurer. They report that
they have been wholly unable to as.
certain the whereabouts of the fifty
United States bonds which belonged
to the State and which were in Folks
custody. Polk declines to give any
account of what he did with them.
In accordance with the instructions
of the General Assembly, the com,
mittee employed book keeper and
expert accountant to examine the
books of the treasury back to 1870.
The examination extended back to
this period went through the term of
office of DIR. William Morrow, who
ws the predecessor of M. I. Polk
and the successor of l. f. Rust.
In making out statement of the
bank deposits during said Morrow =
administration, and comparing the
same with the amounts called for hy
the comptroller's books, the commit.
tee found large discrepancies amount.
ing to in some instances to as
high as 100000. They called DIR.
Morrow before them for an explana.
ton as to the same, and they found
that these discI epancies were OCCASION
ed by the very large amount of old
issues of the Bank of Tennessee which
was pouring into his Office at that
time, aud at intervals of few months
was Cancelled. There was cancelled
and burned of this money during DR..
Morrow's administration the sum Cf
$1,911, 1884.
When DR.. Morrow was installed
in the office Of treasurer in May, 1870,
he found despoiled and empty
treasury, not one dollar being in the
treasury. During his term Of office,
from Msy, 1870, to February, 1877,
period of nearly seven years, there
passed through his hands the sum OF
S13, 059,O75 40, and not one cent
was lost to the State. A proper
voucher for every credit on his books
was found on file in the proper place,
and not an error. either through his
entries or the addition in his books,
was found. but they were correct even
to one cent. Therefore your commit.
tee speak in the highes. terms of him
as faithful and efficient officer and
an honest msu. His administration
is the one bright spot in the history
of the management OF our State
treasury since the war. 1t will be
seen that out Of FIVE State treasur ers.
running through period Of seven!