Article Text
THE TORBETT ISSUE. How the Senate Takes the Bull by the Horns. Important Action of that Body Yesterday. In the Senate yesterday 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 following REPORT ON THE TORBETT 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 Sam'l Watson Trustee, vs. the President and Directors of the Bank of Tennessee, et al," adjudged and decreed that the notes of the bank issued since May 6, 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 out of the assets of the bank as the notes issued before May 6, 1861. That the debtors to said bank were entitled 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 the creditors of the bank had a 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 assets of the bank, or school fund, impaired the obligation of the contract between the bank and its creditors, and was therefore nuil and void, as was also the assignment made in pursuance of that act, so far as it gave preference to the school fund. And, whereas, it is to the interest of the State as well as the other parties interested in said bank assets, to have as speedy a settlement 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 1865-6, entitled an "Act to wind up and settle the business of the Bank of Tennessee," and in the deed of assignment made thereunder on the 4th of April, 1866, 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 6th day of May, 1861; provided 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 Master take proof, and report a minimum price upon the real assets of said bank. And resolved further, that the Treasurer of the State be, and he is hereby empowered and directed to deliver up the fifty bonds, United States bonds of $1,000 each, FA attached by the creditors of said bank in said cause, to the said trustee and the Clerk and Master of the Chancery Court of I Nashville, to be holden by them as is now t done a3 to the other personal assets of the bank. And resolved further, that to avoid furto ther expense in and about said matters, I and in the belief that the assets of the bank are amply sufficient to satisfy the claims of said note holders so adjudged to be entitled to priority of satisfaction out of said assets, the direction of the Attorney General heretofore given against the State b in favor of the right of the holders of said a notes issued since the 6th May, 1861, to tender and pay the same to the State in payment of their taxes, is hereby revoked. a Mr. Marchbanks moved to suspend the 0 rules to take up the resolution, which prevailed. u Mr. Hodges advocated the adoption of b the resolution. d Mr. Emmert, in opposition, said that he il could never consent to the payment of any debts in aid of the rebellion. t. Mr. Wade protested against the adoption d of the resolution. The State was no party B to the recent suit, and, in his judgment, the W tl merits of the suit had not been fully decided. y Mr. Jones favored the resolution, which S] was then adopted. t] Ayes-Messrs. Aden, Blizard, Buchanan, SI Butler, Hodges, Jones, Logan, Marchbanks, p Marye, Quarles, Smith, Trotter, Speaker st Paine-13. Noes-Messrs. Emmert, Haynes, Jordan, of Overton, Ragland, Wade, Wilson-7.
