And we find that, after making all fair and legal allowances, there is a total balance against the Superintendent of Public Instruction of one hundred and twenty-one thousand, one hundred and sixty-nine dollars and five cents; of which the sum of eleven thousand seven hundred and twenty-eight dollars and sixty-one cents is for interest not account-. ed for.

The Committee after ascertaining this extraordinary deficit, were anxious to see whether the provisions of the second section of the act of 1836, chapter 23, requiring the Superintendent to give "bond with good and sufficient security," to be approved of by the Governor, had been properly complied with. They have examined the bonds on file. in the office of the Secretary of State, and find the first bond, dated 24th February, 1836, to be signed by O. B. Hays, Wm. Edmiston, John Scott, R. C. K. Martin, John Trimble and S. E. Gilliland. The second bond, dated 19th February, 1838, has the same individuals as securities, with the addition of John Lanier, Samuel Rosebro and E. M'Ewen. The first bond has on it this endorsement: "I approve of this bond and the securities herein given. N. Cannon." The second bond seems not to have been approved of by the Governor; or, if it was, there is no recorded evidence of such approval. There is an endorsement on it, however, purporting to have been made by Charles Boyles, clerk of the county court of Lincoln county, in which he informs us that "Samuel E. Gilliland, Samuel Rosebro, John Lanier and Ebenezer M'Ewen, securities to the foregoing bond, are jointly worth the penalty thereof and more." By reference to table E, it will be seen to what extent these securities are liable for accommodations given out of the public monies. Your Committee, however, would not wish to be understood as intimating that there was, on the part of these gentlemen, any thing of unfairness. So far as borrowers and endorsers are concerned, the committee have no proof that they were not ordinary business transactions. They submit the facts.

The Committee have also had under consideration the "distribution of the school monies that were to be distributed;" and they are of opinion that, so far as the Superintendent is concerned, the same has been properly done. Any difficulty that may have been occasioned in the distribution, has happened through the neglect or indifference of subordinate agents.

Since the commencement of this investigation, the entry taker of Ocoee district has paid into the Bank of Tennessee the sum of $141,869 21, which swells the amount already received from that source to the sum of five thousand five hundred and fifty-eight dollars and seventy five cents.

The Committee have also had before them a correspondence between the entry taker of Ocoee district, the Superintendent, and the President of the Bank of Tennessee. As it refers to some matters not within the range of their inquiries, they will only lay it before the legislature as they receive it.

It has been a desirable object with the committee to ascertain as nearly as practicable the amount and character of the Common School

Z.

Fund of Tennessee. Including stocks, monies, debts, (good and doubtful,) and real estate, it is estimated at one million three hundred and ninety-nine thousand eight hundred dollars and ninety-eight cents, viz:

From the above, it will be seen that the School Fund of Tennessee is large, and, if properly managed, will do more good, and confer more lasting benefits upon our country than the same amount of money used in any other way. The legislatures of our State have been long and perseveringly engaged in the difficult business of accumulating a valuable fund for purposes of education, But, in spite of all their efforts, it has been time after time plundered by a thousand hands. If we desire to preserve and cultivate the ample fund we now have, we should place such restrictions upon those through whose hands it must pass, that they will not waste it with impunity. It is a duty we owe ourselves, our children, and the Constitution, to preserve it unimpaired. All which is respectfully submitted.

H. YOAKUM, Chairman,
P. ANDERSON,

JOHN E. WHEELER,
Committee on part of the Senate.

A. JOHNSON, Chairman,
F. BUCHANAN,

N. FAIN,

BARKLEY MARTIN,

Committee on part of the House.

A.-Continued.

Amt due fr'in ech Amt collec'd frim Balance due on Doubtful debts Tax on Tippling co'ty agency, Ist each co'nty agent the 18th Novém-due from each CoHouses, collected March, 1836. to 18th Nov. '39.] ber, 1839. 18th Nov, 1839.

6,137 65

2,225 45

52

by Agents.

65

Agents Names.

Isaac M'Pherson.

1,005 00 E. J. Frierson.

536 25

Coffee,

322 88

A-Concluded.

Aint due fr'n ech Amt collec'd frm Balance due on Doubtful debts Tax on Tippling co ty ageney, 1st each conty agent the 18th Novem-due from each Co Houses, collected March 1836. to 18th Nov. 239.

ber, 1839.

394 87 A. Black.

Agents Names.

18th Nov. 1839.

by agents.

991 32

565 50 L. Henderson.

Tipton,

2,584 95

Weakly,

3,574 80j

2,919 32

1,200 10 1,277 77 Unknown.

Total,

1$421,652 801 $299,154 94

$90,241 45 $16,966 40

$24,584 00