opinion that there was not a judge on the bench of Tennessee who would refuse to grant relief. On June 1st, he filed a bill at Gallatin, Tenn., before Charles Smith, Chancellor of the Seventh Chancery Division.
The bill was brought "in the name of the State in the relation of 466 citizens in behalf of themselves and others against the mayor, and the city council, the city treasurer, revenue collector, and others." It prayed "that further speculation in checks be enjoined; that no more checks be issued and no more received until, on the one hand, the right of the city to issue them should be accurately defined, and until, on the other, the validity of outstanding checks should be determined; that the corporation officers who were defendants in the case, be compelled to account for money made by speculation in the means and credit of the city; and lastly, that a receiver of known financial ability, with good credit and good reputation, be appointed with full power to control the finances of the city and make contracts so as to save the city from ruin."
The terrible condition of the city was set forth at length in the bill. It was alleged, among other things, that $1,323,668 in checks had been issued, $759,000 of which were without authority of law, while much of the remainder was for illegal purposes. The most exorbitant rates of interest were paid, in some cases as much as 100%. Failing to meet its maturing obligations, the creditors of the city were resorting to the courts, and the city's property was being sold to satisfy them.
After an elaborate argument of the case, in which the defendants were represented by eminent lawyers, Chancellor Smith granted the prayer of the petitioners. Mr. John M. Bass was appointed receiver. After furnishing a bond of $500,000, he entered upon the receivership, June 28th. On the following month, a motion was made by the deposed officials, in the Nashville Chancery Division, to have the
