Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-03-29

mount of increase in their capital, afte,
said 22d June. 1t will be seen by the
return of this bank, at the October ses.
sion, that the stock had been incre ased to
$500, ,O0O, ,and that the per centage or tax
had not been incurred. This capital
must therefore, taken the account ofMr.
Sprague's son to be correct have been
increased between the time the law was
introduced at Newport, viz: about ten
o'clock, on the 22d June and l2 O'Clock
that night, an operation which defeated d
the state revenue to the amount of Three
thousand seren hundred and ffg doHors.-
1t was said at the time that information
was communicated to this Bank, of the
introduction ofthis law into the assembly,
and that the directors, or part of them,
met at an unusual hour of the night, and
transacted this business, and made one
of the directors nomimaliy the owner of
this vast amount of stock, but that he was
really the agent of the Bank, to sell it,
and that he did afterwards sell it to 9TH
er stockholders. This is briefly the trans
action of MIR. Sprague's Bank. 1t is IA
question which need not now be discuss
cd, whether this was or was not a fraud
upon the law-Its propriety will be con-
sldered by the frecmen, as well as its eff
fects upon their interest 1t was said
and believed that information was COM
municated to friend of the Bank by
one Of Mr.. Sprague's sons, a director in
1t, then and now member Of the assem-
bly,, from Cranston. Indeed il was SO
stated by him at the time to one or more
persons then at Newport. 1t is "a ques-
ton addressed to his conscience, how far
such conduct interfered with his oath 10
be "true and faithfM to The interests of the
State," and with this do not pretend to
interfere. The proprety Of the whole
transaction is submitted to the people, be-
cause the public interest has been aflec-
ted by it, and for no other reason. 1t is
important that such facts should lie cor
rectly stated; and | have heard several
of the stockholders speak of this transact
ton, and have never known any explain
alton or different account given of il by
any one, than the one here given. This
is the prevailing opinion which is known
to have existed in this town, ever since it
took place. If it were possible for it to
be founded in error, the most ample
means to correct it were in possession of
the party interested; but l have never
known it even denied.
Mr.. Sprague did for awhile attempt its
justification, and even to justify the con-
duct of his son, for giving the intorma-
tion which was given by him, which con-
stitutes its peculiar improperly; but he
has been still about it of late, for fear
that a knowledge Of the facts should ex-
pose his object in opposing those who pas
sed the law. The paper in his interest,
may attempt its justification or declare
the Willingness of MIR. Sprague to submit
to any examination but, will any of
them say that this stock was not transfer
red after the law was introduced into the
Assembly as here stated, and for the pur-II
pose of evading its provisions.
The important question for the frecmen
to decide is, was the law just 6 necessary.
] { so, it should have given no ofeucc to
MIR. Sprague; and they will not second
and aid him in his endeavors te get it re-
pcaled, but will sustain the law aud those
who passed it, for their benefit and theirs
only. may at another time make some
in reply to the writer III the A
merican, who has declared that the As
sembly has become like brokers' shop,
by making these provisions for its Treas
ury, AND to prevent land tar. Such
expressions show the feelings entertain
ed by Mr.. Sprague and his jealous sup
porters and make it the more necessary
fully to explain the effects that have been
produced, and may be expected from
c continuance of the measures adopted,
and which have occasioned all this op-
position to the present State Administra-
ton. ROGER WILLIAMS.
Providence, March II.
ain General Assembly, June Session, A.
ID. 1881. An act imposing per CEN
tage on certain bank capital in this
State.
SECTION 1. BE 1t enacted by the Cen
eral Assembly and by The authority there
Of II IS enacted, That all banks heretofore
in the State, which by their
ch arters are authorised to inc ase their
original capital stock, shall respectfully
pay into the General Treasury, two and