Arkansas intelligencer., 1843-10-21


other instructions ever given TO commissioners,
bearing date 9th June, 1888, these conclusions are
strengthened and confirmed. These are the in.
structlons: "when you have perfected YOUR n r.
rangements and obtained the funds procure SO.
OOO in change from the mint at PHILADELPHIA. md
you will also get 100000 in gold for the com.
mencement of our operations, both of which
amounts you will bring home with you to Arkan-
sas." They conclude by giving them power to
exercise their best judgments in regard to the trust
What was the trust Most certainly the sale of
Inc bonds and the transmission of the money md
no'hinS beyond. Else, why inst ruct the commits |
sloners 10 deposite part of the money in some
sa,e oank aud bring the balance home in gold and
.n,o And' as before remarked, it was with
Ph'y' that the commissioners were Ief, 70 exar";so
."oir oest Judgments. Whnt exercise n d;scre.
''on aoo"' snaVing off par funds of the bank for
worthless shlnplasters. No such power wos evsr
gwen, and, OF course they could exercise No die.
| cretion about it. N N
Having thus proven to you, fellow citizens. bv
the resolutions, power Of attorney, and instruc.
tlons that no such power was conferred, and that
these bond sellers not authorized to shave off
the par funds Of the bank for deprecated paper,
will now show you conclusively by his (Co. Sc.
vler's) own admissions, signed and published by
himself, in the Gazette of the 18th of February
last, that he was instructed to bring the specie
home with him to Arkansas. How is his own &C.
count of the matter. He says '.these instructions
requested US TO bring home with US at least $780,
OOO IN specie, and think it was stated to be de.
srabe, that as much as S25O,OO0 in specie should
be broug hi home." The question then is, did thew
obey the instructions, did they keep themselves
within the pale of their authority and bring home
| the specie! No-not one dollar found its way IN.
to the vaults. And what excuse do YOU SUD-
pose the distinguished Senator gives? Here it is,
read IT, hear 1t: al brought homo specie funds,
and II the specie was not obtained, all have to
say is, that it was no fault Of mne.'' The checks,
receipts, and bank paper, he is pleased to dignity
with tho name OF specie funds, when it is proven
and admitted to be deprecated paper. He admits
ne was instructed to brln" the specie home, but
says that the bank might have Obtained the specie
for the paper, and therefore. he was authorized
10 make the exchanga. Wnata miserable con.
tempble quibble. Charity, herself, yearns to
throw her mantle over such being, and shield
HIM from responsibility.
! Lc. US for one moment simplify such an absurd
conclusion. by a familiar illustration. Suppose
! an agent has been sent with instructions 10 buy
bread for this feast, and should relurn with bag
oi wheat; the inquiry would be, where is the bread
you were instructed TO bring! And suppose he
should answer, brought you the wheat, and if
YOU don't convert it into bread, s'it is no fault of
mne;'' but, you were instructed to bring bread.
True, l was, but then | brought you the wheat,
ana therefore did not violate your instructions.
hSa IN: suppose you send your agent to buy horse
aud brng him to you, and you instruct him, at tho
time' tie use you have for the horse; he goes into
the market and buys such horse as YOU want,
out swaps h'm OIL for cattle and brings them to
you; you inquire where is the horse? Your apent
rep'ies' purchased ono and exchanged him for
cattle; and here they are. Blu, | instructed Won
to brngme horse, and told you was bound to
nave one to commence Operations. ."-True YOU
dId ; but brought you cattle, and if you don't
trade them OF Tor horse sit is no ia ut OF mine ~
ana, therefore Idm not Uiolate your instructions.
Just SO with this distinguished bondselIer. You
instructed him, 10 sell your bonds for specie can.
ita TO bank on, and deposit part of the funds in
safe eastern banks to be checked for, and TO brinu
The balance home in specie. He sold tho bonds
and received the cash. but instead of depos;tno n, RI
ana bringing hebalance home in specie, he shaved
of for deprecated paper and turned it over. as
have shown you, to the bank rs capital, aud
when asked about it, says, if the bank failed to
rcaiizo specie on 1t, 'why it is no fault of npe
Inc committee, then, were right in reporting
that The commissioners were not authorized tc
convert the specie funds of the bank into depre.
c'a'eo southern and western bank paper There
Is one inquiry which impulsiveIy arises here. and
''|t Is this: why did the commissioners engage in
, them
selves with making deposit of part Of the funds
and bringing the residue home, as required by the
Instructions. This was plain, simple duty; any
:. person, however simple in other matters, could
} not err therein. Why then engage brokers orc
commence trading on the capital Of the bank?-
"en seldom act without motives, and, indeed, the
: act itself implies motive. Was it in obedence
to Instructions! No. Did it accord with the OH
; lects OF their mission! No. Did it promote III,
interest Of tho bank, No. What then3 w,
hnd that Corcoran and Lee make no charge. WIN,
ever, for brokerage or for exchanging the cn n;,o
OF the bank for paper; and we also find tbnt The,
, only accounted for the paper at an AVERAGE dis
count OF about three and half per cent. when
that description of paper, according to Bicknel's
Reporter, at the time, was a, an average discoun,
OF from to IL per cent, and the evidence of a
sworn witness that Mississippi paper was from
to 10 per cent. discount. By reference to letter
written by tho Hon. Senator to MIR. Davies. he
proposes to allow them compensation for MA.
king an exchange of the capital. Under all these
circumstances tho committee camo to tho con-
cluson, and SO reported. that these brokers must
have retained portion of tho premium on SPECIE
over and above what wns accounted Tor 10 the
bank, and that the commissioners were cognizant
of the fac,-The report docs not say that 1t was