Arkansas intelligencer., 1843-10-21

shaving rgain and that the commissioners sa red
profits with the brokers. | would not say 50, nor
would | have reported so, but we did report tho
facts, and submitted to the public theta of draw
ing deductions from them; and | confess too, that
in that submission, there is an implied imputation,
which the recent conducI Of the Senator has con.
hrmed, rather than removed.
And the committee also reported, that this Sem
ator retained the sum of ia 800 of tho capital of
the bank. On settlement with the bank he ad.
mits that lie did retain that amount; but SAYS he
was sockhoder, and as such had right to re-
tain it. If this. be true, might not every other
stockholder, in turn, have demanded hist There
would soon have been an end to all bank capital.
ltis true that the Senator had subscribed for, but
had not perfected his stock, nor has it been per-
fec.ed to this day, and until it was SO perfected.
no rights could accrue under il, and of course he
could not claim one dollar. But suppose it had
been perfected, how and in what way was he to
obtain his stock money.
Most assuredly, out of the bank after it went
into operation. When he took the $l4 800 there
was no bank IN esse. II could not by the charter
Soihto existence without n cash capital of 50 OOO,.
ooo. Not one dollar Of which or nnythirG else
| at that time, had ever darkened the ynul,s Tbe
se'tement took place IN Louisville, Kentucky.
and he there credits himself by the Sl43OO. 81
'ar from right no account was ever taken of !,
uh'll Inc sPrlng next succeeding period of somo
SIX months, nor has he yet paid it into the Snnl.
ahd SUCH Is the arrangement made by this aba
hnancer, able at least when his own interest ia NJ
stake, that collection cannot be enforced. for
period near fifteen years to come, although he
VauntIngly tells you, that ho raises cotton to the
value of 5 IL 900 and five thousand bushels of corn
annually, and owns scme 10 or 80 slaves. This
IS truely an advantageous arran cement for one
who is so able to pay. Alas! for the poor men Of
the country, their days arc numbered. Who
among you has any assurance that he wilt have
hiteen days of grace! Then it is true that the
Honorable Senator did ke the Sl43OO contrary
to instructions. and in violation of his trust, and
so the committee correctly reports. The com.
mIttee reported further that tho commission.
ers paid to broker $1,000 for selling the bonds
10 The Secretary of the Treasury and also retain.
ed themselves, IS, 900 for tho same services This
is admitted and proved by the records to be true.
The Honorable Senator has read certificates from
Ashley and Bertrand to provo that if they had
moi made different arrangement they would have
employed broker; but these gentlemen DO not saw
tina! they would have made full charge for their
! services, and pay the like to the broker. Now
the complaint IS not concerning the employment
OF brokers, but the taking of twofold pay. The
Honorable Senator has also read you the affida-
VT of Corcoran. tho broker, and with an air of ri.
coran is correct. That is, he oflcrs Corcoran as
witness to plove that Corcoran's account is true;
IN other words, that Corcoran did not defrnud tho
State, by the investment made by hm-to prove
himself honest by his own oath, for it amounts to
that, and nothing moro. But suppose he should
call him to prove that ono Of the commissioners
is innocent. The position is just as untenable
They are both implicated in tho report. and as
well might he arraign two counterfeiters who
| n rp InIn ly ipItc nd off.
prove that the other was not guilty. The report
next charges that the commissioners loaned out
TO Dawson, Ashley, Hanger. and Reardon. part
of the capital of tho bank. This tho Hon. Sana-
tor admits to be true. You have heard the in
structoms read and they contain neither power
nor authority to loan money, nor any thing that
squinls at it; and your bondseer does not pretend
that there is, and yet he denies that he has viola.
ted these instructions, ana insists that bacause they
afterwards settled the amount with the bank, it
was no violation of instructions. and that he was
authorized TO lend ii; thus making the power to
lend depend upon whether the money was over
paid or not. What stuff! Need brush away
the cob-web is lhcro blind as not 10 SEQ
through this poor miserable subtcrfuge 10 which
4 he is driven to avoid responsibility! trust not.
How do you think this money wns paid or the nc
count settled with the bank; not by paying her the
gold and silver, but by turning over the receipts
OF those gentlemen, as part OF the capital OF the
bank. This the Honorable Senator will not deny.
1t is so stated on his settlement with the bank,
and the ultimate payment, according to his own
account ofh, was by substituting note for the
receipts.
i Suppose, fellow citizens, that one Of you had
called at the counter aud demanded specie on
ono of her bills, und the officers Of the insti,u-
ton had drawn ON you the receipt of Chester
: Ashley, to redeem the bill. instead of specie.
!, Would you have taken il! Surely not. And yet
this is part Of the funds turned overo the bank,
with which to redeem her circulation 10 specie.
With such trashin her vaults, how was 1t possible
, that the bank could do Otherwise than involve IL
self as well as the State in utter ruin and DISTRESS
! The committee were right then, when they re-
ported that the commissioners had violated their
trust by loanng out the capital of the bank to in.
divduals. These the whole Of the facts re-
ported. have taken them up separately that
Il YOU might mature them in the order and connec-
ton in which they we're reported. lfthere is one
point TO which | have not alluded; If there is one
fact not satisfactorily proven. nay, il the factsa are
not sustained by legal and competent testimony.
such as would convict man Of larceny in court
OF justice, am anxious to know which it is, as |
am prepared TO remove every doubt. | trust.
then. have redeemed my pledge. and tha, all a re-