Arkansas intelligencer., 1843-08-26
VAN BUREN, ARKANSAS SATURDAY MORNING. AUGUST &C. 1913

weeks after it commenced operation, and one hun.
) dred thousand per month, each month thereafter
until 1t was all paid. Well now sir, allow me to
ask, In all sincerity, good temper and frapkness
If checking here upon New York, at premium
OF two and half per cent, was not for the interest
OF the bank why was it the bank did not send for
the specie and bring it home? For that million at
ieast' tnere was no contract or laundering of the
commissioners to entrammel them. Why was it
not done In regard TO this million, If it was not
for the interest of the bank to draw for it, for the
two and half per cent premiuml Mr.. Newton
was IN the bank, and it is well known that in that
institution he always had great influence. Well
now, the two and half per cent profit was all
the bank made upon the million the commissioners
lett IN New York. And for the 100000 which
they converted into Southern and Western ex-
changes, the report of the committee admits that
the commissioners made a profit of three and
half IN getting the money deposited according to
the statement of the President, which is true at
Louisville, Cincinnati, Natchez and New Orleans.
&C., at banks convenient to Arkansas. and where
the business of the State was generally tranSact-
ed But, sir, we now have the 100000 at q profit
according to the report of the committee Of three
and half per cent. at the places before stated.
The bank now draws upon those points for specie
or its equivalent, for those were specie times. at
profit of two and half per cent. n,ore which the
bank dd-making therefore upon the operation,
instead of the taco and hulf per cent, which was
mato upon the million in New York, three and a
nay per cent. an the first instance, and ipo and
half IN the second amounting altogether to sir per
cent. But il was not all drawn, for some of those
western or southern notes were brought on here
and loaned out, all of 1t at a premium, and if any
of 1t was lost it was the fault Of the bank because
all the banks on which there was n dollar due
were either paying specie in December when the
bank commenced operation, or within two weeks
thereafter, which was the first of January, 1899,
aud the greater portion Of them at a much earlier
day. Those are the facts, and yet the committee
and their witness state that this conversion was
fatal to the interests of the bank! 1t would have
been moro gratifying to me, and doubtless, would
be to the public, if either Mr.. Newton or the COM
mitee had stated in what manner this conversion
was so disastrous. <.
Was it that the Bank could have dono better in
having the proceeds of the Duuts hrvuz.. home in
gold If that is the idea intended to have been
conveyed, | should have pleased to have seen i,
-.u.sl y---:. 49,. :r..-c -.--: -
home that the Banks could have issued two or three
paper dollars for every dollar in specie in her vaults?
had over thought the complaint now against the
Banks, was, that they were unable % redeem their
circulatior that the paper was worthless that
the members Of our Legislature were Unwilling to
receive it for their pay-and yet there has never
been as much as one and half dollars n paper.
for each specie dollar. And if there hadbeen in
circulation as much two three in ptser, for
one in specie. the country would be worse q than
it is, in respect to uncunrent money. The hctor
tells US in his publication, that in the paImicstNvs
of The Banks, when they II paid specie. the pafr
! in New Orleans was at discount of from TO 0 !
| per cent; and he might have added, with eout
truth. that in the Eastern cities, it would not pas
at all--and vet, with this admission before US, il
/ bo Ia1 fhot tho had
brought here, the Banks could have done better.
! How they could have done better, with foreign
! debt upon people. and the balance of trade SO
greatly against US, as 1t was at that time, am at
a loss to perceive. What man out Of the State.
when our paper. in its pamest days was from S
to 10 per cent discount, would take it, if by going
to the Bank, he could get the specie for his paper.
| What merchant is there among us, or steam boat
captain, or trader in any thing, who would take
our Bank paper, when the discount upon it was SO
great, if by going to the Bank, they could get spo,
clio for it. There arc none who would do it. Let
tho Bank have exchanges, and no one wants her
specie. They will give specie for the exchange
and premium. to avoid the care, risk, and expen-
SOS of Transporting the specie. Let the Banks have
exchanges at their command. and they can sell it
at a profit and all the time, increase their specie
: means. This ovory Banker will tell you--this
fact the books of the Bank in this country will
establish--and it was a knowledge of tbs fact
that prevented the Bank from sending to N York
for the million left there in specie or its equivalent
as the instalments became due. And | viii add
that it the knowledge of this fact, that pre-.
> vented Gibson, when director of the State B,nk
from having the $3.50 900 of the funds Of the Safe
Bank from being brought here. Am | wrong in
this! In the appendix Of the journals Of the L.
= gislature of 1888, you will find tho contract whic
was concluded in New York, on the 9th day G
: August, 1888, between the State Commissioner.
!. Messrs. Bertrand and Ashley, with Mr.. Beers fo
II the sale Of the 1000 Bonds belonging to the Stat
" Bank.
MIR. Beers paid the commissioners fifty thousan
= dollars, drawn in specie, and placed TO the cred
n of the commissioners, tho sum Of one hundre
e thousand dollars, and to the credit of the branc
Banks at Fayetteville. Batesvile, and the Post o
1t Arkansas, the sum of fifty thousand doDhrs each
ID and for the residue Mr.. Beers agreed pay and
E. believe has paid, in instalments c% ,ittle over
10 fifty thousand per month, from January
@ 1889, to the first February, bero LOOK at the
l. contract, and you will find bonds W. was sale of
L. one thousand Of the Std sale to- lne State
fl commissioners (and sn of dollars and ddTunlng o
m received and broNdue was drawn for aS :: aol'
no lars, and all t sale was repor'ei to tbas s be-
j. came due. and was referred to ths ss'a.