Arkansas intelligencer., 1843-10-21

due January l, 1872" These two aims oddod
make the round sum of @2S, 1873 "a. don't Owe
'his as hearsay, and when called on refuse to give
my author no, but here is the record, and the
gentleman has not, and dares not question its truth
LOOK and examine for yourselves. Colonel So.
vier's bank debt then is not less thon son nNn -.
he has told you. and published to the world-but
some WIS, l33 "a. as tho records of the h,,,, -
controvertibIy establish. o '""A 'n'
Nor in one instance alone but aso;n. tb;o d;s--
|tinguished bondselling Senator of Yours. in nn.
other letter, published in the :" Gazette of the
18th February last, says:
The checks and notes turned over ,o the
President, were all on specie paying banks" Pc.
tsnf Hanger sweats the Mississippi banks were not
paying specie at the time, but were expected to
resume ut some distant day, &c. Now let US D.
ply the gentleman's new logic to hisown case and
soc what the result will be. Why, as tho gentle
mans statements are proven to be untrue in two
instances, they are necessarily false throughout.
But the most remarkable of all is, the gentle.
mans willingness at any time, to hear my expla-
ton at this apparent prejudice in the one case,
and fraud in the other" Truly, this is stride
in arrogance and presumption, before unheard of
or unknown.
Before make confessions to any man, mus,
first learn by what authority he has assumed the
grave and reverend Office of Father Confessor.-
True, have long suspected that all who sought
office, were required to render homage and fealty
to this removed negotiator and could only hope to
attain it through his intercession But that it should
have extended to private wrongs, real or magl-
nary, between individuals wholly disconnected
with him, IS too supremely ridiculous to require
serious refutaiion-Father Confessor your most
obedcnt.
Without qualification, take this broad issue
with the gentleman, that the report is true in SUBJ
stance and in fact, and the deductions drawn by
the committee, are reasonable and just.
That Sewer and Williamson were the commits
sioners; and thar they affected the sale through
Corcoran, tho broker, are facts admitted. And
that the bonds were sold a. par for gold and silver
or their equivalent is also admitted. That these
specie funds were converted by the commission
ers, through the agency of brokers, into depreci.
aied local bank paper, is also admitted. Here is
! the table that accompanied the report, which is
admitted and proven TO be -correct-it contains a
list and description of the various kinds of pa per
returned by those booksellers, instead of the spe.
Gle, TO the President of the Real Estate Bank
On examination Of that table, fellow Citizens you
will perceive that it comprises various kinds OF
local paper down to Mississippi rail-road banks.
This Is the capital returned, upon which to base
circulation for your banks. Under what pre-.
text and by what authority were these specie
iuuus cACidIScu Ou anu IflttefC0 away Tor Ceprc
ciated paper! The Honorable Senator has toiC
you he was instructed to do it !; the committee
have reported that he was not so instructed; anc
here the hrst material issue is formed, and nov
for tho proof. Forgetting every thing like en-
larged manly and liberal view Of the object anc
spirit OF the trust, he has seized upon or two
sentences, in lis Instructions, as affording autio
rity; such as, - il by any operation Of your own
you can hasten exchanges and the concludin;
remark, which says you must exercise your owl
discretion" &c. must not indulge in express
ing the contempt feel, for such refined techni
caiity Or low quibbIng Desperate, indeed, mus
be the cause that requires such cxpedents.
will not in this respect. follow the gentleman >,
example, but will lay before you the whole sub
ject, from tho bank charter, including every reso
luton, power, and instruction, to the last given
that you may SEQ and judge for yourseses-eve,
bearing i'll mind that it was the intention of the
Legislature to establish specie paying bank, as
you will find from the charter of tho bank, see
ton l, which provides for the establishment of
bank, with mn actual cash capital of So COO 600
} BY resolution of the central board, it was de
! clared expedient, that portion Of the bonds O
tho State be sent into market and sold for the yur
pose of procuring the necessary amount of specie
on which to base circulation of the paper Of III,
, institution. On the 2tst February, 1888, pow
) er of attorney was drawn up, " authorisina til,
| sale of the bonds, for any sum not less than pa
value." wish you distinctly to bear in min,
that this power related 10 the sale of the bond
, and nothing else, and that the sole object, in or
dering the sale, was to raise specie upon ,chic
l to base circulation I" Of the paper of the bank
} and that this was the only power delegated to h
commissioners the instructions which folowe
must have had relation and been confined to ;ha
: object, and q, other. There are two letters O
instructions, ,sthe first dated 10Th Feb, 1855
wherein it is emphaticaly declared that the 'bond
are to be sold, to form part of its permu non
D capital" The commissioners are reminded I
; Is keep in view the accomplishment, Of objects s.
essentially necessary for the interest of the bank
both in regard to the supply Of specie and easier
8 erchange, mot western and southern bank paper.
The instructions then say, when you ha ve sold tn
D bonds, deposite the money in safe hank, that W.
may check for it and sell eastern euchanee at ma
for SPECIE and provide amount of not less thar
100000 Of that kind Of funds, for the com
| mencement of our operations This is the sub
stance Of the first instructions. And lie, me as
you, grave Senator, in what part of these nstruc
tions is your authority TO be found have look
: ed in vain for one word that could autlorise vo
to swap off these specie funds of the bank for de
i, precated paper. The discretion given TO Won re-
Hated to the manne, Of exercising the power an