The Arkansas banner., 1844-12-25

 involve direct and palpable violation of it's charter Well, sir, as shown by Mir. Woodruff's certificate, at page in the prin- ted report, the commissioners dld set the bonds for less tban par, and is shown by the act appended to the majority report of the last Legislature between A. H. Sevier and T. T. Williamson, and the Real Estate Bank, they q so warded the contract as to make 1t express to be for less than rar," in order to comply as they were instructed to do with the provisions of the Charter. It is plain now, to you sir, the House, and to every one who has read the instructions, and the majority report, that these instructions au- thorsed and contemplated sale at less than par, and that the majority report admitted the fact Then we assume, having clearly es- tablished the position, that the bonds were sold at discount. Surely the Bank did not expect the commissioners to supply the de- fct out of their private purses. The pow CT aud authority to make this sale, implied, if there was no expression ol such authority the power to make the c0aUerSj0a. One was the sequel to, and inevitable and unavoidable consequence of the other. From what source were < these profits from exchanges" spoken of in the instructions to be derived, If not from converting the original funds received into others, at discount.
 And though the instructions say directly and expressly that the commissioners would and must, by exchanges, throw oyer the transaction (selling the bonds below par contingency to protect us. Thus far have shown that the commissioners have kept within the spirit of their instructions. will now show that this very letter was held sac- red and inyioate. The instructions have already read, require the commissioners to bring SI0,000 in change and at least S200,- 900 in specie, to commence operations upon, and the balance to leave in some safe Bank in the east.
 The receipt of Mr. Davies, at Louisville, found in the appendix to the last report, was for S29,500, in the form of government draft, which is always specie. About S220,- GOO in Tennessee, Louisville, Cincinnati and Louisiana money, which the concurrent tes- timony of Mcssrs. Roane, Woodruff, and Newton, referred to before, proves to have been at the time not only equivalent to, but convertible into specie at premium of from l to 25l per cent. premium. The Mississippi money, Messrs. Woodruff and Newton's tes- timony also proves conclusiyely, might have been converted into specie in some two weeks after the Bank went into operation; and ev- cry one admits that 100000 of the money was deposited, '' to be checked for by the Cashier, in the North American Trust and Banking Company, of New ' ork, then uni yersally looked upon as one of the strongest banks in the East. Then the only hook up- on which they hang the charge of violating the letter of their instructions Is that, instead of paying to Davies Sl0,000in specie change Sevier gave him 9,500 in the form of gov ernment draft, and instead of paying him S200,000 in specie, he paid him more than that in Checks, and certificates of deposite, which have been clearly proven by the most respectable witnesses 10 have been convert ible into specie at premium, without expense or loss of time.
 This sir, is miserable subterfuge; a mere quibble, pitilul and conemptible to the last degree, which no honorable mind would re- sort to, to injure an adversary, and which this House should not treat with the slight est forbearance or respect.
 Now Mir. Speaker, do believe, by calling attention to the instructions and the testimo- ny, have convinced every unprejudiced mind within the hearing of my voice that, in the sale of the bonds, and the conversion of the proceeds, Col. Sevier did not transcend the spirit or the letter of his instructions;- that he acted in good faith, committing no breach of trust, but diseharging faithfully and honorably the duties imposed upon him, in manner most conducive 10 the interest ol the Bank and the Stockholders.
 But have other testimony to offer in this case. 1 hold in my hand document, in- tended for report in this case at the last ses- sion of the Legislature, hastily written by myself at my desk, on the morning of the election of United States Senator. l will state the circumstances under which 1t was written, and also the reason why 1t was with held On that morning heard the majority of the committee, failing in the object fol which they had instituted the investigation would decline making any report. thought It due to Col. Sever, that the result of the investigation, being an entire exculpaton o hlm, should be made known to the House Mir. Field, Chairman of the Committee or the part of the House, and Mir Walker 1T the Senate, made statements to this effect, in their respective places,-lIr. Field promis- ing to submit his in a formal manner, anc consequently withheld the report, whcl 1 l will now read. deem 1t of some impor- i lance because 1t puts at rest question abou which there has been good deal of discus sion, and much doubt in the public mind d last. mean, the question whether the ma jority committee were not in possession o every fact in relation to the whole transac. ton al the time they voted for Col Sevier that they now are, at this time Hear, anC judge for yourselves:
 Nov 9. 1S42.
 The undersigned, members of the Select Committee, 10 whom was referred Mir. Field. resolutions on the subject of the Real Estate Rank, in the discharge of the trust committed to them
 REPORT,
 That la the investigation of that branch o