The Arkansas banner., 1844-09-18

fS- sionerss ssdid not receive more than had been paia to others for similar services. e The last misstatemeut, which shall no- nee, IS the last sentence of the report that the result of their conductn ethe conduct of the commissIoaers) ssWas most fatally disas- Foas to the interest of the institution and the siaie" in what way was 1t disastrous ;- V Has t ln the conversion of the proceeds ofI the bonds into southern and western paDer | he report shews, that by this conversion. lbc bdat realized q Fro6 oG Sl7.I02 I-l The President of the bank, in lis renort ofI 1858, said that the bank would realize neo. it oi about S20,000. On the first of Janua- ", after this transaction took place, the south efn and western banks resumed the payment ot specie-which brought their paper up to par funds. They continued paving specie Tor about twelve months, during which time II these funds were not disposed of, for apfo- llt, (which ] have no doubt thev were1 tbe fault was with the managers of the bank, and not inc commissioners. The report does not enlighten Us as to the manner in which the bank and the State were injured. It k an empty charge, msnsained by proof but contradicted by the report itself.
 Those who have followed me thus far. in my numbers, have seen the objects wlfich prompted the investigation, as well as the manner.la which 1t was conducted. They have also seen that the facts had been reported to the Legislature in 1888, when the gentle man at whose instance the enquiry was insti- iated, was member of the Legislature, and oi the Bank committee; that the subject rested n silence, and without complaint, until l842. when the election for Senator was 10 take place; that an Investigation was asked by a i political opponent of Col. Sevier, and that the election was deferred until report could be made. It has further been seen, that after 1 having had the subject on hand for eleven days, Mir. 7" alker of the Senate, and Nr. Field ot the House, reported verbally to their re- spective Houses that nothing had been eli-I cited, which could or should affect the Sona- torlal election.2 And after all these facts, when SeYier and Williamson had left Little Rock, the enquiry Is prosecuted, and this extraordinary report is made
 IWlIlnowrec ecapitulate the numerous charges and mlsstatemeHts of the report, which have met and as conceive, fully exposed and relutod
 l. have shewn that the commissioners did not violate their instructions, as charged against them that they acted uadera general ! power; that their acts were recognized bv the Bank, and silently aequieseed in by the Legislature
 z. have shown tAat the commissioners did not violate theif instructions by drawing out of the N orth American Trust and Bank ing ComPaas upon their iadieidRai chccts.I the specie credit obtained therein; because they were uniastrueted ppon that subject; i and further, that the specie credit was drawn out upon the check of Corcoran.
 ,. It is inlefentially charged against lhe commissioners that they had ..a secret inte- rest at stake, which was the profits acquired by the exchange of the specie into southern and western funds and, of course, that their accounts rendered were false, and thev guilty of frdud and ombezzlcment have shown this charge 10 be wholly unhue, unfounded, and contradlcted by the facts and circum- stances contained in the report; and that it is a libel upon the parties implicated.
 l. To make out this fourth charge, it is said, in the report that the services of Gorco- ran were subsequently, engaged in converting ! a portion of the funds, Sc, when it appears from the acconnt rendered by him that this was part of the original transaction, and . not subsequent engagement; and that the southern and western paper, purchased by | him, was turned over to the commissioners | as part of the proceeds derived by him from the sale of the bonds
 ,. From the peculiar and guarded language of the report, the impression is sought to be created, without so stating the fact, that Lee was engaged, by both Sever and Williamson, to perform the services rendered by him /. when his account shews the engagement to | have been by Williamson alone Why did not the report so state it2 Because it would ! not have answered the purpose intended.
 6. It is said in the report that the southern and western funds were purchased ut an ave- rage rate of little over ttrcc per cent. prem ! iuia. The accounts shew that they were purchased at discount ranging from one and C foartb 10 tcn per ceat. Why not soi state the fact? especially when it IS mme- diately said that Si was proven before the committee that~southem and western paper, at the time the exchange was made, raaged from tlco to ifecloe and half per cept In each case no grounds would have been left, upon which to predicate :. the most rational conclusion,n thattunds hadbeenbou oughtwhich were at discount of from tlco to hcclUe and C half per cen3.-which were reported as purchased at a discount of only three per ccat; and thus made the conclusion to be drawn that the excess had been poeketed.- Further, moi q word of evidence accompanies the report, nor is t stated by whom it was proven, that southern and western funds rang ed from two to twelve and half per cent.
 z Its further charged, as a 'glaring breach of trust and good faith, ? that Scvier retained S14,300 of the funds obtained from tn. sale of the bonds. have shown clearly that he did directly what he had right 10 do indi- rectly-that he cop!d have obtained bill of exchange, or drawn the specie from the Bank, forAer paper, and also that he settled sads- iaetorily with the Bank,
 8. It Is, also, charged that Sevier never perfected his stock 1 have shown that he