Arkansas intelligencer., 1844-10-05

change on>this fund in New York, by paying the
premium, no man would ever have questioned the
correctness and propriety of the transaction. The
Bank disposed of nearly million ofdollars in this
way, being the proceeds Of thonsa nd bonds, sold
to the North American Trust and Banking Com
pany. But the conduct of ths purchasers of this
exchange has never been arragned; and yet there
was no difference. except in form, between retain
ing the money and depositing in New York. i By
retaining it, the trouble ofa deposit in New York,
and then drawing bill upon it, was saved. Fur
thermore, had he brought the money to Little Rock,
and paid it over to the Bank, the case would not
have been Uttered, except to tho prejudice Of the
bank as well as himself. He could have obtained
,isp loan Of $4,000, above, in the paper Of the
bank. 1t will be remembered that the bank was
paying specie,and her paper was equivalent to spe-
Gle in Little Rock, though not in New York. Col.
Sewer, having use for earstern funds, would have
called upon the bank for bill of exchange for her
paper. Suppose the Bank had no exchange, did
he not have right to present every dollar of the
paper at her counter and demand the specie for It'll
In this case the bank would have lost the interest
and premium which Col. Sewer paid, and he would
have had the trouble and expense Of transferring
the specie from Little Rock to New York.
What injury resulted in retainng the money,
If he settled for it satisfactoryl Ii is clear that
If he had deposited it in New York, or paid it
over to the bank, he might have Immediately OBJ
tanned It for the paper of the bank. He did d.
rectiy, what he had a right to do indirectly. 1t
cannot be shewn, because it is not so, that the
bank was injured single farthing by this trans.
action. The whole matter was settled by Sewer,
and that to the entire sa abstraction of the bank
II It was wrong, why was not the conduct of the
Central Board, whose duty it was to bring him to
settlement and compel him to account, held up
to public reprobaton This matter, which had
been settled four years, by the managers of the
oank,'s brought up for public investigation, by a
man who, in ls4O, voted that the Legislature had
no power or authority, to examine into the affairs
of the bank; and who, few days after making
tins report, spoke and voted, that tie Legislature
had no authority to question an illegal assignme mt
o! all the effects of this bank, made for the mr.
pose OF placing its affairs beyonI he control of
The Legislature The motives which prompted
llilppmpnt
of - an enlightened people"
1t is also charged that Col. Sewer had no, per.
tected. and never did perfect, his stock The
whole truth could have been ascertaned bv the
committee. Why was it not done and reported
to the Legislature Col. Sewer transferred bis
stock, which was perfected by the purchasers, and
he secured the an,oun, of his Indebtedness to the
bank by mortgage on the land and negroes.--
How tdir how just are these statements or tho re.
port, and this concealment Of qualifying and ex-
panatorT facts, without which the truth cannot be
known! "A verdict so just, and reasonable ought
certainly. to be received as conclusive, without
reversal, new trial, or re-nvestigation! 1t should
indeed be high treason to question its correctness!
!; Is further charged, that the commissioners
med money in New York. to Peter Hanger
Chester Ashley. James l.. Dawson. and L. Rear
don Here again the whole truth is not told but
might, and should have been told. These gentle-
men accounted satisfactorily to the bank for eve-
difference whether the money was brought home
from New York, by these gentlemen, or by the
commissioners! A transaction Innocent in itself,
may by the distortion conccament of facts be
made to appear glaringIy reprehensible.
1t is likewise charged that tho commissioners
received $1,000 for their own services, and paid
IS, 900 10 Corcoran for services which they, them
selves, should have rendered. Is this truo The
commissioners were subject 70 all the responsible
ity of the transaction. as well in the sale of the
oonds as in the transfer Of the funds home while
Corcoran's services were employed solely in the
negotiation of the bonds, and the conversion of
the funds into southern and western paper. 1t
could easily have been ascertained that it was
usually the case to employ broker to aid in the
sale OF bonds, and that it almost impossible to
effect a sale without the assistance of one. 1t
could also have been asceraned that the commits.
sIoners did not receive more than had been paid to
others for similar services.
The last misstniement, which shall notice, is
the last sentence of the report "that the result
OF their conduct" (the conduct of the commission.
ers) was most fatally disastrous to the interest
of the institution and the State" In what way
was it disastrous ? Was it in the conversion of
the proceeds of the bonds into southern and wes-
tern paper7 The report shews. that ~ this con-
h L.. - q