Arkansas intelligencer., 1844-09-28


BOARD" These facts how how their conduct
was regarded by the Bank. whose agents they
were. They were regarded as having acted with.
IN the scope of the powor conferred upon them;
and, whether they did or did not, is a complete and
ample ratification Of what they did. But this is
not all. AT tho session Of the Legislature of 1885
Hr. Davies, vino then the President OF the
Bank, reported the fact of this conrrrsion of Tie
proceeds OF the bonds into Southern and Western
unds as a transaction thai rould benefit The Bank
about S2O,0OO. | have appended an extract from
that report, by way OF note, TO the end of this
number. -. r
Not member Of the Legislature, no, even DR..
Gt6son, who was on the Bank committee, ever in
tmated that the commissioners had violated their
Instructions. AT that time, when facts were FRESH
and all the circumstances attending the transac-
ton could be properly appreciated, not word of
objection was raised from any quarter. The Banks
had not tncn become odious as they are Mt pres.
en'; there wis n" arIzan purpose to gralfy; there
was no pro'nlnrmt political opponent to PROSTATE,
even al the expense of personal honor and private
reputation; Sewer had still four years to serve in
the Sanalc. But. AT the last session, when the
Banks had exploded, and their ro,tenness had rem.
derrd the whole system justly odious; and when
tho election for Senator was to take place. the
first lord OF complaint was heard. 1t was then.
this investigation was put forward, to break down
Sewer, by heaping upon him the unpopuIarity of
the Real Estate Bank, and thereby inflict mortal
wound upon the democratic party. But let not
those. who are most anxious that these objects
shall DO accomplished, "lay the fatterlng JUNCTION
10 Z cir souls," that Col. Sewers place in the
Srnate will ever bo filled by Dr.. Gibson, Albert
Pik-. or any such cattle. Should they succeed in
breaking hum down, Democracy is still in the as
cendant, and will remain Ills place would be
hiled by n Democrat "good and true"
now leave It to the unprejudced-yes | IcnlI
even upon those. who have previously decided il,
their minds against Sewer and williamson to saw
whether their acts IN the sale of the bonds, and
the conversion OF the proceeds, "was direct and
PalPabr violation, of both the spirit and letter Of
their instructions, and the resolution of the Cen.
tral Boar upon which the instructions wore pre.
dIcated!' further ask, if their acts nd conduct
were not subsequently ratified bv the Bank, and
tacitly acqulesced in by the Legislature. If.
there are any who still, adhere to the charge. ms
contained in the report, and ire still opposed to its
re.lnvcstigatlon. let me ask them to shew me the
proof upon which this charge is predicared. 1t is
not connected with the report-it is not published
IN the Journal. 1t lsa ground!ess, unsustained
iccusanon. which no generous mind, no lover
ni justice would ever receive. rs satisfactory and
conclusive. without further enquiry. To such
am addressing myself
that 9hnA hs cha se III lSs bnfac nefaceYf
violation ofinsruction. &c. is only unsus.ained
by evidence. but is at variance with recorded
proofs. | shall now proceed TO th. examination of
other charges. some Of which are extremely unjust
to the ndividuals concerned.
lst. sit may be justly asked Them" says the
report, "by what authority the commissioners thus
transcended the proper limits Of their powers and
Instructions in drawing on, of the North merican
Trust and Banking nnpanv, upon tn .ir iniiridu-
al checks. the specie crcdi, Obtained therein -
| notice the statement for two reasons; frsi
because it is untrue and. secondiy. becaus. it is
like many other untounded Statements mado in
the report. calculated to create prejudice ia the
pubic mind. The bonds was sold by Corcoran TO
the Secretary ofthe Treasury. and portion of the
proceeds he converted into Southern and Western
funds. which he prld over TO the commissioners.
AMI for the residue he gave tnem ehSck upon the
North American Trust and Banking to This.
the account ofCorcoran, accomp nying the report.
shews. 1t was upon this check that the funds were
drawn out of the Bank and not upon the ndividual
checks of tho commissioners. This statement of
the report far from being true, and sustained by
evidence. is positively eoniradieicd by the exhibits
accompanying the report.
End. The report, in attempting to account for
the " extraordinary depa rture, the part Of the
commissioners from III" legitimate scope Of their
i,struct"b>.' tI'r~ concludes The most ration
II couc.u,uu ,,u.I -. lhrl the commissioners had
splne oIr,'. ~ 'IrA 5ryunI the promotion of the
great interest ~ IT., l"uk some interest st..ked
~ Tho venture, which. i1uugn not prominently
dN r'np.nL itself upon thr face of their transac.
uo"A ,lH rn,ultrng as n,cessary and inevitab Bile
..S.... ...,'n !rom the nature and cha racter of
:.l,, ugn sewing" n hat "inierest' Is here
all Id t.. Nncn III" commissioners :. had staked
III Ioe venture. beyond the promotion Of the great
iml.rcst oi the, Bank ~ | will let the committee
answer. The report states: =" Ii is also shown
by the account of W. W. Corcoran, that his ser.
vices were subsequently, engaged in converting a
portion of the credits in tho North American
Trust aud Banking Company, into Southern n nd
estern funds; bm re find ne uliorance made for
This serrice. II in like manner appears from The
account betore relerrrd TO-" (of course Corcorans
d" that one Thomas B. Lee, Of New Orleans was
engaged to pcrtnrm like services that he sold
Sl79OO5 H-lOO of the Banks capital for
SlS6.777 73-lObin Southern and " Wes;ern funds,
for which no direci compensation was given, as
far as can tn- ascertaincd from the account cur.
rent Of the commissioners, or the accounts of said
Corcoran aud Leo." After asking several pre-.
paraiory questions, the report procce Is :. The
only rational response to these inquiries must be,
thntt ey (Corcoran and Lee) must have received
something more substantial than the mere eva nes.
caf,t of dninu sonat,inu ,r ,,,i;,,,