The Arkansas banner., 1844-09-18
THE REAL ESTATE BANK.

marks upon their Banking operations, seeks to change the parties 10 the issue, and involve us in controversy with the Trustees of the Real Estate Bank. Intlis he shall be disappointed. We know the issue we have nade and the parties to it, and we intend to hold@them to il, not only before the people, but before the Legislature. It shall be seen whether Messrs Pike and Newton, with all their boasted skill as Lawyer and Financer can disregard a law of the Legislature, and laugh the makers of it to scom. II shall yet be seen whether tue Repre- senatives of the people are so feeble that they can not, and dare not lay restraining hand upon a mo ned corporation, which they established for the peoples good, but which is now used, by two ambi- tious politicians, to promote their own views of per sonal advancement, at the expense of the people. This is the issue we have made and we shall insist upon l. Mcssrs. Pise and Netcton, through their Gazette, declare that they are wholly independent of the people and tine Lagslature-that although they have forfeited the Bank charter, and violated the law, the Legislature has no power to hold them responsible They boast of their high-handed yio- lation of the law and snap their fingers in derison, at those who created the Bank! Will the people of Arkansas submit to this? Will they submit to be beaeiiY tared to pay for the splendid mismanagenent Of Messrs. Pike and Newton2 Who created the Bank and for what purpose? Itwas created by the Legislature, for the-beneft of the people. Has 1t answered the purpose fits creation, and benefited the people? Letits disgracefu failure, and the con sequent embarrassment of the people, ansWer.- Who how have it in hand, and are using it for their own personal and political advancement and the still greater embarrassment and oppression of the hard working tax paying people? Messrs. Pike and Ncaeton What peculiar claim have these gentle. menupon the bounty and lorbearance of the people, that they shall be allowed to tax and opPress them These are questions which appeal, at once to the common sense, and to the pockets Of men who have to labor for their living. Eetsaeh men answer them and let them be answered at the polls.
 We will be met here, no doubt, by these Bank Barons, aad Hejr parasites, with the cry of 'Fested rights Tested rigbls must not be invaded-oh no! Who, we beg leave to ask, has ''yestcd rights in this case? Has the Banls3 Certainly not; for in forfstiDe her charter she forfeited all the privileges which that conferred and she had none other; and all revert at once to the Legislature, from which they were derived Have Messrs Pile and Nelctoa any s'vested rights. in the control of the Bank? Ger fany not for they, being officers of the Bank, ap pointed by the Bank, can have no rights nor powers beyond thosa~ possessed by the Bank. Do they claim under the sassignment3" Then they claim under violation of the Law for not only is the .assignment'' a violation of la19, and consequently forfeiture Of charter in fact but the Supreme Court has recently decided 1t to be so. Their highest claim, then, rests upon violation of law, and breach of good faith with the Legislature and the people. Moreover Messrs. Pike and Newton have no interest in the Bank as stockholders. They are merely executive officers. secured in possession of the assets of the Bank, they themselves declare, porPetuaiIy, by virtue of thc assigumsnt-an instru men drawn by MT. Pike, himself, as he openly boasts for hs own peculiar personal interest and aa vantage and, by means of which, he can set the Trustees at defiance, and manage the Bank as he thinks proper If every dollar of the assets of the Bank should be squandered these executive officers sustain no loss; whereas the people would be taxed to make up the deficiency. This is a true and fair statement of the case II is for the people to say what shall he done. In view of these facts, will the peepe of Pulaski county electone of these Bank of fcers to the Legislature Is t not clearly seen that the interests of the people, anu Of these officers, come directly in condict Isitnot certain that these Bank officers desire to perpetuate power in their own hands, by keeping possession of the Bank, and creating necessity for taxing the people2 Is one of these oicers then, ftrepesentatiyeo of the peo- pe2 A man, to be a fit representative, should have all his interests in common with the people, and none in opposition to them. This is not the case with Mir Newton. It is his interest to prevent an eX. animation and investigation into the condition of the Bank, and exposure of its management. He is well aware, doubt, that such an examination and exposure, would cost him his office of casher-his salary of FIFTEEN HUNDRED DOLLARS fN SPECIE and perhaps his reputation as a Bank officer, if not as No wonder, then, that he is moving heaven and earth, and perhaps diving little into the neither regions, to secure his election, in order that he may be better able to oppose an investigation n- to his operations as a financier, with the peoples money. In view of these things, We again asll- wifi the people elect Mir. Newton,
 Let not the editor of the Gazette Aatter himself that can be led or driven from the issue we have made, by his weak and eontemptble effort 10 array us against those of personal and political friends who arc Trustees of the Rea Estate Bank We know these gentlemen; and we respect and esteem them. We neither charge nor suspect them of any wrong doing ginthe Bank. They meet together very seldom as Trustees of the Bank and, of necessity. leave the almost exclusive management of its busi- ness, to the Attorney and Cashier. as the assignment provides. The general management, and arrange ment of Bank debts Sc, are necessarily in the hands of AIr. Pi5e while the books and accounts are kept by Mr. Neoioa.. Until final and full set tement of all the business of the Bank, therefore h is impossible for the Trustees to ascertain how has been managed, or whether their directions have been executed And, even in the last resort, they would have to rely mainly upon the accuracy and fidelity of Mir. Newton. See in this, an additional reason why Mir, Newton may desire to get into the Legislature in order to prevent an investigation in to his financial operations.
 No the editor of the Gazette cannot engage us in a controversy with the Trustees of the Bank We rna ,,fv,, t,-- 4E- |