The Arkansas banner., 1844-09-18
COMMUNICATIONS.
For tie .1lrhaasas Baa77cy. HON. A. H. SEWER. NO. 5.
Nn


 MR EplToR:-7ln my previous numbers, have pointed out clearly, as I conceive, nu- merous inaccuracies. and unfounded state ments, in the celebrated report against Scyier and Williamson, which prove that, that doc- ument cannot be relied upon.
 The report also shews, that aCoI Sevier retained @l4,300, which some seven or eight months after, was settled upon stock account. with interest and premium And this act the committee were pleased to denominate "a gross and glafing breach of trust and good iaith''
 Col. SeRier was a stoclholder in the Real Estate Bank, to the amount of 300 shares, or S30,000. By the charter, he was entitled to a credit or loan, upon the security of this stock, of Sl5,000. Being the agent of the Bank, and having the funds in his hands, as above stated, he retained S14,300 of it, and settled for 1t, to the entire satisfaction of the Bank; paying both interest and premiuIn.- Had he deposited this sum in the City of New York, came to little Rock, and obtain- ed q discount of his stock note. as he was entitled to do, and then received the proceeds Tn bill of exchange on this fund in New ork, by paying thepremium, no man would ever have questioned the correctness and propriety of the transaction. The Bank dis posed of nearly million of dollars in this way, being the proceeds of a thousand bonds. sold to the North American Trust and Bank ing Company. But the conduct of the pur- chasers of this exchange has never been ar raigaed and yet there was no difference, ex- cept in form, between retaining the. money and dePositing ill New York. By retaining it, the trouble of deposit in New ' ork, and then drawing bill upon t, was saved. Furthermore, had he brought the money to Little Rock, and paidito9er to the Bank, the case would not have been altered, except to the prejudice of the bank as well as himself He could have obtained his loan of 515,000, above, in the paper of the bank. IL will be remembered that the bank was paying specie, and her paper was equivalent to specie in Little Rock, though not in New Y ork Col Sevier, having use for eastern funds, would have called upon the bank for bill of ex- change for herpapcr. Suppose the Bank had had no exchange, did he not have a right 10 present every dollar of the paper at her coun- ter and demand the specie for il? In this Case the bank would have lost the inter- est and premium which Col. Seyier paid, and he would have ha. the trouble and expense of transferring the specie from Little Rock to New ! ork
 What injury resulted in retaining the mo- ney, if he settled for itsatislactoriIy It Is clear that if he had deposited it in New ! ork, or paid it over 10 the bank, he might have immediately obtained 1t for the paper of the bank. He did directly, what he had q right 10 do indirectly. It cannot be shewn, because 1t is not so, that the bank was iniur- cd one single fatthing by this transaetion.- The whole matter was settled bv Sewer, and that to the entire satisfaction of the bank. If 1t was wrong, why was not the conduct of the Central Board, whose duty 1t was to bring him to settlement and compel him to account, held up to public reproba- tlon2 This matter, which had been settled four years, by the managers of the bank, is brought up for public investigation, by man who, in l8l0, voted that the Legislature had no power or authority, to examine into the affairs of the bank; and who, few days al- ter making this report, spoke and voted, that the Legislature had no authority to question an illegal assignment of all the effects of this bank, made for the purpose of placing its ai- fairs beyond the control of the Legislature The motives which prompted this course of conduct, arc left to the judgment of ''aA en- frightened people"
 It Is also charged that Col Sever had not perfected, and never did perfect, his stock.- The whole truth could have been aseertained by the committee, #hY was ii not done and reported 10 the Legislature Col Seyier transferred his stock, which was perjectcd by the purchaser, and he secured the amount of his indebtedness to the bank by mort gage on land and negroes. How fur how just are these statements of the report, and this concealment of qualifying and eXplana- tory facts, without which the truth cannot be known verdict so just, and reasonable, ought certainly, to be received as conclusive, without reversal, new trial, or re-investiga- ton It should indeed be high treason to question its correctness
 It is further charged, that the commission CTS loaned money in New York, 10 Peter Hanger, Chester Ashley, James L. Dawson, and L. RearQOn. Here agalu liG WHoi~ tldtAA is not told; but might, and should have been told. These gentlemen accounted sallsiaeto- rily to the bank for every dollar received by them. Docs 1t make any difference wheth- CT the money was brought home from New Y ork, by these gentlemen, CT by the com [. missionerss \ transaction innocent in itself, may by thsdistortion or concealmento facts be made to appear glaringly reprehensi2le.
 It is likewise charged that the commls- sioners received 5000 for their own seryi- ees, and paid 5000 to Corcoran for seryi- ces which they, themselves, should have rendered Is this true The commission CTS were subject to all the responsibility oi the transaction, as well in the sale ot the bonds, as in the transfer of the funds home. while Corcoran's services were employed solely in the negotiation of the bouds, and the conversion of the funds into southern and western paper. II could easily have been ascertained that it was usually the case 10 employ brokerto aid in the sale ofbonds and hatit4was almost impossible te=eioet a