The Yazoo Democrat. (Yazoo City, Miss.) 1844-18??, 1845-01-07


mount Of which was placed to their credit
i Col. Sewer became stakeholder, and
morlgnged lands valued at S32 200. He
was appointed, too, one Of the commission
eTs TO negotiate the sale Of the State bonds
He did SOL and retained $4,000 over and
above the expenses Of the transaction.
This his accusers denied he bad any right
to do, and branded il as a defalcaiion. His
defence, or at least the defence, made for
him by the above committee, deyelopes
the peculiar morals Of the late exploded
system Of banking upon nothing.
Col, Sewers justification is thus made
out: He had $4,000 of stock, half of which
was to his credit in This bank. Being 10
his credit, Of course, then, il is argued, the
bank owed it to him. And, having funds
Of his debtor in his hands, he is justified by
law and morals, in retaining his dues.
Many collateral issues are made on the
question such as that COL Sewers titles
were not good, and his stock not secured
when the business was transacted-and
again, that he sold for less lhan-'ho par
value of the bonds, inusfnuch as he took
bills ~ other banks instead Of gold and sill
yer: but the strong ground Of his justifying
report as to the main issue, is, that he was
right in retaining the amount TO his credit
as stakeholder, and that all the other stock
holders had the same right, and would have
been correct in acting In the same way in
the same circumstances.
The best exposition we can give on this
specimen of bank argument, is to suppose
then that all the stockholders had met Sc
vier before he got to the bank, and united
with him in claiming their dues from their
poor debtor-Iaking the whole amount Of
the proceeds Of the sale, and leaving to 60
into the vaults ofIhe bank not one dime"
The collateral issues" spoken Of by the
Sentinel, and the embezzlement (for it is
no betler) Of $4,000 Of the money in his
hands, constitute a crime for which man
10 less exalted walk of life than this SEN.
alorial fnancier, would have been incarcer.
aled 10 lheState prison. A thousand glos-
sing reports from his venal pack in the
Legislature viii moi exculpale him. The
proof ID on record, and the "damned spot"
will not out at their bnildingl The history
OF this entire affair Is one OF the most cure
Gus chapters in the annals Of American
bank swindIing Infamous and disgrOceful
TO all concerned.
1t will be remembered that the worthless
bonds alluded to, were sold 10 the United
States government for the FIVE hundred
thousand dollars bequeathed by PhiIon>
lhropc gentleman, Mr.. Smlthson, To-
found an institution of public instruction in
the District Of Columbia. The sum must
either be replaced by Congress, or the in
tentions of the testator defeated. The Le'
gislature Of Arkansas is too eager to justify |
the swindIing manner in which the money
was dissipated, to make any provision for
its payment. Besides, we doubt whether
the honest, Woodworking settlers in that
State will stand taxation to pay for the frO-
lies and extravaganza ofSeyier and his part
ners in The Real Estate fraud. No inier>
est has yet been paid, nor is likely 10 be
during this generation. The next can use
a wise discretion - mississippi Democrat.
0rTThe Richmond Enquirer, alluding
to the dedication of Henry Clay, the pro-
positions TO build statutes, pyramids, tenn
plies, towers, mausoleums, monuments, &c.
&c &c. to his honor, TO buy the Washing
ton estate at Mount Vernon for bis residence,
&C., and the exlravagant denunciation and
detraction Of the character and merits Of
the President elect, says:-.
sit reminds US Of on anecdote which we
have heard of a British audience collected
in one of the London theatres, soon after
the war Of the Revolution. John Bull, we
all know. bore his defeat with very bad
grace. His pride, not less than his inter-
ests, was wounded TO the hearts heart by
his discontinue. To be beaten was bad
enough, but to be beaten by the rude and
undisiinguished men Of his own former col.
onies. was too bad. A new drama was to
De che first time exhibited at the expense
Of the Americans. Some Of our free eoun,
trvmen werepreseni in The pit The cream
of the joke consisted in bringing upon the
stage The American officers dressed IN their
uniforms, and making them confess 10 the
modesiy Of their origin. Sand what we're
you, cir, before you entered The army .!
s.Oh, Sir, | was blacksmith" @And yOui"
II was carpen,erp "And yOui" ooh,
/ vas backwoods laYern-keePer;" the
British audience hurrahing and roaring !
with shouts Of laughter, as the great Amer
ican Generals, Colonies, sc, were para
dsd before them. A plain, honest Ameri-
can, who was present, could stand this rid>
iculous spectacle 20 longer, bot jumping up
from bic seat, waved bis hal several tines