The Arkansas banner., 1845-01-08

Bank committees, bank DfeetoIs3 id"yeiS and legislators, 1t was not considered an er- TOT until that very vigilant and patriotic Bank committee of l842 made the discovery some of whom, no doubt, were then designing to become the chief rulers in the State oi Arkan- sas; and this Report was one oi the rules laid doWn'in advance, by which they lntehd- ed to meet out justice to Democracy, Il they should happen to succeed.
 And to make the matter plain, Sevler was not only stockholder, and entitled to the amount aforesaid as stock money, but he was well aware that ii was the interest and desire ol the Bank to sell her exchanges at ialr ptlce, as well to him as to any other stoekholder' He therefore retained his stock money Ill eX- changes equivalent to specie, and pald tile Bank the rate of interest and premium that all other stockholders paid; this he fulfilled not only to the rules of right and justice, but he made the operation a profitable one to the Bank. And so soon as his business at Wash ington was completed, he returned to the State of Arkansas, and in addition to his mortgage, gave stock note with good personal security And he being hindered from what was called perfectino his stock, so soon as he desired, by the incompetency of judges to sit Ill the circuit court of Chicot county and render decrees to the land mortgaged to the Bank, he transferred his stock to Joel Johnson, who mortgaged lands to the Bank of equal value, which were accepted, and the whole matter arranged to the entire satisfaction of the Bank. Thus not only making the Bank safe, but ttry- ing to secure 1t beyond safety, If possible.
 But, by some, 1t is contended that he should have paid over the money and then received it back again from the Cashier This ceremony was wholly useless, and very unnecessary, when no profit to the Bank could result from It. And let it be borne in mind that the stockholders received checks drawn upon the capital at various points where the same was deposited, by paying the same interest and premium that Sever paid ; which shows that the President, Directors, Stockholders, and all parties concerned, re- cognized and practced upon this principle at that tiRe and permit me here to add, that ijme has a great deal to do with this tfansac- ton Then in this view of the case Seyler stands in the same position the balance et the stockholders stand, and if one is censurable, all are eensurable. One retained his money, paying interest and premium, and the others received theirs when desired, by checking on the capital, paying interest and premium.
 But it is gravely contended, that the capi- tai could not be applied to the payment of the stockholders. If this doctrine is true, Seyier stands in the same position that many of the other stockholders stand, and in fact in the same position that all stand, who desired to pay the same interest and premi- um, and draw upon the capital Then, If It was an error, 1t was an error that generally prevailed in those times, and one IS as much responsible for il as an another; and there fore for this defence, upon this point, have said enough
 But I take this question upon its broadest ground. What was the capitol of the Bank but the funds arising from the sale of the bonds If she had any other capital, l am not aware of it. This fund then was all the means she had of settling her liabilities and
 if she was not bound to pay her liabilities out of this fund, she was not bound to pay them at all for this was her whole means to comply with the acquisitions of the charter, which contained the contract between her and all the stockholders.
 
 holders at all, she was bound to pay them according to the specifications of the Char ter, and that too in a constitutional currency for nothing but gold or silver could be made a lawful tender unless otherwise agreed up- on.
 But it has been contended that they ought to have received the paper of the Bank What profit would this be to the Bank? For to have handed her notes out to a man who wanted the specie for them, he would have presented them immediately at the counter and received the specie upon them. Then contend that Bank should not issue Bank notes unless she is able to redeem them ill specie, and if she is able to redeem them, and a debtor has demand against her, and wants the specie what Is the use of going through the ceremony of counting out the Bank notes, when he has the immediate right to present them at the counter for the specie ?-such ceremony is unnecessary. It Is contended that the vaults of the Bank is the proper place for her capital--so it is. If she has credit abroad sufficient to draw bills at commercial points without having capitol there, but that she must have some means upon which to draw and make something by exchange is certain; for suppose Bank had five hundred thousand dollars i'll specie i'll her vaults, and that was all the capital she possessed, and she was placed in the state of Arkansas, where the balance of trade would be against he.-Suppose she loans out five hundred thousand dollars of her own paper, and takes the notes of individuals therefor Even while she continued to pay specie here her nots would be ten per cent. discount in New Orleans. How long under such state of things would she have one dollar of spe- cie' Why sir, that specie would shrink be- fore those issues like snow before the sun, and in twelve months the Bank would not be able to move peg, and would have on hand some individual note Hence, you see that Bank must not only have the specie to redeem her notes, but she must have some means abroad upon which to draw, if she desires to do a banking business. Then a portion of the Real Estate Bank canital be