The Arkansas banner., 1845-01-01


 l deny that there was any showing, before | the former committee, that this allowance was made for any other service thau the sale for the Smithsonian legacy, Then howiliberal and unjust, is the insinuation, contained in this report, that the committee have sup pressed that which they never knew, and which the commissioners, by their own set dement's expressly contradict.
 am aware that certain men are deiernffn- ed to cast censure on the former committee, Ill order to shield certain others But, mark 1 you, Mr. President, that in this case they reckon without their host; for all fair men will examine for themselves, and trust will. Without prejudice, do the subject justice. So much, then, for these ungenerous and un- founded nsinuations against the former com mitiee. And il is stated that this conpeiisa- ton Was reasonable and just, and that the testimony of Col. Ashley, shows tue employ ment ol brokers was indispensable. Now, let us see how far this saying holds good with the history of the negotiation o! the State bonds of this State. l. seems that, un- fortunately for the good of the State, there have been over three thousand State bonds, amounting 10 upwards eff three millions of dollars, sold and hypotheeated; and yet no broker was employed, except il the case Of the sale of 500 bonds for the Smithsonian legacy, 1t seems from this, that | broker was not indispensable, although they might be very accommodating men; but, sir, it is urged in this report, that the sale for the Smithsonian legacy raised the character and value oi the Arkansas bonds, and enablad Ashley and Bertrand to sell one thousand State bonds entrusted to them, and the same commissioners te sell one thousand bonds. more. Now, sir, there is some mistake about this matter Major William Field, al page 20, of this report, states that the sale by Ashley and Begirand took place on the 29h oi August, 1858, and the certificate of Levi Weedbefry, at page IS, in this report, shows that the sale for the Smithsonian legacy took place oh tie 4th of September, 1858, some seven days after. This is further corrobora- ted by Col. Sevier in his letter, in reply to the former report, which was published in the Gazette Of the 22d March, 18i3. He says-"they (alluding 10 Ashley and Ber- ! fand) ultimately succeeded in making sale of the stocks entrusted to their charge, J ''and such was our situation fsays Sevier) when the Smithsonian legacy arrived, and we determined, if possible 10 obtain that leoacv.'' Now, sir, this shows that Col. Ashley was mistaken, and that the sale made by Ashley and Brtrand, took place first; consequently. the grand parade made, Ill this report, that the safe for the Smithsonian legacy promoted the sale made by Ashley and Bertrand of the 1000 bonds to J. D. Beers, of New York. is without foundation or plausibility. But. sir, if even that sale had been the means o promoting those sales to Beers, its no argu. gument in it's favor, for all prudent men woull say that forced sales ought not to have takel place Again, sir, the particulars. in regart to this sale, never came 10 light. It was trumpeted forth to the world, that the salg for the Smithsonian legacy, which was ii l gold, was made at par, which is now showI t not to be the case. Although the commis. sioners were directed i'll the charter, and all their instructions not 10 sell for less thar : par rafae, yet they make showing now that the bonds were turned over to Corcorar at one per cent less than par raltc, and by hlm to hlr. Woodbury at $500 less than pa value, thus disposing of them al l 1-l0 pc cent. less than par yalue But, says this re
 
 ? indispensable, and that, therefore, the G5,0at e pald 10 him, were authorized by the charte | and instructions. If this was the intention : of the Legislature, why did they require tha : two commissioners should be commissionet e to negotiate aid eflecta sale of the bonds anr e restrict them to par ualue 2 Tit was intend : ed that brokers should be employed, tn : bank officers could have employed some { r these very honest and distinguished broker 5, to do the business, and the bank could hay = selected some honest carrier, who woul $ have carried the bonds for much less tha h was paid to either one Of these commission lt CTS; but suppose they had the right to cm ploy broker, 1t will not be contendcd tha 1t the commissioners were authorizeed to sel
 for less than par rui0e, from any source. if ask them Il this was not for less than pQ > palne? Il is well settled point, believe if that the creature cannot do what the create q IS forbidden to do, or is not authorized to dc e Then this report shows that the sale of th il o00 bonds wassfof less than par volue an e the purchase of depreciated paper whic Il grew out oi the arrangement with Corcoral IS was expressly forbidden by the 38th sectio ir oi the Bank charter, which provides, that th e bank "shall never suspend or refuse the pay e ment, in current money of the United State. [. of any of its notes or obligations, or of au 2, funds received by them in deposiie; and . the said corporation shall refuse or suspen z. the said payment, the bearer of any note ( IS obligation, or any person having the right [ l. demand or receive the funds, deposited g D above mentioned, shall be entitled 10 receiy d dun ages at the rate of fen per cent per al .a num-
 is Now. sir, it will not be con,ended, that g nominal amount Of depfecia,ed paper was pa $, ralae fir these bonds, which were pagaJI <. n current money of the Uaiica .yiaies, spt eie or IS eq''ioa'ea'. Then the purchase , | dePfeciated paper in a state of suspension ,t4 was wholly unauthorized hy the instruction.
 and was inhibited by ihe 3sih section of th | charter before referred 10, for l deny thy ' any ei the funds except .Healy-aiae thoasaa II dollars, check on Louisville, was cure.