The Arkansas banner., 1845-01-01
SPEECH OF MIR. CANE &
Cnnc lnded from ErA paGe.

., s;. ;ononoe inst as much of the 17h section of the bank charter, suits their purposetneey eng ous all the tale will ther own conscienees an q Il, dennncaions against the former committee for telling as ihey sav half tale and think they stand secondemned ura r what hev say The I7h section of the bank charter n les that each and every Sockhoder shall be entitled redit eousl to one half of the whole of his Stocks And here stop Now they had been disposed to do justice why did they tell the whole truth by quoting the whole ot the 7 section charter, which at each and Stock holder shall be entitled credit equal to half of the total amount of his ProUdea that he said credit notes or obligations for the amount used shall be unishd the thereon shall be annually paid in advance And principal shall be paid equal nstalmen that the whoe shall be paid in twenty years"
 Now sir the reason why they did wpnt he whole truth, apparent because is fatal their position that Seyler was creditor and d nothing wrong retaining the money Tor he gave obligations did he pay any interest advance as required Charter for by their showing only and half millions out of the two millions o ognd capital required by the Charter had been obaned therefore, supposg that e- thing else right See would only have been entitled to ot sl5000; which would have left the between II and l2 thousand dollars and discount th at per cent 10 pay the inter est for one year avance would still reduce thousand more instead of S4300 retained by him. But sir, deny that t ever was the intention of powers of the Charter that the Banks capital was leaned also why provide for paper circulation be based spece conceive the of the At eanaq his fec is reversed Here was Charter granted corpoaors who moeaged their lands the Bank for the of stock subscribed, which mortgages assigned to indemnify her for the Bonds she issued to raise the capa stock which be sold for nothing less than their par pal and when the Bank should have obtained her original capital of millions then these Stockholders were to have credit that say, tine right borrow with out further securi- hall of the of stock perfected by each provided obligations for the borrowed and the meer paid in advance were furnished of such loan. Now does this look like Seyer creditor and sustained that relation Bank does only show that he would have been entitled borrow certain amount of the Banks circulation or credit provided he compiled with certain rules laid down in the Charter ask if these rules have been compiled win on the part Col Seyier ?Why sir this report does say they notwithstanding the many false positions assumed Nov will look little further into this comparison between the reenton of the money by Sever and that of attorney retaining his fee of money collected for his client In this Seve taned money that reality belonged neither him the Bank unless applied provided the Charter for understand be well settled principal law that corporation cannot do anything except what provided for in its Charter and the act must be done n strict conformity to the provisions the Charter s contenle that this money retained in strict conformity with the Charter but that Seve creditor, and pos of the noney and therefore he had right to retain the money This doctrine would be fatal the hopes of those who look upon the Stockholders debtors, and the reimbursement of their debts to the Bank, and payment of their stock subscription the only of meeting the State bonds issued this Bank But if they creditors instead of debtors, centended fer in this report they would only be bound pay half their stock back the State and this deficiency must be made up rom the people Now s hnk the Attorney
 this the Bank and the Charter required by the Stock holders comply with certain fixed rules and pay the interest on the stock money Tn advance as bonus for the use ot the mon ey But Col Sevier the agent of the Bank and took the ey and left option either with the Bank Sate did he pay the fees bonus 10 either n advance required by the Charter So much then for this idea of this committees that the Sockhods the Bank it's creditors is true sir the of them by taking the Banks cap itl and returning neither principal interest," but believe that but have conended that they were creditors
 believe sir that have shown least that the Stockholders the creditors the Bank and that erstenon of this ny Col seve be justified upon other ground than that he creditor The retention of the allowed
 
 former committee have expressed any opinion for against this of the Commissioners will express opinion It is stated this report that the former Committee did tell the truth with regard Col Seyier peecng his stock That Committee what the testimony authorised them sate and Mr. Newton the Cashier that Col Sever had taken 300 shares which had been perfected fur he had been able ascertain from the books of the Bank Now what do they o the Committee show why sir they prove the report the very letter. that the stock never perfected by sever but that after several unavang efforts, he could complete the chain of te and Joel Johnson, relative of his wife the of Judges
 
 the lands upon which the stock taken B; this Committee the former Committee ought have examined the aid
 titles. passed Nov lS36 aud they could have that person whom land office certificate had been gen had the power mortgage the he Real Estate Bank full and ample the land called for in the certificate patented Now this another issue that the former committee madehey do not question the ability of Col Sevier per feet his soek but simply say that he did not and this committee have proved that fact while their proof rhe and shows conclusyey that he did possess in legal point view the rights of Stockoer The Charter provides chain of title shall be perfect before stock be awarded The testimony of Baker and Johnson shows that his chain of title perieei why litigation? And so far as they have shown settled yet further shows he never came under the saving provisions of the in aid of why heynot produced copies o the certificate required in that This would have brought them under its provisions the papers the Bank all here manifest that such do not exist, copies would have been produced.
 But sir take the broad ground, that retention the Bpnks capital, and its application his by Col direct violation of the Charter of the Bank and authorised by he instructions orte have before But this act justified in this report because other Stockholders took the Banks capital and these white washers unfortunately say that these Sockhoes entitled gold silver Hear what they But contend that the Stockholders any other person could have been compelled 10 lake Bank paper conac with the Go nsuon which provides that nothing is law tul tender but gold and silver
 Now have proved that the commissioners brought no gold and silver, did the Bank realise any such funds from the sale the Smithsonian legacy Then sir according this view Sartt9lIeg