Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-01-01
SENATORIAL FINANcIERlNG.


vier, of Arkansas. Like others Of the soft
money and " better currency" genus, who
have sprung up like fungus on the rich
soil of the west, he claims affinity with the
democratic party but this shall not pre-
vent US from holding him up, as far as in
our power, to public odum. We find the
following in a late number ofthe Vicksburg
Sentinel!
administrations readers may remem,
Der that serious charges have been made
against Senator Sewer of Arkansas, in re-
lation to his agency IN selling some of the
State bonds. An examination has lately
taken place before a Joint committe oil the
Arkansas Legislature, and they report
highly favorable to the character of Col.
Sewer, and exhonerate him from all the
charges preferred.
But the facts developed and the argu-
ments used are not little curious, as
showing the ntricacies of the great art of
raising the wind by banking, and the sort
of morality adopted by fnancieIs. The
facts of the case may be briefly stated as
follows:
The Real Estate Bank was chartered
and bonds made by the State 10 furnish
capital.
Private citizens took stock by mortga-
ging their lands at valuation; half the
amount of which was placed to Their
credit.
Col. Sewer became a stakeholder, and
mortgaged lands valued at $32, 200. He
was appointed, too, one one of the COM
missioners to negotiate the sale Of the
State bonds. He did SO; and retained
$l4 900 over and above the expenses of
the transaction. This his accusers denied
he had any right to do, and branded it as
a defalcaton. His defence, or at least
the defence made for him by the above
committee, developes the peculiar morals
of the late exploded system of banking up
on 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 to
his credit, of course, then, it is argued, the
bank owed ii 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 tranacted-and
again, that he sold for less than the par
value of the bonds, inasmuch as he took
bills of 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
stockholders 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 !
yier before he got to the bank, and united |
with him in claiming their dues from their
Door debtor-taking the whole amount of
he proceeds of the sale, and leaving to 90
nto the vaults of the bank not one dime.
or The collateral issues" spoken of by
he Sentinel, and the embezzlement for it
8 no bettGr) Of $4,000 of the money in
lis hands, constitute crime for which
nan in less exalted walk of life than this
Senatorial fnancier, would have been in
arcerated in the State prison. A thou
and CLOSING reports from his venal pack
n the Legislature will not exculpate him.
The proof is on record, and the " damned
pot" will not out at their bidding! The
history of this entire affair is one of the
most curious chapters in the annals of Anne
lean bank neutrality-suspicious. and dis
graceful to all concerned.
1t will be remembered that the worthless
,onds alluded to, were sold to the United
States government for the five hundred
thousand dollars bequeathed by philan-
hropic gentleman, a Mr.. Smithson, to
ound an institution of public instruction
n the District of Columbia. The sum must
either be replaced by Congress, or the in
entions of the testator defeated. The Le-
yisiature of Arkansas is too eager to justify
he swinding manner in which the money
vas dissipated, to make any provision for
is payment Besides, we doubt whether
he honest, Woodworking settlers in that
State will stand taxation to pay for the fro
les and extravaganza of Sewer and his
partners ia the Real Estate fraud. No in
crest has yet been paid, nor is likely to be
Turing this generation. The next can use
/ wise discretion.
The following is the classification of the
'ote on the motion to rescind the rule