The true Democrat., 1857-05-12

eu leS'duary trustees, whereby the axso,. so,O'nat. oahK or every description were tranyfoi bs the hands of the said residuary ted t,na'I llO thelr officers. From that period tba ees aud and management of the bank baya aYlerator, ed in profound mystery" (Sse n.''a Ose" -intvolv of or appendix to House journal, lS44 4s and
 Governor Adams was succeeded bv q 49) Drew. "The limited knowled.ep NoserIQ "whlch ln common with the public I 'a" h;' of the affairs Of the Real Estate sa,,k p'SSes enable me to add much to the sug .es1:, l'oGS 's my predecessor. l concur with bir S''ols ! propriety Of an investigation into Ina @S" :" u. that institution. IL Is monstrous 's q which have heard advanced, that fh. Ser ture has no rishtiul authority to exami, .s'a' the affairs of this institution" (Ses ,,,' '''o and 9l of appendix to House Journal i, D 45) Aa'S
 A committee of the House aproin,al :.
 anime into the cond ton of the bank eE through Mir A. G. Mayors their ch.rm, 'po's. T. was not in their power to arrive at arr ila. ldea ot the situation or condition of th1 h,',Jtc, Estate Bank. (See page 129 of ann1', Nas House jourual 1844-455 "fp'uCSn
 Thus the matter remained for sir n.,..
 then we find Gov. Roaue makino c,r' Mt similar to those made by Goye-oo~'It r rc'a Adams, and Drew. In his me,saga as t' 1850, he said VI M
 "Since the date of her assirnman, .l
 Estate Bank has been sealed book to all ,' ga uninitiated in the banking operations ,t- t''' preSen. day, whether private indiyi3,s, @' public officers save so far as the uatiya '.' Q ness and gentIemauly bearing ol her f,''' secretary, may prompt him to gratifv ,N nous and enliGhten the public. Hisrorv VI to th's date, however, unfortunately lo,f
 State, reminds us of few facts in corn.. with this mystic monument of mojerp
 ing. h 1886 and 1887, the State of Ak
 issued 1850 bonds of S1,OOC each. wbrcT. N sold by the Real Estate Bank at their n.y.
 ue; subsequently, 500 other bonds for ii.
 amount were issued to this bank. and bv
 nyPothecated for the sum of S122 .33J 7r alizng in all from the sale oi thn,. Sl ,652, 389 v; which was to constitute bo.
 ptal for the purpose of banking. We y, know that after GIscouutin5 heavily for afa she suspended payment, closed her door, ,, made an assignment of all her assets. ap,aa,. trustees 10 take charge of them, with ac., to keep the accounts, and al attorney ty .ir.. ani control them, and then provide for the payment.
 "dere the authentic history of this insriu,i. ceases. What accounts may have reache: of her transactions since wear more the gs.. l apparel of romance than the plain nabam1' of reality. And although the State has ,, A deep interest in the correct management ,- | final settlement of this iI stjtuton, she se., authority at Gehauce, and claims the rga, close her doors in the face Of ner officers ' kuowled ging that when she shall be conlsn eI to lay down the heavy debt which she h contracted, the State must take 1t up." ,S page 23 ot House journal, l55J-5lJ
 ' At the session of l852-53, the IeGs'am resumed its efforts to arrive at kuowlsl,-. the condition of the bank and appnilteda c,n mittee to impure into its aTAirs. Tusc,mm tee made, through MT. L+moyne, 5 cha.m, d report winch embraced mu n interesting m, ter. Amorg other thing, they .aid:
 Your comm ee have been sug.rSel AT astouisnei at the fact that the psou.s of ,l ! State have been kept in such prpiaud ig rance on the subject Of the Real E,ta,s b,. ! 1-- l 1 they examined the lolrul,, Ot the two Ho., of the q .nerd Assembly front that tune io,. | presen-, with the desire and view Uf fir. such Information as would render 1t utuccs,,. to extend the,r researches over so wide t- and embracing So long tune IS that wh.se e nave already mentioned Whe her tb,t. | resulted from derelect!ou of duy ou tue p I Jt tUrmer legislatures, or whether 1t yrotse,. from an unwilliUguess on the part ot the b. agents anI trustees, to allow such invest g4.o Is woulI be necessary to elicit the inform ,g 1 u sired, your committee are unable to sd, ! (See page 375 of S.uate journal, l552-53) l More than lOyearS having elapsed NItuou.d trustees having brought the business [, q cio. an act was passed JaIulry the l2gh, lo53, 1 rectIn5 the attorney genera. to lie a 0.l 1 chaucery to divest them of the assets of the Sttution. The reasons for this as stated in t | preamble were, that there had been 10 tnar5u investigation Of the affairs of the Real Esq Bank since the execution Of the deed Uf ass. ment; that the trustees had in many resp-. violated the provisions of said deed; and to there was great reason to believe that gr, losses had been sustained by their neglect 4 improper conduct.
 Owing to the causes mentioned by the Cove nor n.hls message of Nov. :. 1854, the | lu chancery was not filed till Nay lst Is; Among the allegations 1t contained, wer. following:
 lour oratriX further represents that fr the fact that sad trustees anu their agents a officers have always refused to rrcoguize [ right ot the State to inquire into their proce. lngS under sad deed: aud when any Inform tlon has been furnished 10 the officers oi 5 State II has not been given as ri-lt bltas matter of grace and favor, your oratrix ,s u. Die to give any complete and specitic staten. ani description Ot the assets which came tyl hands oi sal't trustees, or uf he present co dIuon ot the affairs of sail trust. It Is tn that the cashier aud secretary of slid trustee for forms sake, has at times m de or pre,ea ed to m Ike reports to the Goverr or and !-r ! iature, but as such reports merely contain general statements of balances and a,5reya. without going into details or giving a.r sas | specincauouN as would er.able any one to klO or form any conclusion as to the manner winch >ald trust was being executed, and cu fuuy avoiding any expose of or giving any c.u to the many breaches Of trust on the part said trustees; and your oratrix charges tn such reports were so framed Gv direction of sl trustees for the purpose of making a sdop lar dealing towards the State and at the san tune suppresSIug all such information as wou. lead to the detection ot their wrongful acs al proceedings. (Sse page 334 of appeulx Senate journal, l954-55.)
 In his message Governor Conway sal
 the executive Is fully aware from the histO- oi the past, that public officer can seldom never perform his duties to the public nsau: those controlling and having in charLe m.ll0r oi assets of d bunk, without encou,teria through them and the presses and lndiyid4 under thelr influence aud control, all m uuer opposition and often vindictive hostility Aa abuse. The executive Is also aware that la opposition sprlnglug from such d source is acl.5 aud uutnns, and that It may often be the ldll dai'on, whilst oth r pretexts are given for u, tlhty to measures, the best and mlSt salut4g Tor the pubic guod shouli it be thou. int tll their adoption and establishment would y.tA any credit to the eXlStiuL administration.
 Notwithstanding all this, 1T the people q the S,ate do not ultimately obtain full audn' rectlnlormatou uf the condition of tue bank U means ot the suit how pending 1t will not ' the fault of the Executive. To the Genet. Assembly the Executive appeals for the necs edfy discretionary powers and neaus to euay hlm to have ths sut faithfully aud vIsor0a.i