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| dlcaled, that no power or authority. tbus to dispose of the Banks capital, could be de- rived from any just construction ofthe now CTS conferred; but on the contrary. are no cessarily toYced to the conclusion. thai tbe exercise of such power, was direct and Papable violation both of the spirit and let ter ol the powers conferred, by the resolution of the Central Board, and the subsequent in- structlons of the committee.''-

 lhis paragraph contains serious charge agalnst the commissioners and upon it se- yeral oth hers, in the report are based. Is il true 1t cannot be taken for granted; but should be sustained by evidence Then, where IS the proof' Where are the instruc- llons, and where the resolution of the Cen tral Board They do not accompany the report--they Were notrcported to the Leais- iature-they are not printed in the Journals; and yet this charge was sustained by the House of Representatives, when 1t was un- known to the House, what the instructions contained, ,or what powers were directed to be conferred by the resolution of the Gen. tral Board, upon which the instructions were predicated. Why did not those documents accompany the report, that the members of the Legislature, and the people, might ex- anime for themselves

 Although, a party cannot be required to prove negative, until prjma ftcje aGirma- tlve IS made outby testimony; and, although in cases like the present, the charges fall to the ground unless proven; yet, in this in- stance, t can be shown clearly that thc ne- gaiive IS true; and that the commissioners did not violate their instructions.

 The minority report contains the follow- ing extract from the instructions .:-ssAs heretofore, you are again left 10 exercise g04 Olg2a discretion in all things connected with your missionp' This is all of the in- struetion that came before the Legislature, and this conlers a general and unlimited power.

 Again, neither the Central Board, which directed the instrucfionsto be given, nor Mir. Deies, the President of the Bank, who wrote them, ever once intimated that the commissioners had violated their inslruc- tion; but instead of doing so. they received these Southern and Western funds from the commissioners, settled and adjusted their accounts, and eompensated them for their services. It was not then thought that they had violated their instructions.

 For the sake of argument, we will suppose that they had no authority for the conversion of the funds. l have heard 1t asserted, by lawyers, that the subsequent recognition of the act of the agent, by the principal, al- though the act was originally unauthorized, makes t as much the act of the principal, and as obligatory upon fHiTI5 as If the agent had had express authority at the lime the act was performed. How stands the present case, when this principle of the law Is ap- piled to t The Bank never disayowed the acts of the commissioners, but received the funds at their hauds, settled their accounts and paid them for their services. Fhe Pre- sident of the Bank, in lis letter 10 hTr. Rust, which is published with the minority report says :. Their 3sbole conduct, aras 4ot oalg satifactory 10 Ate Ceatral Board of Me Baak, 58t Hseil. claire agency ja Inc aeg0tia- lion qld sale of tbe bonds disposed ot 5g He@; Inc DISPOSITION AND ARRANGEMENT OF THE FUNDS c08ljag iHio tbeir haRds from sHch sale; Hteir long end HaWearisd atten- tioR, 10 alt the matters connected niib t8ein mission, tte prompt and FAITHFUL MANNER IN WHICH THEY DISCHARGED EVERY DUTY, connected 2eih t, lsae sael ds aot oalg to gire entire satisfaction, bHt 10 ENTITLE THEM TO THE THANKS AND OBLIGATIONS or THE BoARD.n These facts show how their con duct was regarded by the Bank, whose agents they were. They were regarded as having acted within the scope of the power confer cd upon them; and, whether they did or did not, is complete and ample ratification of what they did. But this is not all. At the session of the Legislature of 1888, Mr. Da- vies, who was then the President of the Bank, reported the fact of his coapersioa of the procecdSof He bonds into Southern and Hes fern funds, aS ( Transaction tbat aroad 6eae- i Gt the Bunk about S20,000. have append cd an extract from that report, by way of note, to the end of this number.

 Not a member of the Legislature, not even i Dr.. Gibson, who was on the Bank commit- tee, ever intimated that the commissioners had violated their instructions. At that time when facts were fresh, and all the cireum- stances attending the transaction could be properly appreciated, not word of objec- ton was raised from any quarter The 1 Banks had not then become so odious as they arc at present; there was no partl- gan purpose to gratily; there was no l prominent political opponent to prostrate, 1 even at the expense of personal honor and private reputation, Sevier had still four years to serve in the Senate. But, at the last ses- sion, when the Banks had exploded, and their roaenness had rendered the whole sys- tenn justly odious; and when the election for Senator was to take place, the first wore of complaint was heard. It was then, this investigation was put forward, to breal, down Sevier, by heaping upon him the un- popularity of the Real Estate Bank, and thereby indiel mortal wound upon the de mocraie party But let not those, who arc most anxious that these objects shall be ae- complished, Clay the dattering unctlon te their souls," that Col. Sevier's place in the Senate will ever be filled by D.. Gibson, .4l bert Pile, or aay such catlle. Should they succeed iq breaking him down, Democracy is still in the ascendant, and will remain so

 