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thest And did not them eleven months ai- ford the Stockholders or directors of the Bank ample opportunity to present the paper at the counters of the Banks and draw the specie if the retention of this depreciated paper as d basis of issue and circulation was so much to be deprecated, and the specie so essential to the welfare and stability of the institution, why did not the parties most in terested in the matter, when they could, ac- complish this object. The truth is, Sir, as shown by Woodruff, that this very money was in ten days after the Bank commenced operations, worth more than specie, and 1t was either sold at premium or paid out at par to the Banks lavortes.

 If, then, by the conversion of that portion of the proceeds of the Bonds, for which Se- yier was responsible, the Bank realised neat profit of S9,330 co, saving at the same time the expense and hazard of insurance and transporiion in specie, in money and credit equivalent to specie, when they were paid over to Davis, the authorised agent of the Bank, and worth more than specie here, and in Mississippi money which in 20 days could have been converted into specie. Will any man have the hardihood to own that the transaction was injurious to, or tended to the downfall of the Bank 1 defy Dt. Gibson himself, with all his sophistry, ingenuity and faculty for gambling, and peryerting to make good such charge Then does Col. Sevier meritthe censure and reproach eastupon him by that report; and all the vituperatons and abuse which that report has called down up on his head,- mot in this State alone, but which has found its way into every filthy and prostitute print in the land, and through these were spread throughout the whole length and breadth of this Union.

 Every generous mind must admit that if Jackson, like he had taken the responsibili- " upon himself, the fortunate issue of the transaction to the Bank, should have afor ded him some protection from the assaults which the unprincipled political adversaries, and the envious and malicious of every and no political denomination have never ceased to make upon him.

 But he did not take the responsibility.- The charge that he transcended the legiti- mate scope of his instructions and authority, violating them both ill letter and spirit, ema- hating from the same source, IS perfectly in keeping with those which have already no- tiGed.

 So far from transcending the powers with which he was clothed, he stopped far short of their limits; and so far from violating both the letter and the spiritn of his instrue- tions, will prove to you, Sir, and to this House, that he conformed literally and rigid ly 10 the letter and the spirit.

 Let us examine the instructions which are alluded to, and see upon what foundation the charge that they have been violated ill letter and spirit rests. Under date of the 20lh Feb, 1888, Mir Davis, President of the Cen tra Board, writes ':When you have sue ceeded in making sale of the bonds, you will, without delay, make such disposition of the funds by deposite in some safe Bank, as will enable this institution to realize them or the check of the Cashier. It is part of our present plans to draw for them, and sell our checks at such points in the westas will enable us to exchange our eastern funds at .Par for specie, and to provide an amount of not less than $200,000 of that kind of funds for the commencement of our operations, and If you can, by any speculation of your o1en, haStea the exchange, you will do so.

 ltis necessary, however, thata eye should closely watch the standing, the interest, and the credit of the State and unless contracts can be made on terms as favorable by the State of Arkansas, as is made with other young States, great care should be taken to frame the contracts for a sale of our bonds now, in such a manner as will preserve our credit; and not interfere with the sale of our remaining five per cents, by taking install ments AND DIVIDING THE PROFITS OF THE EXCHANGES, or some other method which will throw over the transaction a contingent ey to protect us"

 Under date of Jan. 9th, 1S3S, he writes:

 '' Y our knowledge of what is required by the Charter of the Bank, to make a sale which will comply with its provisions of receiving mot less than par value , will suggest to you the necessity of so warding your con tracts, as to keep strictly in view that essen- tial particular.

 The words "receive not less than par val ue" will, in the opinion of the Board oI directors, fully authorize a sale at less than par value abroad, if the sale expresses to re- ceive par at home, and the Bank realises mot less than par from the proceeds of the sale, in specie or its equivalent

 When you have perfected your arrange ments, and obtained the funds, you will re- ceive the sum of Sl0,000 in change, and you will also get the sum of $l00000 in gold for tae commencement of our oper- ations, both of which amounts you will J bring with you on your return to Ark's.o I Now, Sir, wish the quotations from the instructions borne in mind. as Il Is with a gross and palpable violation of these that i Col. Sevier Is charged.

 That from the above instructions sale ol the bonds at less than par 1rhea thcQ rere so}d was contemplated, no one will deny ;- and that the deficit was to be supplied through the medium of exchange, is equally evident

 In support of the first proposition, l Would ask "d thls contingency Was nat b bt coyerod why this " precauion . in woFl. ing the contract, that 1t might not violate n, provisions of the Charter, which onlv rc.

 quired that they should not be sold at .les.

 than par Bu, tine Committee ol tae las I fetfiststlrA .tl.nfl fiis ,, A@t, ft.,. ss.-.