HON. A. II. SEWER.
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Nh. EDITOR In my preceding number, | stat
ed the objects. and purposes. ~hcn pro onpted tn.
investigation. into the ,e of tn, bonlS by Sew Ter
and " illiamsOn, as well as the nner in which
that investigation was conducted bv the Bauk
Committee. | now propose to show in this, AMI
my succeeding numbers lhat the report, as made.
contains garbed statement of facts; that tht. in
ferences and conclu Iions drawn, are gratuiiols:
and that tho charges made both directly AM midi.
rectly, are ungenerons. unfounled. an1 unjust.


The rep .rt after stating the sle Of the bonds
and the conversion of tho proceeds into Southern
and Western funds. thus proceeds:


The fifth branch of inquiry is, whether saL
commissioners had any power or authority invest
ed IN th'm, by tho ngancy. to make such invest
ments! Your comrnlte are of opinion. from !,
s # te n q IT,
Central Board, upon winch the instructions are
predicaed. that no power Authority, thus to dis
pose Of the Banks capital. could b. derived from
any Just constructions "ftIi. powers conterred but
on tho contrary ire necessarily iorrel to the con
cluson that the exercise Of such power was d.
rect and palpable violation both of the spirit nnl
letter Of the powers conferred. by sne -resoulnn
Of the Central Board, and the subsequent instruc-
tions Of the committee"


This paragraph contains serious charge
against the commissioners and upon It several
others. in the report are based. Is it true 1t
cannot he taken for granted but should be suS-
tained by evidence. Then. where is the profit
Where are the instructions. and where the reso-
ution of the Central BnrI! They do net ac-
company the repnrt--thny were not r-portn to
the Legislature they are no! prlnte I'm the Jnlrn.
ais; and yet this chary, was sustanc by the House
Of Representatives, when It was unknown to the
House, what tie Instructions contained, or wna,
powers were directed to be conferred by the reso-
luton of.the Central Board. upon which the in
structions were predicated. Why did not those
documents accompany the report, that the mem.
bers of the Legislature, and the people, might en-
anime for themselves! =


Although, party canno, be required to prove
negative, until prima facie affirmative is made
out by testimony; and, although in cases like the
present, the charges fall to the ground unless PROV
en-; vet, In this instance, it can be shown clearly
that the negative is true !; aud that the comm,S-
soners did not violate their Instructions.


g. The minority report conlains the fol nwns TX.
tract from Tie Instruct ioas:-.As hor"tnGnr'. ynI
again left To exercise yJur Orn iisr,pii,n ~
all things cnnnected with your n'<~' n,l" rnl>
is all Of the instruction that cnm bolD'n .D. .,,-
isature, aud this contor1D, general and uuIun;ind
power.


Again, neither the Centred tiprr.i. wa - direct.
ed the Instructions TO b" given. ,ur Mr.. Dawes the
.
intmsted that the commissioners had violated
their instruction !; but iuscad of dong so, they
received these Southern aud Western funds from
the commissioners, settled and adj jusuted their ac.
counts, aud compensated them for their services.
II was not then thought that they had violated their
inst ructions.


For the sake of argument, we will suppose that
they had no authority for the conversion of tho
funds. have heard it asserted. by lawyers, tina
the subsequent recognition Of the of the agent,
! by the principal, although the act was originally
anthororized, makes ii much the act of the prin.
cipal, and as obligatory upon him. as il the agen,
had express authority the time the act was pe..
formed. How stands tho present case. when this
principle OF the law is appIr ed to it! The Bank
Eever disav0wed the acts of the commissioners. rs.
but received the funds at their hands. settle
their accounts and paid them for their services.
The President Of the Bank, in his le,te, In Me.
Rust. which is published with the minority repor,
says: "Ther ,choie coaducf. was no, only sutisfac
tory o ,hr Central Boara Of tie Bnnk, but hei,
entire agency in The negotiation and sale of IN,
bonds disposed Of by them; the DISPOSITION AND AR


RANGEMENr of the FUNDS coming inio thei, hand,
from sath syie;iheir long and unvearied oifeni,on
10 all fhr md'f,s connected ~ifh their mission. III
prompt asd FAlTHFU. MANNER IN WHICH THEY Dis
CHANGED EVERY DUTY, comnected With Il, sras sse1