The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-07-01


The interest the stock Of the State of Arkansas falls
duo tomorrow and will not be paid In January last the
interest paybe by the State Bank delay ed nearly 60
days, and that by the Real Estate Bank
paid at ALL Some arrangement indeed entered into
between the bank and the Phcnix Bank ofhs city which
fell through Since then the Real Estate Bank has failed
outright and Governor Yell has issued proclamation
repudiang part Of the State bonds issued that nstitu
ton The State of public feeling in Arkansas on this
question: may be understood from the following extract
of letter written in the enquiries of stock
holder.
ARKAxsAs STATE Boxps.
have learned much about the bonds of the Arkansas
Real Estate Bank, in compliance with your request and
better able to give you opinion relation to them
The Bank has failed and assigned its pay the cir
The assets In said will not pay cents on the dollar
and consequently the notes selling below that
price, The holders Of bonds will have nothing look to
but the Of the hank payment bee II is not
believed the people ofthc State Of Arkansas will agree
be taxed pay debts of what hrk) their swinding
banks They are very likely to do as Mssssinpi has don
repudiae Indeed Arkansas has already done in the
case of Hollord Co. think know the people Arkan
well, and agree with their Governor that they will
not submit to be taxed to pay what they consider a
swndng debt whether made SO by the bank the hold
OF the bonds All these stock bubbles where the peo
Pile have value received for them will burst leave
paper the hands othe holders There is another
powerful that operates with the people Of Arkan
and that the price at which the bonds have been
Sold They look upon these Wall street holders knavss
and they have no sympathy with them. They will not
but Is barely possible at the end Of ton or more
years during which time interest be paid the le
gsature agree to 20 25 cents the dollar to
get rid of annoy from the claims In my opinion any
one who calculates on any thing than this will be
disappointed Indeed advise you TO invest only bond
and mortgage, or something that you sure will pay
per cent and have nothing 20 with any stock bonds
that pay interest for losses have always made
them and would as seek to purchase the paper
broken merchant and look 10 the assgnees dividend
II all speculation of the most hazardous character
Texas bonds bearing per interest can be had for
"a on he dol audp
one knows independent State be much easily
coerced to pay than one Of States small army and
few gates could make reprals and could Tex
as into but foreign power would find il
difficult to State in this Union Is is impossible
or any man in your city Judge of the feelings Of the
people of the State of Arkansas or Mississippi relation
to direct taxation, until you have mingled with them
on cannot coerce them and as to getting them to tax
themselves to pay the debts of the swndng banks you
might as well ask them TO give up their plantations to the
Indians who have been forced from them by their own
strong arm now tell you again, have nothing to do
with these bonds until YOU visit Arkansas and Mississippi
and talk with the people.
The of financial and commercial affairs is Of
great peculiarly this moment Many articles of pro-
duce rs lard provisions, SC. in demand fol- spmsntto
England under the proposed reduction of duties by sir
Robert Peel. Lard formerly charged 49, and is to
paw Qs This large reduction has given impulse
in large degree tie matter yet definitely set
tied These form The chief business do
ing but the operations Of sufficient
any demand for money The importers perfectly at
fault they cannot enter into any enterprises until the
action OF Congress upon the tariff question can be more
clearly shadow forth. The dealers in wooens, and
those articles hch have heretofore paid high duties
particularly anxious because new tariff bill Is pass
ed before the extra session. and II highly pro-
bable that there will not be any perfected duty higher
than 20 per cent coected and the power collect
any duty problematcal II is highly probable that the
President will veto the little tariff BILL the bill to
tend existing laws until the s ofAugus 1t h true thst