Washington telegraph., 1844-11-13

Nevertheless, II Is due to the citizens rs well a.
10 the individual stockholders themselves that the
Bank, from ITS beginning to the present moment
should be thoroughly investigated bv the gen.ra
assembly and its condition laid before the public.
The history OF the Bank already presents The
most extraordnury picture ever exhibited 10 a free
people In the first place. u public corporation /.
created by the solemn act of the Legislative de-
pariment of the Government. involving the ripht
and privileges Of individuals, as well as the STATE
In the next place, the act of incorporation rivnc
existence 10 the Bank, is DESTROYED by an exparte
operation of few individuals by which n decd n,
assignment was made TO few men. dcnominated
resduary trustees, whereby the assets of the Bank
oi every DESCRIPTION We're tran sfcrrcd into the
hands of said residuary trustees and their officers
From that period, the operation and management
of the Bank has been involved in profound mystery.
Consequently, deem il my duty TO recommend
TO The general assembly an impartial and thorough
examination INTO ITS affairs. and such other mea-
surcs as your wisdom viii most readily surrcsi-
aifOriing at the tme all the ali. i'm vot, mover
to the insiituion- IN winding up it afirs consistent
with the interest of the Stale II will mt bs con,
tended by any, that the general assembly has no,
the power To examine into the condition of this in
siiiuiion; and certainly, no one who IS connected
with its administration will do otherwise than 50
licli. and even aid in its thorough investigation
II the president and directors of a corporation
have the power, destroy It's corporate existence in
opposition TO the express will OF the I.erisai,tre.
and forbid the Representatives Of the pcopc from
examining into its condition: it does not rruuiro
much foresight 10 determine. that the time is not
remote, when our corporations VIII defy the au-
thoTiiy Of the other departments Of the govern
ment, resolve themselves into legislative bodies
aud make laws to advance their interest in viola
tion Of the rights of Others.
When this shall be thc ease. all the great prsn-
cipes OF our government. worth preserving viii be
gone aud the American people viii be governed
by set OF so',icSs corporations instead OF a free
people.
A. the last session Of the General Assembly.
sS2ss,ii5 GO c;S were appropriated for the support
ol the government, and owing 10 the economy aud
fidelity o: its officers. in their administration only
Sll3-0O5 % cents have been expended. leaving
ON hand at this time Si2Il09 a. cents. which
viii b. subject TO the direction and control OF the
Legislature.
Ii will be perceived by the General Assembly.
that the state Treasury not in condition to pay
of The interest. which! has already accrued ON the
State bonds This Is greatly To b. regretted bv
ali who desire the honor and interest of the STATE,
pr"s-rv, and uniarnished
but 70 sometimes occurs with nations, as with
nd.vid ,is. that in the management Of tl,cir none
tary ai.ir- i IS impuss.bc for them to meet their
engagements al the time agreed upon. This is the
pies al stuat ON oi our State.
Sta I Is 10 b" hoped. that The large indebtedness
1 tie Blulzs VIII greatly aid the payment o the
interest On the Stale BOMBS before a great period
shat rl-Psc.
Tbe amnnnt % mi crest due on the binds sold bv
the stale Bank up to the lst day of October last
i~ 'S4it-iJ1 30 cents: nf which .SlI6aJ7 80 cents
are payable in New y ork. aud sS97 SEQ arc raya-
BE IN london. Tie amount of interest due on the
>i4tr Bonds sa'dby the Real Estate Bank without
inc u.liaE the 500 hyPntiecatrd bonds. up u the.
Is. u October last. is $3.50 100. Of which s2Gn-
900 arr payable in New York. and so 2Iu are
pay able Ia london: making the total amount Of
uudyprtcd interest, Sjui.5u7 - cents remaining.
dn~ and unpaid up To the Isl October last.
la relation 20 tine bonds holden By eli gems Of the
ely o. london, in the Kingdom Of Great Britain.
! have r~crieed communication from Joseph
Hnme AID others. iuclasiag memorial to the
General Assembly y, requesting the speedy paymeut
Of The ilic-rst due the bonds held b. them aud
other citizens Of Europe, which memorial is here
w'-h transmitted.
Os= ciiizrus alr already oppressed by taxation
10 m-ri the expenses Of the STATE Cove rumrut.
and am therefore unpreParcd TO recommend an
cFel I'd tayaiiou for the purpose Of meeting the
m.cresi on the state bonds; but promp; and curr-
g,tic measures should BE- adopted with the means
anl -cis Of the Banks. TO discharge Tive interest
UP'a all such bonds as have been sold la good
fa th- aud IN street accordance with tie Bank
CJsrt Is.
IL predecessor saw proper, for the purpose of
drin ample jns ice both to the State and 10 the
ioid holders. to recommend the appointment OF
ga a-rlt or comIntssioncs. under The authority ui
fic l-E.saturc. TO investigate fully the subject OF
ih- sale Of the bonds, in order to ascertain those
"cld IN good faith, and r-port accordingly to the
n.N: Legislature. fully concur with him in r..
commend ng The creation Of such an officer As
pr sumo portion Of our population would be- vii.
ing 20 pay the interest on bonds iraud.lcniv oh.
tanned, disposed of IN violation OF the consiitu.
ton AMI laws OF orr State
Under the act Of Congress. approved the l.l
September, j. n, distributing the proceeds af The
sales of the pubiic land, among the srvc al States
Arkansas was entitled 10 50n.npD acres. Inme.
diate steps were taken BY my predecessor 20 carr,
the act ato effect, by the appointment Of locatup
agents, and al your last session there had been
located la3. .721 acrrs. l have continued to make
locations under the system adopted bv him. and in
conformity with the acts Of the Legislature rela-
tive thereto.
Up 70 the 30ih Of October last. the locating
agents had selected l7g.-s2 acres. or this. 255.-
523 acres have hcrn confirmed to tn. State. The
aI,i5unt lands selected and not yet confirmed.
Is lc9,7I5 acres. The amount selected the plat~
Of which not IN the Registers office, l. 3 iGtn
acres Oftic lands above selected aud confirmed.
sales have been made and applications received
for the purchase Of 10000 acres.
For the better protection Of the interests Of the
State in the locating and dispasing Of her lands.
which has already become an extensive business.
II will require the vigilant attention Of AN agyni
under the direction the Leg,sl1ture The du.i-s
Of the Executive numerous. and his presence
Is 50 constantly required at the seat Of Govern
mcnt, that it is impossible for him to advance the
interest Of the State in the management Of her
lands would Therefore recommend 10 your cor
sideration the pruprcty Of Establishing land Office
separate from the Executive Department. aud the.
appointment of an agent. whose duty II should b.,
TO dispose Of the lands belonging to the State sub
jcci TO the approval Of the Executive, and to per-
form such other duties a the interest of the State