Arkansas intelligencer., 1844-12-07

ed TO this, 1t IS admitted that corporations Of any
kind. once created, may become independen, of
their authors, may alter the terms of their ORR
ginal existence. and prescribe terms for their
own perpetuatiop, it is not too much to say that
political power is no longer in the hands of the
people, that our form Of Government is subverted.
and in the language of my predecessor, that the
country is governed by ga set of soaess corpo-
rations." hold it 10 be self-evident truth that
the power to abolish is inseparablo from the pow.
er - create. And, as with governments, so with
all inferior creatures, including Banks, when they
fail to answer the purposes of their creation, i, is
the right ard duty Of the creating power to abol-
ish them. In regard to Banks. particularly, it is,
10 my mind.a plain and unavoidable principle that
when they fail, either by falling short or transcend
ing the conditions of the law, by which alone,
they exist, all :heir powers nd privileges, at once,
revert 10 the source from which they derived.
and which in this instance, is the Legislature
II is true our State constitution, If it does not i'm
part the power. limits The Legislature in its author
ity TO the creation of certain number Of Banks !;
but at the ;ine it was framed and adopted. state
OF feeling existed among the people of the whole
country. unparalleled in all past tirc, and never
to be experienced again, it is hoped in all time to
come. We then followed an ignis latuus. which
lured US on, but to dazzle, bewilder, and botray
while now we have light. made clear and steady
by n severe experience, by which we are guide d
10 truer policy. If our Constitution be
| framed at the present day, where is tEe Con,en-
ton that would confer the power, rather would
not prohibit the power Of creating Banks by the
legislature? Need it be asked if the people of
Arkansas would ra,ify any such graa, of power /?
We do not mistake the popular will when | say.
that instead Of granting the power to create Banks.
they would expressly prohibit it. If this opinion
be correct, Of which ! have no Goubt, feel war;
rantcd in advising the proper steps to be taken for
an amendment of the Constitution in accordance
with it.
fee. il 10 be my duty. also, to join earnestly
in the recommendation of my predecessor that
INN cdate steps be taken TO have the afinirs of
the Real Estate Bank thoroughly examined and
exhibited to the people, whose right it is TO be in
formed of every thing affecting their interests
And it is hoped tina, any Legislation on the subject
which you may think proper to adopt, will pro-
vide some definite, certain, and effective means
for its own execution. and thus qua rd against such
signal and disastrous failure as attended the ac-
ion of the last session of the General Assembly.
in regard to the same matter.
The Sth section of an act of Congress- approx Z.
ed Sept. 4th, lS4l. makes donation to the State
of Arkansas OF 100000 acres of land, 70. the
purpose of Internal Improvement. The location
and disposal Of these lands wcrc placed by Con-
gress. under the discretion of the General Assem-
bly,. In the message Of my predecessor. und"s
date of the 4th instant. it appears that 479. .SS2
acres have been located; of which 22j. .527 acres
have been confirmed to the State the number of
acres located and not coniirnod, is 1915; the
number Of acres located, the plates Of which are
not in the Registers office. is 34.64O. A nd that
600 acres Of those located and confirmed
have been sold under tine provisions of the act of
the last session of tho last General Assembly
passed December lst. 1912. This ct fixes tho
price of these lands at S. acre. to be paid in
equal annual inst 'lments, with e per cent interest.
and limits the quantity which may be sold to any
one individual. to not less than 800 acres. From,
WV '>SN
the subject. am of opinion that change of the
provisions of this act might be so made. as 10 nc.
complish more readily and efficiently the objects
for which the donation was made. For this pur-
pose, recommend to your favorable consde ration:
list. A reduction Of the price Of these lands 10
the minimum price of 60, o,ernment lands. Isl 25
an acre) below which 1t cannot by ihe terms of
the donation, nor is it desirable that il should
be reduced End. A reduction of the minimum
quantity which mny be sold to any one individual
to at least 40 acres; 3rd. Tho substitution OF
cash payments IN place of the present credit =.
4,h. The allowance of pre-empton rig,ts to ac-
tual settlers, but that land shalI be subject to
entry at this price which shall not have been pre-.
vious'y Offered at public sale. In order to carry
those views into prompt. useful, and economical
execution, further recommend the bassa % of "a
law providing for tho establishment. of Il Boz ard of
Internal improvement for the Slate, to consis, of
live members one of whom shall reside in each
OF the four qua lers of the State, and one at tho
seat Of government; and giving them power to
employ IN cngiIeer, to make eXi,onatIuus of the