Arkansas intelligencer., 1844-11-16


dered impossible it seems to me, for our citizens
to meet punctually, without creating further liza.
bilities, the heavy calls now made Upon them.
therefore conceive it my duty, to recommend
to your favorable consideration, the propriety of
so amending the act of liquidation as to lessen the
calls now made upon the debtors. Believing con.
fidently. that by reducing them one third or even
one half, no damage would thereby accrue to the
State or TO the note holder. a
'An net to settle and liquidate the affairs of.she
Real Estate Bank" was passed bv the last Gen.
erat Assembly and approved the 3!st of January
1879 authorizing an election to be holden on the
lst Monday 10 March, thereafter. for the purpose
of eiectng ten trustees whose duties were special-
ly defined in said act. regret to say, no such
election took place and the patriotic intentions of
the legislature have been totally frustrated.
The condition Of the Real Estate Bank is un.
known to the community, whose interest is so
deeply. involved in its management 1t will be
seen however, from the Report of the Auditor of
Public Accounts, that the whole amount of issues
of the Bank and branches is SS54,654 that the
amount redeemed and burned. up to the Both of
September last, is S3S4730, and that there are in
the vaults of the principal Bank ready to he burned
$l62, 800, exclusive of the amount received at the
different branches since the last of April. 1t will
be readily perceived by the General Assembly
that the above statement gives only partial ac.
couut of the condition of the Bank. Whether the
property and assets of the Bauk are appI d to the
legitimate objects of its creation, | am unable to
say, but hope the General Assembly will find,
upon examination, of its condition and mode Of
operation. its situation to be such, as will secure
TO it n greater share of public confidence than Il
now possess.
have but little doubt however, that the want of
confidence in the operations of the Bank, as mani.
tested in various portions of the State. proceeds
more from the fact, that all Information in relation
TO it has been kept in the hands of few individu
ais. than from any corruption in its administration.
Nevertheless, it is due to the citizens as well as
the individual stockholders themselves that the
Bank, from its beginning to the present moment,
should be thoroughly Investigated by the general
assembly and its condition laid before the public.
The history of the Bank already presents the
most extraordinary picture ever exhibited to a free
people. In the first place. public corporation is
created by the solemn act of the Legislative de-
partment Of the Government, involving the rights
and privileges of individuals, we'll as the State.
In the next place. the act Of Incorporation giving
existence to the Bank. is destroyed by ex pa rte
operation, of a.few individuals, by which a deed of
assignment was made TO few men, denominated
residuary trustees, whereby the of the Bank
ofevery description wore transferred into the hands
that period the oPeraon aad aa dhfF aSGfgs 6 6GrAw Gig
Bank has been involved in profound mystery
Consequently, deem It my duty to recommend
to the general assembly an impartial and thorough
examination into its affairs, and such other meas
ures as your wisdom will most readily suggest
atfording at the Same time, all the aid in your pow
or 10 the institution. in winding up its affairs con-
sistent with the interest Of the State. 1t will no,
be contonded by any. that the General Assembly
has not the power to examine into the condition Of
this institutions; and certainly, no who is con
nected with its administration will do otherwise
than solicit, and even aid in its thorough investiga-
ton.
If the president and directors of corporation
have the power, destroy its corporate existence
in opposition TO the express will of the legislature
and forbid the Representatives of the people from
examining into It's condition it does not require
much foresight ID determine. that the ,imo is not
remote, when our corporations will defy the au.
thority of the other departments of the govern
ment, resolve themselves into legislative bodies |
and mako laws to advance their ow : interest, in
violation of tho rights Of others.
w hen this shall he the case, ali the great prin-
ciP'es OF our government, worth preserving, will
be gone. and the American people will be govern
ed by set of souiless corporations, instead Of
free people.
AT the last session of the General Assembly,
S2SS,4l 90 cts. were appropriated for the sup.
port OF the government, and owing to the econo-
my and fidelity Of its officers, ia their admnstra.
ton, only Sl63,0O5 95 cents have been expend.
cd, leaving on hand at this time $l25. 400 n cts,
which will be subject TO the direction and control
Of the Legislature. -
1t will be perceived by the General Assembly,
that the Stale Treasury is not in condition to
pay off the interest, which has already accrued
on :he State bonds. This is greatly to be regret
ted by all who desire the honor and interest of
the State preserved and untarnshcd
But it sometimes occurs with nations, as with
individuals. hat in the mana cement Of their mon-
etary affairs, it is impossible, for them to meet
their engagements ar the time agreed upon. This
is the present situation of our State.
Still it is to be hoped, that the large indebted.
ness to the Banks will greatly aid the pa ment of
the interest on the State bonds before great pe-
riod shall eIapse.
The amount of interest due on the bonds sold
by the Stale Bank up to the LIST day of October
last, is S2l 4O7 50 cents; Of which $ll6 ,9O7.
so cents are payable in New York, and $67, 500
are payable in London. The amount of interes,
due on State Bonds sold by the Real Estate Bank,
without including the 500 hypothecated bonds. up
to the lst of October last, is 5000, 100, of which
$260,0OO are payable in New York. aud $29, 200
are payable in London; making the total amount
Of undisputed interest, $5O4, ,5O7 so cents, re-
naming due md unnaid sup tn tha lat Octoher