The Arkansas banner., 1845-02-26
anK.SsAs RePuprA4tos-Locoroco FI-

Bonds of the State and the issues of both Banks of the State. Heretofore, the issues of the Banks have been received for State dues The counties first refused the issues of the Bank for county Taxes-and now the State refuses 10 receive the paper of the State Bank. ill which she alone is stockholder, for dues going to hcySeT, This requires no com ment, nor does il require a prophetic vision to seein the prospective open and duolced re- pudiation.-.NempAis Eagle.
 The Eagles 7agd is out of sigh. And in this case it ia out of sight of truth or fairness. The above is like the handle of jug-all on one side, and it is in keeping with number of misrepresen- tations which have gone abroad in reference to the acts of the late sesson of our Legislature.
 The first charge is--that the Legislature "vIRTG- ALLY REPUDIATED THE BONDS OF THE STATE"
 To sustain this charge no proof is given. A na- ked assertion. And such 1t deserves really noth- ing more thana denial and should have no influence abroad prejudical to the standing and credit of the State. But we arc willing to offer evidence to re. flute a naked, unsupported aiIirmat on
 And first we declare from frequent intercourse, and conversation with the Democratic members of the late Legislature on that subject, from their speeches, s1c., that we do not know of one single one of them who is in favor of repudang the Bonds of the State. But upon the contrary they expressed inc greatest desire that they should be pad and the deepest regret that the State not in condition at the time to redeem her bonds in all good faith
 Again, we aver, that there was not an act of the body, that can be tortured into disposition to re- pudiate the bonds, all the circumstances considered
 There were two movements made by whig mem. ber9, with the evident view of forcing the majority to do something that looked like repudiaton, in or der that they might make capital out of it.
 And first motion was made to take all the spe- cie out of the State Bank, amounting to about $30,- 900, and apply it to the payment of the interest on the State Bonds. This motion was promptly voted down, Ca number of the whigs voting against it) almost unanimously.
 This proposition was rejected, first because if the specie was to be taken from the vaults of the Bank, the bil=holders had q better claim to it than the Bond-holders-bacause the bills were issued upon the specie--if not upon that identical specie, upon other specie; and the bonds were made, sold, and taken upon the faith and credit of the Statc
 But the members were of opinion that, in a case of absolute necessity, there was stronger claim for the specie than either the bill or the Bond-holders The State was compelled to use the specie to pay it's current expenses There was no money in the Treasury The wheels of government must go on They were compelled to use the specie to meet the unavoidable expenses of the State, or throw into Circulation large quantity of the appreciated pa. per el suspended Banks for that purpose. Of the two evils they chose the former
 Another DroDosifion lyas 9 ada f, arr-onr;at, tho proceeds of the sales of the lands donated to the otate by the United States, for purposes of Inter- nal Improvement, to the payment of the Bonds, and to constitute the bonds, when redeemed an Internal Improvement fund This was as unanimously re- Jected because the members were of oninion that they had no power to change the direction of fund donated to the State for specific purpose, and no other
 Why was no tax laid to meet the payment of the Bonds il may be asked.
 We answer, because the people of the State were not Tn condition to bear it at the time
 It IS known that the great floods that swept over our rich river valleys last spring, destroyed al most, or quite, third of the cotton crop of the State. Time must be given to our planters to re- cover from the ruinous consequences of the over
 oW' to protect themselves against future floods by throwing up levees, Sc. Again many of the tax paying citizens, have recently moved in, and set lied up our rich lands, and they must have time to open their farms before they are burthened with tax es Give Us time to bring all our rich lands into a state of cultivation, and to dig from our everlastinu hliis thelr stores of valuable minerals and we will pay 10 thee the utmost iarthing Mr. Bond-hoder.
 Suppose A, an honest man, has, by a series of unforeseen, and consequently unavoidable circum- stances, failed for $lo0,o00 He has family to support-his provisions are to lay in for the year ana he has but sioo to do it with. Up comes B. ms creditor and demands of him the SI00. can not let you have 1t, sir if do my family will want. Let ule alone, give me time, and will pay thee all can, Would any candid man call A repudiator, We presume the Editor of the Eagle would not.
 Apply the Illustration A represents the State of Arkansas. She owed large debt; and having on hands bat S3o.Oo0 in specie, she was compelled as measure oi so'f-pFeservation to use that sum 10 support the government--her family as it were ana could not let her creditors have it. Who then VIII say that there IS any rcpudiation in this
 buf asaln, so far from repudiating the Bonds, the Legislature passed act requiring the State Bank and Branches to take them in payment of debts due them The indebtedness to the Banks is very larre. the circulation of the Banks but small amount, only abount SlG0,oOo. and consequently bank debt. ors fndingit easier to procure bonds than bills, will doubtless purchase, and pay a very considerable amount of them to the Banks
 The next charge of the Eagle is, THAT THE CoUS- TIES FIRsr REFUSED TO RECEIVE THE ISSUES OF THE BANKS IN PAYMENT OF TAXES, AND NOW THE STATE REFUSES; AND THAT THIS IS TIE paos- PserIvE or OPEN ARBITRATION
 Il the charge in reference to the counties is true. we have no knowledge of it, and would be glad that some of our readers would inform us of it. We cannot take the statement Of the Eagle because it stands in connection with other charges, and infer. eness that we know to be untrue.
 That the Legislature did order the taxes of the State to be collected in good money, and thereby de- cline taking the deprecated issues af tho R,,is of