The Arkansas banner., 1845-09-10
For the Baaaer. R EP U DIA TON.
IdTTI.E. ROCK. Sent f6

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 LITTLE ROCK, Sept. 6 1915.
 MR. EDlToR-If the private information, which we have received be true; and if the sentiments expressed ill a communication from BatesyiIle, and published in the last Ar- kansas Gazette, are truly the sentiments of an individual whose statements are justly en- titled to the confidence and prominence given them by the editor of that paper; then it is also true that the time has arrived when we mustaacknowledge the existence of "a R~ga- diating party in Arkansas.
 And if its true that the purpose of this party Is to vioafe all the principles of moral, legal, and political honesty, by repudiating, first, their individual bank indebtedness: se- condly, the obligations of the Sae; and last ly, that system of order and good govern meat, which every honest man desires 10 es- ablisll and maintain for the good of the peo- pie, and credit of the State; then t is time the better part of the community had taken q stand against 1t, and shown to the world. that although under the present pecuniary eInbar- rassments of the country, we may not be able to meet promptly our liabilities, we are ever ready to acknowledge the justice and saeredness of these obligations, and to dis charge them fully at as early period as pos slble. And we are glad to find that this po- sltlon IS sustained by the public papers of the State
 Although the present professions are only in favor of repudiating the individual debts due the bank, yet if this question prevails, it is evident that repudiating the obligations ol the State, and general confusion in the condition of our civil, and political relations, will most certainly follow. Then we will see who is most likely to take advantage of the condition of things we will then be able to judge more correctly of the motives and consistency of him, who can now come for ward in the public Journals of the country. and say, ''l ammo repudiator," and in the same article declare 1t as lis opinion that "the true policy of ne Stale 1eould Be 10 burn up alt inc 5ant boohs," ''the public mind is Tn such state that bank debts neUer can be colleeted," and as if determined to contribute as much as possible to the weight and innu- ence of this excitement, declare that s.the feeling pevades the entire North''
 Admitting that the excitement is as great as here described, we submit it to the good sense of the community to decide as to the true character of proposition, made in the midst of such state of public feeling, 10 "taX the people to pay the bonds of the Stateo Such proposition is fallacous, unjust, and lmpoltc. Let Us examine it for moment In the creation of this bank, 1t was proposed 10 procure funds to be loaned to such per- sons as might choose to become bank debt ors; the funds when procured were loaned to these individuals, and hence they became the principals in this liability: the whole peo- pie ot the State became the securities, or en- dorsers, by an act of pledging the faith of the State, in the shape of bonds issued for the bank. Now if we adopt the policy of absolving these bank debtors, from this lin. bihty-this party who stands as principal. and who have received full and valuable consideration for their obligations, we would ask upon what principles of justice or eoujtv. can we demand payment at the hands of the people, m the way of direct lax-payment o party that stands only as endorser. and who have received few other benefits from thls institution, than those of being taxed bioh 10 support endless legislation upon tke snb. Ject, and oi being cursed with depreciated and worthless currency In reference to this subject, the true policy of the state is in enforce the doctrine ot sacred regard to inc "obIgation of contracts;n to eoIlecttbe debts due the bank, and with these collections. nav off the debts of the bank and the State and If there should be a deficiency, then adopt some means, the least burdensome to the nen- pie, 10 raise the necessary amount to meeet this deficiency. Though the Gazette's com munication, taken all together, is little con sequence, except to show that the author is a. strong repudiator, we will notice one of the causes which he assigns for this staio of feeling in the North. We notice it mainly because we understand it is used generally by the repudiators. It is this-"the use inc mo ncy is put to after it is colected.ns And this position Is taken without distinction. as to the kind of funds collected. Now it is well known that these collections are made in the notes of the State Bank and branches; and the notes of the Real Estate Bank and bran- ehes. The Legislature has authorised the exchange of the Real Estate paper, for the bonds oi the State, and have appropriated it to lhls purpose; then so far as the remark is intended to apply to this kind If funds, 1t shows an obligation to tfe redemption of the bonds-direct repadiation of Stale de5is.- but Ii 1t is meant to object to the use that is