The Arkansas banner., 1846-11-04

the l0th of January, 1845. the whole nI ske specie. constituting tise principal amourt of the balauce of ilae surplus revenue m tas State Bank, amounting so the sUm of sssSss z 732 9I was paid out to members of isse .-ssa- stature first, and to the Sssfe officers and other creditors afterwards. which sum so- ae;her with s59,333 ls, the amount of treasury warrants issmea np ie the spth oi September, lSi6, and S5.l55 40 oi the sir- plus revenue in bank paper under aci of the l0ih Jaaaary, 1915. 10 complsse Iae boan- dary liae. aud provide for the insaflieiency of the anpsopriasiou made os, account ot the PeniieulsaFy. embraces ihe whole amount of expenditures for the two fiscal yeaFs then ending, except small balances dae public ol- tieets who resided at a distance and had not drawn for the amount of their quarters sal- arV=
 The amount of warrants redeemed up |" .slllh- Sept lSI6. as reported by she Trpss- urer. E S3I, ,55s g. and assuming ihat ttfe whole of the revenue for the present year payable into tue Treasury on the lOth. prox-
 u,o, will be pald in scr'p, or rash for the redemption of scrip under the law. and which will uoi vary far from the estimated amount S25.00G, there will remain of 'Trea- sney warrants ID circulation on the 30th. Dec. .he sum of Sl2,779 %, which will in the next few days under ordinary issues for curreni expenses be again augmented 10 the l1Faef amount
 Rai should the Legislature continue to pursue I've raiiIoas policy of paying cd that baGy. wi;h-iis necessary expenses. ranging from 5000 io S30.000. in these deprecia- ted ''promises To pay" without providing proper and present available means ,o sus- tain and give ad4n,onat credit to this almost worthless paper, is further depreciation will be such as to sink the credit oi the State be- meath any stretch of calculation. For this purpose nothing is plainer than the absolute necessity oi augment,ng the levy and ex- tending tue range oi taxable articles Should the Representatives oI the people be unwilling 10 assume thls responsibility, they will doubtless feel the necessity of making the first move towards the sbrnga- Gion oi he State government. government which iet years oi experience will have pro- ven Is now, and would have been al the out- set, impracncabie bat for the fortaiious cir cumsiances oi the distribution by the Gene Fal government, ot the surplus revenue among inc several States
 The picture here drawn in reference to the immediate finances of ,he State, although dark. k nevertheless true. and calls for manly exercise of high toned responsibili- " on the par, oi each and every member Of this General Assembly.
 The subject of the embarrassment of the State in is ordinary and current expenses, involving only thousands, although matter very justly oI deep concernment to every patriot, sIuks 10 Iasigniiieance when eom- pared 10 q responsibility, involving that of millions. And without aoy disposition to discisim participation ln the eaily inception oi thIs heavy responsibility upon the State and peopEe, aad. while acknowledge my inability 10 gFapple with a subject of so much importance; will not shrink from that responsibility which the nature ol my position calls up,m ne 10 asSaas.
 The history oi our Legislature, immeii- aieiy following ouI admission into the Union, informs us oi tife establishment of two Banks. whose operations were based upon the faith and credit of State then just sprung into existence.
 '. There were issued and sf,id on account oi ilie Real Estate Bank 1850 Bonds of the Sia,e.cf 5000, each, besides 500 others, hy- polhecaied, and Sl2l,33 59, recelsed thereon. On the 7Ih Sept. is40, interes, was regularly paid on the first mentioned Bonds. lp 10 lsl July, lSll, siuce which tune Io 30th Sept lSi6, interest has ae- .cumnlaied to tue enormous sum of S472.- Si5, and as nothing has been paid on l2il ] Bonds, on N Which payment was received oi iiiose hypoiaeca,ed. tine interest justly due thereon from tRe date of the hypothecaliun to inc same pesiod IS Si4,l36 l5l making total amount U 'lnieres! due on State Bonds sold on account of the Real Estate Bank. and unpaid up to the 30th. Sept lS46. the snm ol S5l6,95l, which after deducsing g BouAs redeemed, leaves outstanding l622i Bonds, or Sl.622,3 8, principal. or 1otal 0f principal and interest on account of he Real Estate Bank .ihe sum of s, l39,2S7 5y, with a rnnuing interest al 6 per cent on the sum o( Sl,622, ,336 59, equal to S37,3l0 l91 per annum; to meet which, we hnd that this Bank wen, into Ssaie of liquidation in April lSl2, with assets of varous kinds esii- mated at S2,i05,8G5 l5 with accruiag in- ierest on bills and noies--and stock motes amounting 10 . i,923.24l 39, from which ii we deductthe expenses Of winding up the Bank. together with the suta total of eircu~ lstios( hen outstanding. aud add the interest account. due on so much oi the lastmen- fioned sum as may have accrued up to the 30sh Sept. 1916, Ihe balance will show, for wha, amount the State wall ultimately stand responsible, and for which the lands of stock holders wili be liable ai The close of the charter. This calealafion should be made. however. after making due allowance for sll bad and unccrIaia debts, which are believed Ia be eonsidegable
 The toisf number ol acres mor;gaged by -snbscnbrrs for stock E SiS7,Sl0 s9, she apprstzed valuation amounted to : .'iS0,772 3S./ which was believe. high al lhe time. Tine estimated depreciation Is Sl,36s,2l2,
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