The Arkansas banner., 1846-11-04

and the hospitality of Ihe people for their subsistence. Instances like these occurring, as ihey have. In most oi the States as we'll as ours, must be gratifying 10 the patriot, and gwe ilatteriug earnest of the answer the country nigh. expect when she calls upon her ciiizeD-soldiery. They afford also ihe best evidence of our moral and physical DO w- CT as nation, and the individuai courage and devosion 10 country for which our papala- ton has ever been so distinguished. l. IS a spectacle upon which the enslased millions of the old world must loak with wont der, aud cannos fail to awaken their attention to the progress of iha. great experiment of a government by tbe people, which our ex- ample furnishes 10 mankind.
 The faithful administration of a gond gov eFnmeni. shading its benign influence alike over alt, Is tiie higtes, aad mosi apprec:able hiess.tg t,f -sSsleh-we can haye any concep- tion. Under f republican form, ], requires voluntary action on the part of the people n contributing Ihelc due proportion towards IS suppon. Every man who enjoys ihe bless ings of civil government, should contribute a fair proportion of the cost of it's nainien- ance, corresponding in some degree. with the protection he receives.
 The certainty aud stability of his income, depends upon that kind of protection which the proper execution oi the laws of his coun- try afford him, in the peaceful conunuaure Of his vocation.
 want of means Is lack ni. power. anti a liberal support of government Is of less cost than that of stale oi anarchy. The ener- gles of lhe State governmen, have already be- come palsied. With an empty treasury tor years; with a ruined Stale credit. aud an ap- athy on the par. of ali 10 move m even ihe attempt 10 retrieve onr credit. il has become my duty to present fully, no, only the pre- sent fuinous state of oiif finances. but io as sume the responsibility of pointing to the only possible remedy
 The financial history of the State exhibits R series ot biunders. The first legislature under the constitution provided for the levy of one-iourth ol one per cent upon the sworn assessed valuation of such kinds of property as that body saw proper To subject 10 taxa lion which, when the assessment was made. discovered to ihe Executive the prospect oi large surplus; and induced that officer to issue his proclamation for called session win view io it's reduction, which con yened in the following fall.
 Al the called session. the committee upon Banks appear 10 have conferred with flat upon revenue, and immediately an idea was entertained and itmust have prevailed pretty generally that the establishment, of State Bank, the property of the State, afforded the means, aud when once put into successful operation, would serve the purpose Of free ing the people from taxation altogether ,- The levy was consequently fixed at one eighth of one per cent, and until the Bank should hare declared sufficient dividend 10 he drawn upon the surplus revenue of the general government, lhen deposited with the State; and which. in the body of the charter of ihe Siate Bank was placed ss so much capital. and upon the iaih of which as a ba- sis, .he directors were authorized 10 issue the tine usual amount of circulation.
 IL appears 10 have been at least doubted at the time, whether one-eigiuh ot one per cent would be sufficient to meet the current ex- penses of the State government. as this pro- vision for drawing upon ihe surplus revenue affords abundant evidence. The Legislature. by the unfortunate connection of the Bank with the revenue ol the State, sei out in the establishment oi system which contained the seeds of it's destruction
 The rapid withdrawal of this surplus rev. enue, in large amounts. of from S40.000 to S60,000 annually to supply deficiency so
 
 ment, soon deprived the bank of the use of that deposiie upon which she must. judging from the usual and settled policy of banking have based, at least one milton vi her cifcn- la,ion; thus tending 10 some extent To des- troy, and with other very paipable causes combined, produced the destruction of that insiitution, and in no small decree brought dlshonor upon tlse credit of the Siate. The almost entire absorption of that fund at or about the close of the last session of the General Assembly Jeff the State no other means 10 meet the heavy appropriations then made for the current expenses og govera- ment for lSi5,-6 {and the payments out of which amount 10 the sum of $ lO7.22l.) thaa the limited means afforded by levy ol one-eighth of one per cent on S20,600,000 worth of taxable property, which produced sum less than one hall the required amount The attempt al the late session to improve, the finances of the State, by The issue of treasury notes; calling them par funds, aud requiring lhe payment of all public GueE..to be made in gold and silver or par .unds, in place of worthless bank paper, without pro- vidIng the necessary means. to meet such requirement.. was as futile as IL was i'll ad- yised.
 IL was upon that occasion, and Il was ihe only one. that felt il my imperious duty to withhold my assent. to law enacted by that enlightened body The evil was then in view; and took occasion To point ii ou, ipla special communication. ia advance of inc passage of the appropriation law, Ia which aiiude.
 The report oi a special committee upon the subject of providing far inc deiieiency had foreseen, pointed to imaginary means "The increase of population and wealth. A Il | I | a. .I.