The Arkansas banner., 1846-11-04


 sure of these mortgages D is btliesed Iilas the parties most ialerssied, the Snte aDd hnad holders. are boamA ta look 70 the LeElsiaanre, the source fran wheace the hank derved her agency, as possessing the power 10 eon- fer the sanc agency. upon the trustees under suitable restrictions and guarding the rights of bcnd holders and the $tzte The main { icundGioa should be shas the sales of such mor,xagsd property should he reuiyassa, 70 the amount of stock. or the halonee oi stock after the paymenl of ,hs whole ai the esock fmnney and interest This power heissg eosl- ferred upon the i.ussees woaid enable slseaa to ccerce the payment ofssock notes hy IoFv- closure. carrying ws,.l them all clear and legal u,le, which # aos redeemed hy the stock hel,lers. would ensure frnm other pursous a tair price, an thsvehy save tho Stale from anv considerable loss
 Of tire bonds sold on account If iile, state bank, amounting Io ii77tii. tisere have been 2 returned aaJ - redeemed hy the hank. leaving outstanding lli1.-- isa) q which ar beaftsss itete4pss al tue raIe nl l pcr eelt. and { the unpaid coupons due lherenaBp tp slae 3oih Sept 1916. make the sum af S36,775. The remaining 997 bonds are as per cent and
 Ilse interest on these up la the same dats IS l S29i, l6J--or total interest sac, ,9A0--er principal and interest on hnndS sold on ac- eonni of state baak Is Sl,477,9iD.
 1 The ansaal aecruing interest en the psin- cipal of SI,l47,000, is S67. .320. Thus it will be seen at glance that, apart from the liabilities of the S,ais oa account o[ current,
 ordinary. and incidental expenditures ef gov ernmeui. lhe State stands responsible, and i hls assumed in the most solemn naiiner, hg pledging her taith and credit for the paymeni of bonds, on account 6f twn hsnks,) the enormous sum of S2,769 3s5, 59 with the accumulated amount of interest thereon of SS4S.S9l, making the grand total of S3,6l7 227 ,59,--with an annual ssefnieg interest of SI6A,660 l9.
 To meet the Bonds and interest on ae- count of tlIe Stale Bank, that institution re- ports bills and notes and supposed interest ihereoa to the amount of sl,2oo, sos S6 l Real Esiaie Bank paiTr; and other means ea05.695, 36, and Real Estate Banking Houses S0S,06i S5, making tue sum ol ; l. 5i53.369 0S, from winch may he deducted the sum ol S490.342 5fl; ot this ss3l7.4 .409 24. Is on account of uncertain bills and notes. S5,695 36. is on arcount of uneuFreat mo- ney, and I9,032 i3 on account of depreeia- lion being one halt of the original cost ol Real Estate and Banking houses. and SllS,- 2i2 50, beng the amount tl circulation nll- redeemed. leaving tie probable productive sun of 9i.0S3.026 dS. Thus, under the sapposiiion that ,l.e Judgment against the haak, and the salaries ul bank allieers will continue unpaid by the Treasury. there is stIlI palpabIe deiiciency, 10 he met by the State, of S39I.9l3 + ou account of the State Bank This k beih sed io be slIIa
 larger in amount than we have reason Ia fear from loss on !he part oi the Real Estate Bank. This o2laion Is strengthened by two very important considerations firsi the causes already assigned nl withdrawing fnr purposes of the State, the surplus Reyenae. which represented as a~Aasis a eerrespoad- ing amount ol circulation of the State Bank. aad the more reliable gparantee for tiie fail payment os all ,iabiliIies to the Real Estate Bank, based apon the security afforded by mortgages on lands oi increasing value. There has been collected by the Receiver of the principal Bank and branches ef the Staie Bank fruta 4he 9th of Apnl, ISl5, 10 30lh. Sept. lSi6, tue sun of S,s0,557 a9, or about one years interest on the principal during period of IS months. The expen- ses Of winding up the institution msy he about SS,000 per amman, tn say nothing oi costs et suits which are supposed to be con siderable.
 The growing uncertainty sn collections, taken in connection with slight mnnIlesla- 1 tons In soIne portions of tue Stale ts repu- 'Iia;e the payment of these debts, ai,d, as is believed. growing pssjadice against iiie system oi ilqusdating ihe clains ol Ihis Balsk, induce me to feeonimenA, that the General Assembly devise some oi.ger piaa ipore coll- genial wbit lhe wishes of the tieb.er. and the immediate interest al the State; either bY calling in ibe branches. or by dtsp0sip1 of the assets to the highest bis,der for part in pronpt payment. aud tho halsnce on one two, aud lbree wears. Tie Siay will in tlis /. latter course suffer an inu,etliaIe nominal ! loss, bat in the end, save saiIch by the ope-
 ration. This is Nil irtsltnisloa in which the 1 people ol the Siase>aTe alone interested: ] through ;heF representatives stey made ] themselves respnasible for ils ereation- its ] operations. apd for it's final settlement, and II Is HOW l;ane. not oniy to give au express
 sioa of ehintoa upon this subject, but the
 tune Jog acliou has arrived
 Ybere is already heavy detlciency shown 10 exst, and Ii beheoses this General As senibiy lo close the eoeerru la ihe most speedy way pessible consistent with the general safety. aud to posai to the means ,o disoharge the deficit. which the State must : feel itself DO, only responsible for, but fully j competent 10 discharge.
 And m looking To means io meet this
 heavy and presslrIy responsibility, after hay 1 ing pointed to the p-oper mean. of deGsay
 ing the current expenses. 1 weaid farther ! most earnestly recommend, that, lest we be tempted .o use for sh,s purpose the internal . ffs.td fftR