Arkansas intelligencer., 1848-11-18
VOLUME mo 33. Z
{ SUBSCRIPTION PRICE IS U d. 5

!hut officer the probable receipt and eXpendi-
lures, by reference 10 his reports It will be
the receipts amoun! to Sl1G, lo0 80, aud the
binary expenditures will amount TO Sl522i2 I3,
eaving a balance unoxpendcd Of 5j23,0l7 A..
The revenue TO be collected for the latter year
and payable into the treasury by collectors on tho
lOth Dec. 1850. when added to the balance est
mated at SS5, ,0UO will make the sum borrowed Dy
the State, of the lnterual improvement fund, OF
S29 $50 II, and still lenyinG a balance to meet
contingencies the sum Of SO, 1875
The reports OF the Financial Receiver of the
State Bank, and of the Secretary Of the Board OF
Trustees Of the Real Estate Bank, are referred 10
with more than ordinary satisfaction, they each
exhibit more successful course in the accom-
pijshment Of The objects Of the act of liquidation
on the part and Of the assignment on the other.
by the collection of Il much larger amount thau
during tho Two years preceding their previous re-
ports. IL will be borne in mind that the State
Bank aud branches collected from the 9Th of a prH
1919 to the Both September 1916, only SSO.J07
20. but for tho years ending tho lst October,
1913, there was collected in every description of
funds, $50 .J56 IS, of this amount, S2S5 ,JS4 Sd
IS IN Strte Bonds and cupOns attache', to-wIl;
l24 bonds sold account OF State b lak with ) IT,
i6i Sd interest, making this account, SlG6 Ijl
%. aud 81 bonds sod on account of the Real Is.
late Bank, with S37, 100 interest, making OF that
account Sll9 100. For more particular de.
accompanying the report. have little 10 add
the recommendations and views furnished in nv
asst biennial mcssagesin relation tho Stale Bank.
our attention is ciaimed with more pride for the
OF The views there entertained, dis
playing my forecast in relation TO the imnansa
losses likely to resui! from continuation Of the
present policy III winding up this inS Liion. thau
10 any pleasure have in !ue certainty of the re-
suits.
The limited and divided responsibility in tho
management of the Stale Bank and branches uu.
DER the act Of liquidation Is productive Of more
evils, perhaps, than any other one cause. The
business should be thrown upon'one responsible 10
-YduaI, Of high business qualities, and great
weight o! character, Il iiuaucier Of standing and
influence, who alone should be held responsible for
the faithful management of every interest con-
ncc!ed with tho final seiienlon. If the concern.
" !iA tins responsibility would be safe 20 roposo
great authority aud power. Tho employment Of
'ne attorney, or attorneys should ba vested alone
II such person, j. would then be his DriYlIeg.
-al council, and having the power and means al
command, would DO abio TO sustain, IN court oni
Oul Of co2rt, every interest Of the Bank.
The Legislature will be able 10 appreciate more
fully my views upon this subject, after careful
Dorusi Of the able and vOlumiuous report OF Capt.
&. ". Patrick. who was appointed by me duriug
ast spring, " Bans Agent" under tho l6th section
Jf ACT umendaIory of the act of liquidation APP
y,
,rduous labor Capt. Patrick has, with great caro-
md fidelity embolied fund of facts for tho con.
derauon Of the Legislature, which cannot fail 10
,ssist materially the iOrmatCn of a correct iudg-
neut Of tho real situation of these Banks, and
urnish data for their further action. The Previ-
JUS act which has since been repealed, fixed the
Jay Of the Bank Agent at s 1 per day. The act
,ulhorisng this appointment neither fixed the
amount Of pay made any appropriation; very
small amount, however, was paid hlm IN adVarco
,ut of the contingent fund Of the Executive De-
1artment. 1t is desirable that an appropriation
2e made as soon rs practicable, and The comPensa-
ion fixed by law IN accordance to justice, and
with the amount and character OF
he labor performed.
Ia concluding the subject Of Banks, would
again call your attention to tho importance of d.
passing such laws as may be legal and consistent
" ilh tho interest of ali the parties concerned, Ia
aid of those charged with the collection of the
iebls due the Real Estate Bank, by releasing tho
and rlortgagcd for stock upon payment of stock,
money and interest, and 20 authorse tic trustees
10 iorqcloso the mortgage to such sfockholdcr as
may refuse to pay his regular instalmeni. The
Real Estate Bank has taken, in paylsent Of debts
several State Bonds, a portion offwhich las will
be seen by reference to the report) has been ob-
tanned by the financial Receiver of the State Bank
in exchange for Real Estate Bo,k paper.
At this time there is Outstanding and for line
pa yment of which the foith of the State is pledg-
ed, 1923 Bonds, sold or o'scoun of the State Bank,
with Interes; TO date. linking the amount of ST.
457,7S4 IA. and 1888 bonds sold on account OF
the Real Estate BE ak. with interest TO date, max
ing the sum ct 80. .l60, lS0. The total respous
blIity rs S3,6I7,964 II, only small fraction
more than tie sum estimated two years past.
am still OF opinion that the pubic interest will be
by the present application OF the pro-
ceeds ot the 100000 acres donation, 10 the
demrdon of these bonds, or whatever deficiency
may be asccr,ained after the final liquidation nf
tt,e assets Of tho Bank and The shall have
been SO applied.
The provisions made by act of the last Lo-
glslature, for en- alteration Of the State Consttu-
ton, IN reterence 10 tho election of Judges of the
Circuit Court and Prosecuting Attorneys, havin;
at the boliot-box received the approval of the peo
pie, vii, require the immediate attention uf the
Legislature IN consummating the change of tho
fundamental law, in Time 10 elect II portion of lilo
Ulcers of Court, whose term wil! soon expire. |
, would here take occasion TO recommend lhe ex-
tension of the exercise of this privilege by the
people in the selection of Judges OF the Supreme
as well as those OK the Circuit and County Courts.
Enlerlaing, as do, the highest regard for the
distinguished men, who framed the State Consti'u-
tlon, well as the many 81 provisions coDtai uCd