Arkansas intelligencer., 1848-06-10
From the Arkansas Banner
ReClaimable Land in Arkansas.

To THE EDITOR OF THE BANNER In contem-
plating our present embarrassed condition, on ac-
count of the establishment of two banks, at an
early period of our existence as q State, whose
present exhibits must satisfy all, that the State
will ultimately have to foot the bill, or repudate
her own bonds, am induced by high considera-
tlons, founded in justice and sound policy hope,
to submit the following memorial for public con.
sideraiion, and the action of the people. believe
we should urge Congress to donate alternate Sec
tons qf all the uns0ld public land subject TO inun-
datiou yng upon all the rivers within the State,
upon condition that the authorities Of the State
erect sufficient evies on said rivers to reclaim
the ne.
Theamount subject to overflow being 5 1897 600
acres, the one-haif of all the remaining unsod
land, which may be about two and half millions
Of acres, when reclaimed would be considered low
at the average Of 50 per acre. would produce TO
the State revenue of 81 ,500,000-much less
than one half of this sum would be sufficient 10
erect the levies and pay the expense Of superin-
tendance, affordlng a margin sufficient not only
to extingush The State debt contracted on account
Of the Banks, but handsome sum to aid in the
general plan of Internal improvements, which
may hereafter be established by the State Legis-
lature.
Tie Memorial being granted, and the land thus
vested in the State--meaGs will readily present
ment to commence the work.
The policy of the next Legislature, doubtless.
will point to the most speedy termination of the
present system of winding up the Banks-a sys-
tenn, 10 all appearance proper which was thought
would prove successful, when first adopted, but
/ which experience has demonstrated beyond ques-
ton 10 be most runous to the interest of the State
for that, while the interest The outstanding
bonds against the State, amounts annually to near
lily $500, ,000--the entire collection by both Banks
and all their branches does not in their aggregate
reach that sum; and Of the amount SO collected,
nothing has been received of proper character
to paya single dollar Of this interest for the last
five years: except the few bonds with the cupons
attached that have been taken in payment of bank
debts and thus cancelled.
As sths State is the dcbto ro the general govern
mcnt S5O0,OO0 principal, with u corresponding
amount in the shape of interest, which will alto
ge;her make the sum of $3.50 ,OO0-at or about
this period. 1t will be readily seen that the u.
/ States government, will be vitality interested in
making this apparent donation. in aid Of the ex
tingushmenl of this debt: when at the same time
il wil add TO the value of the remaining alter
| government sections Of swamp land, by giving il
an UNUSUAL vaue--an an dditional value far be-
yond any supposed grant on her part 10 the State :
/ far in fact, so long it remains in lis present
overbowed state il IS known to be almost entirely
| vaucIess.
! The proposition is upon the terms of equality
and far dealing between the two parties; constl-
tutoua scrup,es will be removed from the minds
OF nl- and while the general gnvarnrnnas a. PlHo
| ing lac means within the grasp Of the Stale-io
pay her ust debt and otherwise save her from
a pecuniary ruin and disgrace, she will be other
wise highly benefited The least possible expense.
/ These suggestions with the accompany ying Me
f,l ID
consideration Of all, with the hope Of ec;tng an
expression of the press of this State, well as
individual opinion ard aclion. Respectfully.
| THOS. S. DREW.