Washington telegraph., 1852-12-08
Message OF Gov. Conway.
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1943, being the amount of six bonds given
by Gov. Yell, for money borrowed Of the
bank for the use Of the State. | recon-
mend that law be passed authorizing some
officer of the State to make a settlement of
these accounts, with the trustees Of the bank,
and to receive the six bonds in part pay
ment of the amount DUE and for the residue,
bonds issued to the State Bank, if to be OBJ
tanned, and if not, to take the Real Estate
Banking House and lots in Little Rock and
other productive property; if the Trustees
will convey the same to the State, at fair
valuation, in payment of the residue of the
debt.
The bonds issued by the State to the Real
Estate Bank, and upon which the banking
capitol was obtained, are obligations of the
State, which the bank was bound by its
charter to pay or redeem; and one of the OBJ
iects stated in the deed of assignment made
by this bank to the Trustees, is to comply
with that injunction made by law upon the
bank. Many of these bonds have been re-
ceived by the Trustees in payment of debts
due the bank, and in that manner have been
paid and redeemed. It seems to me that
the State, as the obligor, has the right to
have her bonds, when paid, delivered up to
the State Treasurer, so that he may cancel
them. L invite your attention to this mat
ter
Since the State has not the means to pay,
at present, even the interest on the bonds
issued to the banks, it is fortunate that those
issued to 'The Real Estate Bank of the
State of Arkansas will not be due until the
26th day of October, 1861, and that the six
per cent. bonds, issued TO ''The Bank of the
State of Arkansas, will not be due until the
first day of January, 1868, and that the five
per cent. bonds, issued to this bank, will not
be due until the first day Of January, 1887.
Each bank is bound, and its assets set
apart, to pay the interest on the bonds issued
to it, and also, the bonds, when due.
The assets of each bank should be guard
ed with vigilence, and those having them in
charge held to strict accountability, so that
every dollar may be sacredly applied towards
extinguishing the debts
When the assets shall have become ex-
hausted, we will then be enabled to count
and know the deficit, and may then adopt
such measures as will secure its payment,
without depressing the people.
1t seems to me that past experience should
warn US from the policy of stalking the faith
and credit of the State, second time, on
these miserably insolvent banks.
1 recommend that these institutions be
thoroughly investigated, and should abuses
exist, that such legislative action be adopted
as will correct them.
recommend that all the assets, of the
Bank of the State of Arkansas, be placed in
charge of the State Treasurer, and that he
have such discretionary powers, as are now
allowed the Receiver of the bank, for col
lecting the debts and managing the institu-
ton, until it's affairs shall have been settled;
that the State Treasurer, in consequence of
the additional duties, be allowed clerk in
his Office, and the use of the banking house
and the rent of one of the vaults of the bank.
1t will require all the prudence and good
management, that we can use, to relieve the
State from the embarrassed condition to
which the banks have brought her. We
must not only be economical in expendit-
ures; but with sleepless care guard all the
means we have
The Secretary of the Interior has certified
to the Governor that the number of men,
bers to the House of Representatives of the
Congress of the United States, apportioned
to the State of Arkansas, under the last or
seventh enumeration of the inhabitants of
the United States, is two. He omitted to
furnish an abstract of the census of this
State, upon which the representatives were
apportioned. [ transmit herewith copy of
his certificate. so that, you may divide the
State into two districts, in accordance with
the acts of Congress upon the subject, and
provide for the election Of representative
from each
With the hope that our services in behalf
of the State may promote and guard its in
terests and rebound to the welfare of our
constituents, close this communication.
Your fellow citizen,
ELIAS N. CONWAY
EXECUTIVE OFFICE,