Washington telegraph., 1852-12-08


paying to have them defended and maintain
ed. as individuals are. 1t seems to me that
our duty to our constituents and our regard
for their interests, demand that we should.
with vigilance. and care, guard the rights
and property of the State, so that they may
not be wrongfully wrested from her.
understand that suit was commenced,
perhaps eight or ten years since, in the city
Of New York, by 1.-The Bank of the State
of Arkansas against ''The North American
Trust and Banking Company" for large
claim, and that much of it, if not the whole,
might, long since, have been, and still may
be recovered, if properly attended to. It
has for years been entirely neglected I
therefore recommend that the committee ap-
pointed to examine the affairs of the bank,
investigate the matter and upon such inform
alton as they may procure, that, bill be
prepared and passed, authorizing the Co.
vernon to employ counsel in New York to
prosecute the suit, for liberal part oe what
may be recovered, without other expense to
the State. Without attention this claim
will be wholly lost.
There is another matter which I deem of
much Importance to the State. The office
Of Land Attorney and State Collector should
be held by an attorney of experience, and of
the best skill and ability in the practice of
the law. To obtain such an officer the COM
pensation will have to be increased. The
commissions formerly allowed were sufficient
to secure the services of good lawyer, but
at the last session of the Legislature, they
were SO reduced that the former incumbent
resigned. recommend that the compensa.
tion be increased and suitable attorney be
elected by the General Assembly, so that
the bonds and notes belonging to the semin-
airy and internal Improvement funds, may
be collected with success and certainty.
1t is understood that the titles to some of
the lands, conveyed to the State. for bank
debts. are in dispute. recommed that the
Land Attorney be required to investigate
the titles to these lands, and make report Of
the true condition of the title of the State to
each tract, to the Land Agent, so that he
may, in selling lands, act understandingly
recommend that the Land Agent be au-
thorized to sell such title as the State may
have to these lands, and that the State be
bound for none other.
BY the compact between the United
States and this State, it is provided that five
per cent. of the net proceeds of the sales Of
lands lying within the State, and which shall
be sold by Congress, shall be reserved for
making public roads and canals within the
State, under the direction Of the General
Assembly thereof
From the first day Of January, 1S41, to
the first day of january 1852, the amount
of this fund. which accrued to the State was,
$3S, ,551 52-100 No part of this money
has been received by the State, but under
the joint resolution of Congress, approved
Sd of March, lS45, it has been ret aimed at
the United States Treasury, and S34 ,248
62-100 of it applied towards the payment of
interest on 800 bonds Of this State issued to
'The Real Estate Bank of the State of Ar
kansas" and the residue, S4,302 80, to-
wards the payment of interest on 12S bonds
of this State issued to The Bank of the
State of Arkansas" These State bonds are
held by the Secretary of the Treasury in
trust; 53S of them for the benefit of the
Smithsonian Institute, and 80 of them for
the benefit of the Chickasaw orphans The
sum of $5,012 Is accrued to the State of
Arkansas under the act of Congress to ap-
propriate the proceeds of the sales of the
public lands, approved September 4th, IS41,
before the suspension Of that act by the tar
iff act of 3Oth August, 1912, and, under
section of the act granting the money, the
Treasury, and $4.65S Is of it applied
towards the payment of interest on the 500
bonds issued to the Real Estate Bank, and
the residue, 1854 Oh towards the payment
of interest on the 12S bonds issued to the
Bank of the State of Arkansas These
funds were all so applied before the first day
of October, 1852. Therefore the interest
due on bonds issued to the Real Estate Bank
is, $3S,906 II less, and the interest upon
bonds issued to the State Bank $4,656 81
less, than the amounts stated in the printed
documents published at the commencement
of the present session Of the General Assem-
bly. Consequently the debt of the State on
the first day Of October, 1852. was $43, ,563
6S less than stated in those printed docu-
ments.
On an adjustment of the account of the
State against the Real Estate Bank, by the
Auditor of this State on the 29th day of
July, 1874, a balance then remained due the
State from the Bank, of $6,S26 81 on ac-
count of the annual bonus due from the bank,
to the State, up to the time when, at the suit
os the State, the charter of the bank was de-
creed, by the Supreme Court, to be forfeited.
This sum, yet unpaid, added to the $500
II, paid at the United States Treasury, out
of funds of the State, for interest on bonds
issued to the Real Estate Bank, makes the
SUM of S45,7 ,733 IA exclusive of interest due
from .The Real Estate Bank of the State Of
Arkansas to the State. The State owes