The true Democrat., 1854-11-08

accounted for and so applied, the balance of the debt could be asccrtained and the proper mea- sures adopted to secure the honest payment oi every dollar of 1t without resorting to taxation for that purpose.
 . The only security which the stockholders have to protect their mortgaged lands consists in the faithful application of the assets to the payment of the interest, and the redemption of the bonds If the stock holders will unite theil efforts with those of the State in seeking by the suit now pending to have the assets accounted for and faithfully applied towards the payment of the debts of the bank, as speedily and as fal as practicable, the interests of both stockholders and State will be promoted.
 If, however, the stockholders should seek tc retard or prevent the State from having these assets accounted for and faithfully applied tc the payment of the debts of the bank, 1t will devove upon the general assembly to deter mine whether the interests, credit and honor of the State shall any longer suffer- without the enactment of a suitable law to authorize pro- cednre upon the mortgages without waiting to ascertain how far the assets will go towards paying the debts of the bank
 It IS a matter of such great interest to the State that 1t is deemed proper to recommend that no legislation whatever be had whereby these mortgaged lands might, by any possibility, be released or the security to the State and bondholders in any manner jeopardized.
 By the time the assets shall have been ac- counted for the debts collected and the money arising therefrom paid as far as 1t will go, to- wards eXtinguishing the debts of the bank, it is hoped that by the progress of our railroads and the increase of population of the State, the momgaged lands will have become enhanced in value to such an extent, ao not only to secure the S,ate from all loss on account of the Real Estate Bank, but after paying every dollar ot the balance of the debt will yield to every stock holder 9 surplus equal to the present market value of his mortgaged land. It is therefore deemed the safest and best policy for all con- cerned that the assets be first accounted for col lected and the money applied as far as it will avail, towards paying tAe debts of the bank
 Should this policy be pursued, 1t is confident Y believed that the whole debt may be paid without one dollar of loss to the State on &C., count of the Real Estate Bank. Should the stockholders unfortunately suffer loss they can not blame the State for by the deed of assign ment the whole assets of the bank were placed and have remained under the control and man. a@emant of trustees and officers of their own choosing, and every officer or agent of the State was ani has been excluded
 The State s anxious to protect the interests of the stockholders as well as her own. AL though deprived of her representation in the bank, the S.ate suffered the trustees to remain undisturbed iu the eXecutiCn of the trust until the General Assembly, at the last session, pas sed An act directing tae Attorney General to iile q bill in chancerv to divest the Trustees of the Real Estate Bank of the assets of that in- stituton," which act was approved 12th Janua- ry 1853. By section two of that act the Co., vernoc was "authorzed to employ two efficient and eminent lawyers to ad in the prosecution of saij cause"
 Under this authority, on the o0th day of January, 1853, eight days after the act was ap- provej, two iaWyerS Samuel II. Hampstead anG Absolom Fowler, were appointed. The form"r resiglei on tho 22d, and the latter on 27th April, 1858, without doing anything m the cause. To i'll the vacancies caused by these re>ignations the Executive commissioned James M. Cuman on the 1Oth, and James Yell on the 2Oth day of August 1853.
 Advised that the Attorney General had done nothing in the cause on the 20th dav of Februa- ", 1851 the Executive addressed letter to James NJ. Curran, as one of the lawyers en- pjOyed for the State, requesting him to prepare such bill as Was required to accomplish the objects of the law in the most certain and ex- peditiouS manner, and to cause the same to be filed as early as practicable. On the 1st day of May. 1854 MT. Curran, as one of the attorneys of the State, reported in writing that he himself had prepared and filed bill in chancerv to dives the trustees of the Real Estate Bank oi the State of Arkansas of the assets of that in- st:1u on, as requested bv the Executive in his letter of the 2Oth Fabruary 1851
 In the Unbending integrity legal ability and 2crsevering application of James M Curran in t prosecution of this suit the Executive had the utmost confidence. After preparing and filing the bill in this, the most important suit ever instituted in Arkansas, and after doing all m hlS power to be .n readiness to press the cause at the next December term of the court. his death, unfortunately for the State, on the 9th of October, 1854, closed his career For his services in preparing the bill alone (athough ne reneive., pecuniary consideration the peo- pie oI the State owe to hm, asa faithful efficient and aones, public servant a debt of gratitude
 The Executive has cause.-The bill to be prin- ted Copies will be laid before you so that you may ho fully apprlzed of the objects and great importance of having this suit vigorously and speedily pressed ,y the State to a conclusion; and with that view may provide and place, at the discretionary disposal of the Executive, means and power amply sufficient to enable him to have the law executed by having this suit pro- perIy attended to and prosecuted
 By the bill, it will be seen that it is the ob iect oi the State not only to protect her owI Interests, but those of aiI Of the benefciarie under the deed Of assignment. The State il this bill socks to require that the "defendant may set forth and exhibit an account of thei acts and dongs with the assets and property O said trust, and account for all moneys receivc( by them, and show of whom and when receiv ed and make an exhibit of all debts due to sai, bank at the time of said assignment and shoy how each debt has been discharged, and if no discharged, the reason thereof" "and that sai, reslduary trustees and their said officers an, agents be required to produce in court here with their answers all books, papers, records deeds, bonds, bills, notes or other documents il their possession or under their control. belong ing to, or having relation to, or in any manne connected with the said trust or trust property; :; "and that said residuary trustees and thei attorney and officers and agents be remove, from being such trustees and officers unde said deed and be required to surrender all tn assets remaining in their hands or in the hand of their officers, including all notes, bills, bond