The true Democrat., 1854-11-08
the relief hereby sought"

In sad Trust or Tn any manner intermedlino witb 1 the same" ''N
 Ihls extract from the bill will afford soma information ot the objects of the suit. II those who have had control of the ascot. more than twelve years and half, have acted correctly 1t Is certainly no great hardship to ro' qulre them to render an account If hnworo. on the contrary, they have violated their tr,,s. and caused loss to the creditors the Sta.e and tL' stockholders, is 1t not right that they shonldL. held to account, so that the amount of Ioss may be ascertained as we'll as by whose fanItS
 It would seem far better to require this to bo done even should the State, through svmpatbv for such as may have rendered themselves Tos
 ble without design to do wrong, afterwards relieve them by special enactment.
 The Executive is fully aware from the histo. " of the past that public officer can seldom Or never faithfully perform his duties to the public, against those controlling and having in charge millions of assets of bank, witbon, encounterlng through them and the presses and individuals under their influence and control all manner of opposition and often viuiic. tive hostility and abuse. The Executive IS also aware that the opposition, sprilgiug from such asource, Is active and untiring, and that 1t nav often be the foundation, whilst other preteyTs are given for hostility to measures, the best and most salutary for the public good, should it he thought that their adoption and establishment Would'yiell any credit to the existing admins tration. Notwithstanding all this, if the peo. l le of the State do not ultimately obtain nI and correct information of the condition of tbe bank by means of the suit now pending, it will not be the fault of the Executive To the oe. neral assembly the Executive appeals for the necessary discretionary power and means to enable him to have this suit faithfully and vir Orously prosecuted, so that the laws on the sub.
 ect may be effectively executed. Then the true condition of the bank will be known, the interests oI the State and stockholders looked we'll to- and the mysteries, which for 50 long have hung around the institution, will be un- yelled, and It Is to be hoped that the day will never aCaln come when the Executive of the State, n LlS message to the general assembly, will be compelled to compare all institution like thls, involving the interests, credit and honor of the State in millions of dollars, to "5eaed took,' so far as its transactions are known to the authorities of the State or to the people.
 George A. Gallagher has been appointed as one of the lawyers of the State in this suit, to fill the vacancy caused by the death of James NJ. Curran.
 The whole number of bonds of the State sold by the bank of the State of Arkansas, was l, l69, each for S1OO0. One thousand of these are six per cent, and 169, five per cent bonds. Ninety eight of the six per cent and 132 of the five cent bonds Were redeemed, cancelled and ] filed with the State Treasurer before the 1st Oct, 1854, leaving on that day uuredeemed 37 l five per cent and 902 six per cent bonds upon which the interest, unpaid 6y the 5onh, on the lst Oct, 1854, amounted to S7l8, ,553, as shown 1 l,vr+ hlo ,1f- -k
 information from the Treasury Department of the United States, t appears that the sum of SASSY 99 of funds which had accrued to th;s State from the first day of January, 184l to the lst day of January, 1853, as explained in my message of the 27th Nov, 1852, had been retained and applied at the United States Trea- sury towards interest OH such of these bonds as are held by the United States. Therefore the whole amount Of interest due on the uuredeem- ed bonds sold by the bank of the State of Ar kansas, amounted to S713, ,665 O1 on the 1st day of Oct, 1854 and the principal to $939OOO, making together debt of S1652,6 665 0l, on account of the bank of the State of Arkansas. The six per cent bonds will not be due until the 1st day of Jan., 1868
 The office of Financial Receiver of the bank of the State of Arkansas, became vacant on the 31st of August, 1854, by the death of J John NJ. Ross. To fill this vacancy, the Executive, on the 4th day of September, 1854, appointed Peter T. Crutchfeld He has made a report dated October 3lst, 1854, and to it and the sug- gestlous therein made, your atte, ton is respect fully invited. It will be seen that lie dd not obtain official charge of the books, papers and assets of the bank until the 17th of last month. and that in So short time he could not make that thorough examination necessary to a full Knowledge of the affairs and condition of the institution. Alter such investigation, he states that he will render a supplemental report of the assets of the bank.
 When made, that report will also be laid be- i fore you.
 i The Receivers present report shows that the bank of the State of Arkansas holds SIS six per cent bonds Of this State, which were issued GO, and for which, the Real Estate Bank of the State ot ArkanSas is liable, amounting to S3l3,- GOO, upon which the interest due on the 3lst October 1854, was Sl32 G35 13; and likewise holds 73 coupons detached from Real Estate Bank bonds, amounting to S2, ,lJO aId also holds notes of the Real Estate Bank, amounting to S303. These several amounts added make the sum of four hundred and forty-eisht thousand five hundred and ten dollars and thirteen cents, due on the 31st October I654 from the Real Estate Bank of the State of Arkansas to the bank of the State of Arkansas.
 The policy of exchanging coupons due upon Real Estate Bank bonds, held by the S.ate Bank, for bonds of the State Is a good one for the interests of the State Bank as we'll as for those of the State. When bonds issued to the State Bank are obtained, they are cancelled and filed With the State Treasurer; and when bonds f issued to the Real Estate Bank are received by
 the State Bank, they remain drawing interest from the Real Estate Bank at the rate of six per cent per annum, when upon the coupons given in exchange for such bonds, the Real Es- tate bankwoud allow no interest whatever. The policy is one by which the debt of the State is l taken up to the extent of the exchange, and by which the State Bank is a legitimate way gets compound interest from the Real Estate Bank, which will add to the means to be used
 in redeeming bonds of the State, issued to the State Bank.
 It will be seen by the report of the Receiver of the State Bank that he has succeeded in exchanging 2,317 coupons, each for S3O, which : were due on Real Estate Bank bonds held by , the State Bank, and also 50 dollars in Real Es- 5 tate Bank notes amounting together to 69510 for which he obtained, cancelled and flied with