Washington telegraph., 1855-03-07
unnise I.esislation-Its Effect on
our Credit.

our Credit.
In cur last We briefly adverted to some Of
the LAWS passed BY our last legislature
and TO some of the evil consequences that
must necessarily attend cnaeimenls 50 desti'
iuie Of Justice and reason In that short no.
iiec we omitted to aluio to the effect and
bearing the enactment of laws Of 50 oijee'
tionable character must necessarily have,
upon the system Of internal Improvement,
which our State has just entered upon,
We are all eogni1ant Of the fact that Ar
kansas. through her last legislature, mndc
the first cllarl in her sovereign capacity to
establish, siih any hOpo Of success, sys.
TEN Of internal improvement Of great meg.
nimdo and Importance True. the subject
had been previously discussed before the
people. and laws intended To encourage ihis
great work had been passed by a former
legislature but it is well known by every
one acquainted with the financial condition
Of the S.atc, that all the laws ever enacted
by any of the legislatures of Arkansas pre-.
sious to those passed by the last one, rela'
tive to internal Improvement, would have
ayailed nothing in accomplishing the objects
of their enactment However judieious aud
liberal these laws may have been, the State
possessed neither money nor anything elsa
upon which 10 base n credit sufficient to carry
Them into effect. until Congress donated her
alternate sections Of land, 10 aid in the con.
slruclion of the Cairo and Ful;en Railroad
and branches Such being tho case ii wa'
but iair 10 presume that the ffst Legislature,
aner the State, by the bounty Of tho genor.
al government, had been placed in posses.
sion OF the means far commencing aud with
prudence prosecuting to successful tormi.
nation. her system Of Railroads would have
serupulously absiahhed from passing any act
that looked, even indirectly, to a Reputation
o. her just Indebtedness, or violation Of
her soleGn obligations.
Who. tina, feels an interest in the pros.
rerily Of Aikansas, or entoriains a degree
Of anxiety in her future prospects sufficient
10 induce him to give the ,alise, a iheaelh
does not know that the only hope she hl.
Of building her proposed Railroads in any
reasonable time. Is based upen the capital
she may be able 10 secure Though ihc lands
donated by Congress ilow important aud
essential was it then for tho success of onr
Railroad enterprises, that the legislalure,-
after having made as it seemed to them
aud majority of the people the best De.
position in their power Of the lands granted
by Congress, should have passed such laws
As wan!d have a direct tendency to restore
the credit Of the State. and as a conse.
sequence, would have aided the companies
to whom the land was Transferred In their
future operations. But, instead Of doing
This instead of passing .o,os ls'y 80 ss,A.
in somc way, or to provide for the liquila.
ton, at some future time. Of The States IN,
doblednoss, their evident intention Ly The
passage Of the law to which We have refer.
red, was not only no, to settle aud provide
Tor The ultimate payment Of hcr jus, liabil.
ides. bat to prevent the possibility Of the
States being cocrecd to DO so.
To wla; extent such legislation will tend
to cmbaFass the operations Of those to whom
our railroad interests are entrusted. IN their
negotiations to procure the necessary means
with which 10 construct them, the future
must determine. We hope, however, the
energy and good sense, Of those who have
those important interests in charge, earnest
ly and warmly aided as they will be by
ninety nine hundredlhs Of our citizens, will
enable them to overcome all the obstacle,
and embaras men,s with which they have
been thus surrounded, aud that capitalist,
may be induced to invest their means in
the construction Of our roads. accepting as
security our valuable land grants. and the
assurances Of protection in their rights aud
privileges, through the honesty aud integri.
y Of the great mass Of the people.
4 Mr. 3. ". Richmond writes a letter
I 10 the Now York Tribuna In ,yb;,L L.,