Washington telegraph., 1856-11-19
Tho Governors Message.

| Tho Governors 0essage.
| We give this week the concluding por-
tion of that part of Gov. CoNwAT's Mes
sage which relates to the Real Estate
Bank:
| It is recommended that suitable law
be enacted making the State Treasurer, by
virtue of his Office, trustee, and requir-
ing him in his capacity as such trustee, to
receive and safely hold in trust any of the
bonds of this State, Issued to and sold by
the Real Estate Bank of the State of Ar
kansas which may, from time to time, be
SO deposited by him, to protect any lands
mortgaged for stock in said bank, whether
by the depositor or any one else. The
bonds when SO deposited should continue
to draw interest as other unredeemed
bonds and the principal and interest of
the bonds should remain secure from be-
ing withdrawn, or, In any manner, made
liable for any other debt until the amount
of the liability of the mortgaged land in
tended to be protected, shall have been f.
nally ascertained; and then the bonds
and interest, or so much as may be found
necessary to pay off the incumbrance upon
the morgaged lands, should be applied
by the Treasurer to the payment of the
debt; and any exec IS of such fund so de-
posted should then be refunded to the de-
positor. The Treasurer, in his capacity
as such trustee, should issue triplicate GER
tiGcates of every such deposit, particularly
designating the bonds by their numbers and
otherwise, and stating the amount of the
interest due on the bonds when deposited;
designating the mortgaged lands intended
to be protected by such deposit, by the
proper numbers and areas, and showing
by whom the lands had been mortgaged
for stock i'm the Real Estate Bank of the
State of Arkansas, and at what value they
were appraised when so mortgaged. One
of the certificates so granted should be de-
posted with the Auditor, another with
the Receiver in Chancery of the Real Es-
tate b ank, an the third held by the de-
positor.
/ The time for the presentation and al
lowance of claims against the estate of
deceased persons should be extended, by
amending the present law, and making
provisions adapted to the peculiar condi-
tion OF affairs of the Real Estate Bank so
that Liabilities chargcable to estates of de-
ceased persons, not ascertained, presented
and allowed within two years from the
date of the letters of administration, may
not be barred and lost. Shold this sug-
gestion not be adopted, it is very evident
that hundreds of thousands of dollars will
be wholly lost.
At the suit of the State, the Trustees
under the deed of assignment of the assets
of the Real Estate Bank, of the I'd of
April, 1912, were, by decree rendered by
the chancery court, on the 10th day of
April. 1855, divested of the assets of the
Bank, and Receiver in Chancery of the
assets was appointed by the court Before
this was done, it appears that the Trus-
tees, in collecting debts due the bank,
had purchased lands that remain incum-
bered, and which had been valued and
4 mortgaged for stock, at an aggregate
sum of niHc hundred and si-rty-f four thou
sand, seycn hundred and .tiitly-scoea dot
lars. Should these lands when sold not
produce more than the amount for which
they were already liable for stock, when
purchased by the Trustees, the whole
amount paid for them out of the assets of
the Bank by the Trustees, will prove to be
a total loss to the Bank, and an additional
liability thus thrown upon the other stock
holders With regard to the lands mort
gagged for stock, the Executive has already
recommended, that not one mortgage be
foreclosed, whether the lands be held by
individuals or by the Real Estate Bank,
until the State is prepared with a sufficient
fund to prevent the otherwise inevitable
sacrifice of the lands when forced to sale
Should the policy recommended be adopt
ed, to authorize the deposit of bonds with
the State Treasurer, to protect from sale
lands mortgaged for stock, individuals de-
string to acquire any such of these lands as
are held by the bank, and to insure the
payment of the amount for which the
lands are liable to the State and bond
holders, might purchase the interest of
the bank in the lands and could then de-
posit bonds with the State Treasurer to
protect the lands from being sold, until
the ultimate pro-rata liability against their
lands so acquired, could be aseertained
!. and fully paid out of the principal and
interest of the State bonds deposited with
the State Treasurer for that purpose
Then satisfaction of the stock mortgage
could be entered and full title to the lands
acquired. The State bonds deposited
with the Treasurer would continue t.
draw interest, at the rate of six per cent
per annum, for the benefit of the deposit
, or, until the ascertainment of the ultimate
liability of the lands; and after paying
that, the State Treasurer would then pay
, to the depositor any excess of his deposit
!, which might remain
Under the act to aid in bringing to ligh
the true condition of the Real Estate Bank
the accountants William NJ Gouge anC
William r. Miller, have made very able
report relative to the affairs of the bank
This report embraces much valuable in
formation collected together by great labo
and research. Besides the abstracts which
, will be printed with the report, and lait