The true Democrat., 1856-06-17
MORNING, JUNE r, 1856

ment of suitable law to authorize procedure upon the mortgages, without waiting to ascer- tain 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 it is deemed proper to recommend that no legislation whatever be had whereby these mortgaged lands might, by any possibili. ty: be released or the security to the State and bondholders in any manner jeopardized. By the time the assets shall have been &C., counted for the debts collected and the money arising therefrom paid, as far as it will go to- wards extinguishing the debts of the bank, it Is hoped that by the progress of our railroads and the increase ofpopulation of the State, the mortgaged lands will have become enhanced in value to such an extent, as not only to se cure the State from all loss on account of the Real Estate bank, but after paying every dollar of the balance of the debt, will yield to every stockholder surplus equal to the present mar ket value of his mortgaged land. It is there fore deemed the safest and best policy for all concerned that the assets be first accounted for collected and the money applied, as far as it will avail, towards paying the debts of the bank.
 Should this policy be pursued, 1t is conf dently believed that the whole debt may be paid without one dollar of loss to the State on account of the Real Estate Bank. Should the stockholders unfortunately suffer loss they cannot blame the State, for by the deed of as slgnment the whole assets of the bank were placed and have remained under the control and management of trustees and officers of their own choosing, and every officer or agent of the State was and has been excluded.
 The State Is anxious to protect the interests of the stockholders as well as her own. AL though deprived of her representation in the bank, the State suffered the trustees to remain urdlstnrbed in the execution of the trust until the General Assembly, at the last session, pas sed an act directing the attorney general to tile bill Ill chancery to divest the trustees of the Real Estate Bank of the assets of that in- sttutlon," which act was approved 12th Janua- ry, 1853. By section two of that act the Go- vernon was authorized to employ two efficient and eminent lawyers to aid in the prosecution of said cause''
 Under this authority, on the goth day of January, 1853, eight days after the act was ap- proved, two lawyers, Samnel H. Hempstead and Absaom Fowler were appointed. The former resigned on the 22l, and the latter on 27th April, 1853, without doing anything in the cause. To fill the vacancies caused by these esignations, the executive commissioned James NJ. Curran on the 10th, and James Yell on the 2Oth day of Aug, 1853
 Advised that the attorney general had done nothing in the cause, on the 2Oth day of Fe- bruary, 1854, the executive addressed letter to James M. Curran, as one of the lawyers em- ployed 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 Mir Curran as one of the attor- neys of the State, reported iu writing that he himself had prepared and filed bill in chance " to divest the trustees of the Real Estate Bank of the State of Arkansas of the assets of that institution, as requested by the executive in his letter of the 2Oth Feb, 1854
 In the unbending integrity, legal ability and pcrseverlng application of James NJ. Curran u the prosecution of this suit the executive had the utmost confidence. After preparing and til- ing the bill in this, the most important suit ever lnstltuted m Arkansas, and after doing all in his power to be Tn readiness 10 press the cause at the next December term of the court his death unfortunately for the State, on the 9th of Octo- Der, 1854. closed his career For his services in preparing the bill alone, (although he re- ceived d pecuniary coIsideration) the people of the State owe to him. as a faithful, efficient ' The executive has caused the bill to be print ed. Copies will be laid before you 50 that you may be fully appfised Of the objects and great importance of having this suit vigorously and speedily pressed by 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 properly attended to and prosecuted.
 By the bill 1t will be seen that 1t is the ob- Ject oi the State not only to protect her own interests but those of all of the beneticaries under the deed of ass ignment The State in thl' blll seeks to require that the defendants may set forth and exhibit an account of their acts and doings with the arsets and property of said trust and account for all moneys received by them, and show of whom and when received and make an exhibit of all debts due to said bank at the time of sad assignment and show how each debt has been discharged, and if not discharged the reason thereof" |" and that sail residuarv trustees and their said officers and agents be re- quired to produce in court here, with their an swers, all books papers, records, deeds, bonds, bllls notes or other documents in their posses sion or under their control belonging to, or having relation to, or in any manner connected with the sad trust or trust poperty;'' and that said reslduary trustees and their attorney and officers and agents b, removed from being such trustees and officers under said deed, and be required to surrender all the assets remain ing ln their hands or in the hands of their of. ticers, including lnotes, bllS bonds, and choses in action, land and all property of every de- scrptlon, and all papers, looks, conveyances, title papers and documents belonging to or in any manner connected with said trust and that | f bo 1 ;,, q,
 trustee or receiver to be appointed by this court for that purpose, and that the trust be executed and said fund administered in this court; and that all of the debts due to said bank or said trust may be collected and the lands and other property be sold and converted into money and be brought into court here to be distributed, and that said trust may be executed and closed in the speedieSt manner possible; and that said trustees and their officers, and the said repre- sentatives of such of them as are dead account for, be charged with and be compelled to re- fund and pay into court all moneys or assets received by said trustees and officers respective ly, and the amount of all debts lost by or through their neglect or fault and that an ac- count be taken in respect of the matters afore- said; and that all the said real estate, bonds and coupons in the hands of said trustees be can- celled and delivered to the State Treasurer
 "And that a suitable person be appointed trustee or receiver, with full power and autho- rty to execute and close the said trust- "And that all such orders may be made and wrts issued and directions given, from time to time, as may be required to obtain and enforce the relief hereby sought.
 "And that all injunction may be issued in- hibiting said trustees and their agents and off, ficers from receiving any moneys or debts due said trust, or in any manner intermeddling with the same."
 | This extract from the bill will afford some information of the objects of the suit.
 | If those who have had control of the assets more than twelve years and half have acted correctly, it is certainly no great hardship to require them to render an account. If how ever, on the contrary, they have violated their trust and caused loss to the creditors, the State and the stockholders, is it not right that they