The true Democrat., 1856-07-22


 semby at its last session granted to the Mem phiS and Little Rock railroad company the lands intended for the eastern branch of the road; ana the lands for the western branch were granted to the company of the Little Rock and Fort Smith branch. The legislation in behalf of these two companies, believe was satisfac- tory to them, and such as they were willing to accept. But the General Assembly was not so fortunate Tn arranging the details of the act to ala Tn the construction of the Cairo and Fulton railroad, from the northern boundary of this state to the Texas line, near Fulton in Arkan- sas. For, instead ot granting the lands appro- prlated by Congress, to aid in tue construction of Nle rodd, by some great oversight, the act if ac- cepted by the company, would have prohibited the sale of any of the lands to raise funds to d,d an buhaing tue road. 1 am in favor of having such legislation at the next session of the General Assembly as will render the grant ed lands available to build the road. This is a very important road, and by the aid of the granted lands may be constructed, and will then afford to the people in the north eastern and the south western portions of the state facilities for commerce and travel which they greatly need Indeed our whole state would be gleat- ly benefited were the Cairo and Fulton railroad and the Memphis and Forth Smith branches of 1t constructed and in operatipm By the aid of the granted lands, with economy, prudence ahd perseverance they certainly ought to be built Without one dollar of aid from the state or federal governments, energetic and enter prlslng citizens have undertaken to construct the Mississippi, Ouachita and Red river railroad, and the Little Rock and Napoleon railroad 4 When practical business men devote their time, labor and money to establish great works of internal improvement like these they evince patriotic public spirit which entities them to encouragement in their laudabe undertakings l wish them success. Should Congress pass the bill granting lands to aid in the construction of the Western Border railroad, it will be an act of justice to the citizens of the northwest ern part of our state to which think they are clearly entitled.
 It has been declared essential to the preser- vation of free government that knowledge and learning should be generally ditfused through a community. 1 am in favor of promoting the cause of education, not only by diffilsing the opportunities and advantages of education through the various parts of the state but by encouraging colleges and universities of learn ing so that, in addition to other benefits, teach CTS for our common schools may be obtained whenever needed without importing them from other states. l hope we may have, in this state, before many years, system of free schools so that the children of every citizen may be enabled to obtain light and knowledge and the blessings of education.
 am in favor of complying strictly and in good faith with the requirements of the act of Congress granting to the state the swamp and overflowed lands for the wise and noble pur- poses of levying our rivers, draining our swamps and nd Iar f thau lands f,,, cultivation and habtation. This great work should be pressed forward as speedily as possi- ble to completion. Whilst seeking to guard and protect this magnificent grant from being squandered and lost, we should never forget our obligations to accomplish with it all that the act of Congress contemplated.
 In June, 1852, when 1 was d candidate for the office of Governor, stated in my address to the people of this State what I now reite- rate odefend myself against interpretations. 1 then asserted and now re- assert, that neue, had any thing 10 do ,oiM any of Me ba,lhs of tlis stste eiler as stocklohie,, director or other 0f .ticer; nor did eUer borro,o dothar from any ot Mtnt; and / ons not noaU and nerer a1as infedtelt to any bunk. Betng partial to hari n,oney and not so to Jonks haoe aUmy life aroidet and kept entirely cIear of hauing any intiridaiinterest in or o7icia control, cf any bank echatever.
 If by bad management of the banks large debt now dishonors this state, 1 feel proud to know that Ihai no agency ID the matter, either directly or indirectly. Liberal salaries were offered to induce me to accept of offices in these banks; and whilst thankful to those who wished to secure my services and to pay me more money for them than could in any other way have made, my sentiments of opposition to the banks were not overcome but remaine !, as from the beginning, firmly .frel against them, and for that reason declined taking any office, in a bank, however profitable.
 Those who seek to make me responsible and hold me accountable for the opinions and acts of other men, however distinguished and pa triotic they may have been, should remember that the people of Arkansas are too Intelligent not to discriminate between the acts of others who favored tue establishment of H5e buaks, and my acts in seeking to hace Ute hunks icouod up and the debt of the state paid out of the assets, so far as they will avail.
 The bonds of the state issued to and sold by the banks to obtain money to bank upon, constitute the state debt. The banks were bound by their charters to pay not only the in terest but also the bonds when due. The bonds issued to and sold by the Real Estate Bank bear interest at the rate of SIX per cent per annum. These bonds are not and will not be due until the 26th day of October, lS6l.- The six per cent bonds issued to and sold by the Bank of the State of Arkansas will not be due until the lst day of January, l868 and the five per cent bonds issued by the state to this bank will not be due until the first day of Jan uarv, 1887. So that not one of the bonds issued by the state is get due. Although not due, the bonds are all, without distinction, receivable in payment of bank debts.
 On the 2nd day of April 1942, the assets o the Real Estate Bank amounting, as stated, to S2,4O5, 966 15 were by deed of assignmen placed under the control of trustees and their officers. Every officer or agent of the state was excluded Although bound for the whole debt. in case the bank failed to pay it, yet tho state had no voice in the management of the bank. The trustees and their officers had ful control of the whole natter So little could be ascertained of the management of this large fund that my predecessor in office, in his mes sage to the General Assembly, compared tht Real Estate Bank to sealed boOk," so far a its transactions were known to the authorities of the state or to the people.
 As required by the act of 18th January, 1853 suit in chancery was commenced aSainst the trustees and officers of the bank, and by de cree of the court they were removed and { receiver of the assets of the Real Estate Bank was appointed by the Chancellor on the 2Oth day of April, 1855. By information ob tained from the Receiver of the Real Estate Bank, il appears that the whole amount Q bonds of this state and interest on them col ected by the trustees and officers of thls bank from the time they took charge of 1t to th' first day of May 1854, when the bill in chan cery was filed against them, was S4o7 ,95o Oo but not one of these bonds was cancelled ano surrendered to the authorities of the state by the trustees and officers of the bank, bu on the contrary, it appears that they sold and disposed of, and put again in circulation par of these bonds, amounting with interest to the sum of s133,s13 63, which deducted left the sum of $354, IA 45, in bonds and interest col lected by the trustees and officers of the Real Estate Bank in the twelve yeas and twenty eight esr's days ending with the 5oth day of Apr! 1854 When, on the 2Oth day of April, 1853 q decree was rendered by the chancery court
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