Arkansas true Democrat., 1857-11-03
Banks and Bank Notes in Arkansas.

obstacle has yet DceH !uItt poseu to pieNeAs them from meeting their engagements. They have carried on their operations chiefly upon a sound basis and are now enabled to laugh at the storm that makes the rest of the country tremble.
 Our security, we attribute chiefly to the wise legislation that has prevailed in the State. In our constitution we have the following clause:
 [" No bank or ba,aking institution shall Je here after inco,poratel or established n Mis State'
 Our constitution was thus amended in 1916 The amendment was proposed at the session of the General Assembly held in 1844-5, and ra- tifed at the session held in 184i-7. Since then we have had no banks in this State and consequently no eXtravagant speculation. The revulsion, in consequence, finds our people in a safe condition to meet the hard times.
 Notwithstanding, however this wise provi sion in our constitution, which prevents the es- tablishment of a "paper money mint' in our State, we have had to contend against the pa- per money issued in other States. To relieve us in some degree from the evil effects of this imported paper currency, Gov. Conway in his message to the General Assembly, in 1954 made the following recommendation:
 "The Secretary of the Treasury of the United States in his report of December 9th, 1853. shows that the entire gold and silver coinage at the mint of the United States, from its establishment in 1792 including the coin age of the branch hints, from the commence of+ +la.r tn notph har 31, 1853, amounted to three hundred and se- venty millions, eight thousand one hundred and ninety-two dollars and fifty cents; and he states that the table exhibiting the operations of the mint shows, the gold coinage from the 1st of January to the 3lst of October, of the year 1853, to have been S46, 945 60, and the silver coinage $6,996,225, and proves an active and growing demand for gold and silver as a currency for actual use; whilst the imports of gold and silver, including what is brought to the Atlantic from California, without estl mating for that brought in by emigrants, con- pared with the exports ot gold and silver, prove that, within four years, the large amount of l35,972,O95 73 has been added to the gold and silver coin remaining in the country."- He further very justly states that, "should this increase continue for but a short term of years, this country will be able to dispense with banks of issue and their attendant evils, and have the gold and silver currency contemplated by the constitution"
 Notwithstanding this great amount of gold and silver added to the currency of the country, here in Arkansas, where we have, by consu- trtional amendment, prohibited the establish ment of banks, and, by law. forbidden our corporations and citizens, under heavy penal ties, from issuing and placing in circulation, change tickets or other of their paper pteteXts for a currency, for the want of proper laws to prohibit their circulation, the State is being flooded with small bills of denominations less than five dollars, emitted by corporations be- yond its limits, or by countereiters; but whether by the one or the other, tending to the same results of cheating the people, and driving from the State its gold and silver currency. To remedy these great evils, it is recommended that law be enacted that will etfectlvel y sup press and prevent the circulation, Ill this State, of any bill of less denomination than five dol lars; and at some future day, any bill of less denomination than ten dollars.
 Such policy would bring into this State gold and silver, and greatly benefit our citizens. It would be equivalent to causing all exchange from their hands of paper, 'lepreciated and of doubtful value, for all equal amount Tn the constitutional currency of gold and silver"
 This wise recommendation of the Governor was carried into effect by the Legislature, by the passage of "an act to restrain the circulation of clange hcketS," and making 1t ar offence pun ishable by fine, to circulate, sign, countersign, or eudorse any bill, bond, note, check or ticket of less denomination than Jiue dollars, with an intention that the same shall pass currency" The following Is the first section of the act:
 "SEcTIoN l. Be u enacted by he General As- 8enaJly of tue State of Arhansas That 1t shall not be lawful for any person or persons to put in circulation, sign, countersign, or endorse any bill, bond, note, check or ticket of less demo- imitation than fUe dollars, with an intention that the same shall pass as currency, and that no person or persons, or company, shall, within this State receive, vend, pass or offer in pay ment any bank note, bill, bond check or ticket of denomination less than five dollars, and intended to be used in circulation as currency, whether the same were first issued in this State or not"
 The passage of this law, and the prompt obe- dience to its mandates by our people, have saved to them, in this monetary revulson, not less than half million of dollars. It expelled, at once, all the one, two and three dollar bills from the State, and brought to us in their stead the amount in gold and silver.
 By reading the Governors message it will be seen that he also recommends, at some future day, prohibition of the circulation of all bank bills of less denomination than ten doHars- That day has now arrived, and we trust the next General Assembly will take the subject iii hand. We go even farther than the recom- mendation of the Governor We honestly think our Legislature should prohibit the circu- lation in this State of any bank note of a less denomination than twenty dollars. With such law, prohibiting the circulation of bank notes of less denomination than twenty dollars, we will always be able to defy the storms that sweep over the monetary affairs of other States
 
 ENTRY OF U. s. LANDs.-We give below the letter of Dr. c. B. MITCHELL, receiver of public moneys in the Washington district, show ing the amount of lands entered during the last twenty months in that district. The num- Der of acres entered is very large and show s that, in the settlement of the State by emi- grants, southwest Arkansas has not been over looked
 We give the letter of Dr. Mitchell reserv- ing further comments until we hear from the Helena district, when we hope to show the amount of United States, swamp aud over- flowed, internal improvement, seminary, and saline lands that have been entered during the last eighteen months. The number of acrl will be very large:
 RECEIVERS OFFICE,
 Washington, A'k., Oct. 4, '57}
 DEAR JoHNsoN-In compliance with your request herewith transmit you statement of all the lands sold at this office from the 1st of January, 1856, to the Both day of Septem- Der, 1857.
 In 1856 there was sold: .... .137 ,176 25-1OO In 1857 up to the 30th of Sep
 tember .ll3,5OS 3110O