The true Democrat., 1857-04-28
SEL5I IA
Report of the Accountants
Appointed under the Act of January l5, 1855, to investigate the Affairs Of the Real Estate Bank of Arkansa~.

1855, to investigate the Affairs Of the
 Real Estate Bank of Arkansas.
 To Ills ExcELLExcY, F. N. CONWAY,
 G9reynor of 4rkansas
 S1R-In compliance with the law under which we were appointed, and of your requi- stions made in conformity with that law, we have diligently examined the books and papers relating to the Real Estate Bank of Arkansas. The general result of our researches i> to be found iu our answers 10 the questions proposed by you, and in the various abstracts thereuuto appended.
 The work has been one of no small difficulty The aecouats extended through a period of fourteen wears, and embraced the transactions of five bai k>, il some resI ects Independent of, and iu others involved in peculiar ways with one another: hrs des which, the accounts of different boards uf trustees, aud 1fereut mem berS of sad toardS as we'll as those oi cashiers, clerks, and attorneys, had all to be examined.
 The labor has been uut little increased bv the fact that the accounts at the different offices were not kepton uniform principles. And also, by the fact that, at some of the offices, hut ht- tie attention was rad to some of the plaiuest rules Of bookkeeping, such for example, IS recording every business transaction as soon as
 
 in such way that it could rot be m;sunder- stood.
 In some instances transactions were not brought ou the looks till months, or even years, after their occurrence. IT. other instances vari- ous item, which ought to have been kept dis tluct, were mixed togcther. Thus, at one of the offices, whatever was paid out for salaries and other expenses ot the trust, was, as gene ral rule, stated as much for "experSes" with out specifying for what object those expenses had been incurred.
 If a note was renewed though not one cent was paid on t, all the formaities were gone through with, of making entries under the heads of del os'ts, interest and notes discount ed. ln this way the accounts were unnecessa- rily coml Heated.
 Nor vas ths all The trustees had two standards of va.ue the first the legal coin of tho United States; the seconl Arkansas bank pa Ter, which was subject to great variation.- Sometimes, when payments were made to them lu specie, or i;s equivalent, good money" as they called 1t, credits were granted on the books to those who paid 1t in, iu Arkansas funds, at tne rate of two or three of Arkansas for one Of good money" Sometimes, on the contrary, when payments were made iu Arkansas funds. credits were entered on the books for W hat was regarded as the equivalent thereof in specie
 w hat is most remarkahleis is, that the accounts of good" '" aud bad money" received and paid away, were not kept in distinct columns II we suppose merchant to have receipts and payments in French francs, English sovereigrs. and American dollars, and to carry all out iu one column, without regard to their different values, we shall have correct notion of the principles on which were kept the cash accounts of the trustees of the Real Estate Bank
 h some cases it Is left to inference whether receipts and payments and settlements were in good money,' or in Arkansas funds. In most cases we have been able, by a careful collatioL oi particulars to arrive at d satisfactory conclu- sion as to the medium used; but not iu al The records of the bank are not only very compli- cate: Tn some respects they are very deficient
 The assignment of the effects Of the Real Estate Bank was made on the 2i of April. lo42. No pains were then taken to ascertain the exact condition of the principal bank and its branches; but from the best accounts we can gather, their assets and liabilities were as fol- lows: