The true Democrat., 1857-05-12

,ip0 the aid or MT. Wm. NJ. Gouge of q SrI;tcd States Treasury Department Mr. 9 yas preferred for this duty as we are %,5 on account of his long connection with : "'ab- treasury system, of which he was one
 L. earliest advocates, and on account of his
 ,ledge of hanklng currency and finance, T,.Jsyed in hls various writings, and espe
 "~rr in his "Sbort History of Paper Money
 !nnking in the United States" and his
 q, <. r.D,I History of Texas"
 rS. re, ort of the accountants and the docu-
 .. tbereunto appended that have been
 S.l speak for themselves. But these em
 amlr small part of the labor performed
 s accountantS. In addition they have pre-
 accounts current of the cashier and se-
 ,,r of the clerks at the different off ,es.
 o each trustee. These are accompanied
 ..oi,u, notes, without which many of the
 ii,raas ot the bank could not be easily or
 cadeT>tood. The par icuars of these
 V which fill several pages, are not of inter-
 Ia,oash to the general reader 10 induce us
 .,.-lct them at length; but without them if
 ,3 be impossible for the courts to come to
 ..,- understanding of the cases to which
 ..r relate.
 $, most of the notes of the accountants are
 .'g busines, notes, indispensable to the courts
 winding up the affairs of the banks; but em- I ..,ns multitude of particulars. which need X engage the attention of the Legislature or l s people.
 So far as vour committee have had means 1 -d opportunity to judge, they feel free to state
 ,b,t the accouutants have performed their duty 1 t.tbiully and imparially, and as thoroughly as
 ba III l suppose that they have in every particular been able to avoid error, would be to suppose what low mortal men could do in dealing with ac- counts so numerous and complicated and kent
 or such peculiar principles as were those of the Real Estate Bank. If they should devote suother year to the business, they would no doubt Ie every day finding out something new. Bdtltls believed that the accounts already pre- pared by them taken in conjunction with those perared by the receiver will enable the courts H without further delay to carry into effect, the Hot lon ot January, 1855, [" to hold to ac- 0unt and settlement, those who have had charge ot the assets of the bank, and to have inc trust executed."
 Such an examination has necessarily cost money; but 1t will save the State many times what 1t has cost. By it the legal expenses of winding up the institution will be greatly dimin- shed, and that will be done promptly, which without such a preliminary examination could 1o he done at all.
 The whole of the costs. including those of the court of chancery, will be small when com. pared with those of the trustees. They ex 'pended upwards of $l6,OO0 year, making the enormous sum of SZ15,OOO in thirteen wears and vet vele at the end of that period, as far Apparently from winding up the atf urs of the bauk aS they were at the beginning. The costs of the examination are once for all, and besides facilitating the proceedings of the court. will be d saving To the State in saving the time of the Legislature. Many sessions of the Creme rd Assembly have been tediou,lv prolouged simply through lruitleSs efforts to arrive at a kowiedIe ol the true condition of the bank sd determine what should be done ill relation 9it
 The schedules of land originally pied ged for |ErH, tue accountants have carefully compared Ulh the stock mortgages and made the nece>- ry crectuns In the cOmmissi oners' Gsts- U these they have added other schedules of ed aclarei in various ways by the bauk.- b use the language of the Governor. "the ud by this publication will be brought into otce and persons who may wish to secure valuable plantationS will iud in the report of Me accountants. sufficient information to exam Me the aldS, and prepare to purchase them when sold at public sale, or to buy them from the bank at private sale before the stock mort sgps are lorecloSed, subject to the liabilities under those mortgages, and deposit State bonds With the Safe treasurer, to protect the lands from being sold at all should the policy uf de- #Ip,uug bonds be adopted by law"
 Toall the nterrogatlons propounded by the Goyemor-one only eXcepted-the account ans have given satisfactory ahSWers. The sin ge question to which they have not had time b reply, is that relating to the lands that have been purchased by or mongaged to the bank, ali afterwards sold for taxes. As this Is sub- l.ct of great moment we trust 1t will not be neglected.
 h looking through the papers prepared by the accountants, We find some signed by Judg ge Goa.l and Mr. Miller, which. though they ap. pear at first s'ght to coptain nothing but dull details really convey information of much iu. terest
 Q. lhe 7th of November, 1851, Albert Pike sri Ebenezer Cummus, solicitors brought a E l' iu the name of the Bank of Washington, D. C., and of Wm. 4. PlatuuS. administrator | oi James tloior against the State of Arkan- sas aud the uustees of the Real Estate Bank, Ol thirty bonds of the State, issued to the Real Estate Bank, and dated the lst of January, Il looo. The suit Was instituted by way of cross I tl. iH chaucery m the circuit court of Puask H Uty, ani lls object was stated t. be, to re- Il move the tu>teeS from office, place the assets O ihe bUk m the hands of a receiver, 0iui ep- .Gatjs St1t9 / oHt n1eidliDg a0iM tte sqd assets Un The 2lat ot November ln the same year. I n" same solicitors brought suit, in the circuit wH Of Pulaski couaty, in the name of Wm A P4uhuS, administrator of James lIolforl, a-lst ihe S.aJe of Arkansas, on the five hun lri onds that had been issued in January, .'i0 to establish the Western Branch. aud Elch were afterwards peAged to the North 4nereaa Trust and Banking Company. The At "as for the professed object of recovering -s interest due and uupaId on the bonds l. SS in the form of an action of covenant and .le damdges were la!d at one million dollars. V4 lle same day suit was instituted in the sane court by the same solicitors. in the name O. ile administrator ot Mir lIolforl, on two 1lnired and fourteen bon Is issued to the Real L''ate Bank on the It of July, 1888. The lfolessed object was to recover the interest due ld unpaid. TEe form was an action of cove -ant, aud the damages were laid at five hun 1ed thousand dollars
 appears from ;he books of the Real Estate Dalk, that lbert Pike, esq. was the regular
 'orney of the bank at the very time he brought leSc Sujts az tinst the trustees and against the sAtc, aud continued to draw his salary, till tue .u January, 1855.
 II Messrs. Pike and Cummins had succeeded
 these suits, the result would have been to i.lrive the State ot all control If the mort gased lands, and to throw on the people of the Sste, the burden of paying the principal and Interest of the bonds, that had been issued for tae 0saeft of the stockholders in the Real L'ae Bank. Prompt measures were necessary ir the protection of the people and of the Saie. Aud, accordingly, on the 7th of De crmher, 1854, an act was passed requiring that, D salls on State bonds and the interest thereon, the bonds themselves should be filed with the esrk of the court, and remain so filed until the letermnatiou of the suit, and full payment of 'ae amount thus found due. Under this act ,oe'ut brought against the State on the 7th of November 1851, was dismissed on the 7th of | l..