The true Democrat., 1857-05-12

State being in debt to the bank in the ann, If Slo,l25, as would appear from the receiver the bank in reality, owes the State a balance oi SIl ,2O6 93. It is only. however wha. the Dahk owes for annual bonus and the interest thereon, that Increases the total of its liabi, ueS. The amount withheld bv the United States treasury department is included in the sum reported by the Receiver to be due for l,l69 bonds remaining unpaid and for in terest on the same. But S59142 3l of the total amount of S2, l47 $50 Is due, not to the hold CTS ot the bonds, but to the State of Arkan- SaS.
 It Is worthy of remark that whether wo as. innate the lands he'll by and pledgeJ to the bank, as worth on an average. orlv ona b,lf of their stock valuation. or whether wa ast;n,ata them as worth, on an average as much her acre as the lands that have haen sold bv rho trustees, there will still be enouoh to discbarga all the liabilities of the bank, and leave 2 srr. piuS IL Is true that time must elat,se before the debts due to the bank can be collected and before the lands can be disposed of. and all ths tune interest will bs accrunq on the bonds ana VaFlous expenses incurred in managing the affairs or the lns tution. But il the nation com uhaes as prosperous as it now Is if Arkansas con. tinues to advances Tn wealth and population as rapidly as she has of late years. and more esne claly II our railroad; be completed. and a nro per use be made of our swamp land fund such an additional value may be given to the bank N'''u' aS Will more than pay the interest that Is yeI 10 accrue on the bonds, and the expense that must necessarily be incurred in windino mn the affairs of the bank.
 It Is pleasing that we can arrive at this con- ciuson. l. would be very hard to imnosa mn the ctlZelS and residents of Arkansas tha great oouy ot whom earn their daily bread bv lher daiIv labor, the task of paving either pnnclpaI or interest of bonds which were issna6 Tor the oeneht of comparatively few specn lators. We wish not to Use the word in an of ienSive sense. Many of those concerned in the neal Estate bank have always been among our most respectable citizens; but they themselves must admit that the whole affair was sheen iation from its very beginning If it had been successful the profits would have been theirs. II It has been unsuccessful others ought moi to bear the loss.
 So great were the evils which the Real F,s tate bank and the State bank inflicted on the people that both whgs and democrats united m making an amendment to the constitution by which It declared that, No bank or bank. Ing Institution shall be hereafter incorporated of e>taollshed In thlS State" All but one member of the Senate, and two members of the House voted in proposing this amendment at the session ot l84t-5; and it was r.tiie. at the session of lo46-7, by the uaaa,,aous vote of both Houses. There was wisdom in th'S, Even supposlng paper money banking to be theoretically correct, there is no proper place Tor Sach banks excepting where the people nave money to deposit, or bonu G Gle commercial hoteS ot short dates t. offer for discount.
 It would be very easy, indeed, to establish paper money mauufactores in our State. as has recently been exempliied by the Cincin- natl and Little Rock Slate Company. But Ar Kansas does not want paper money What she wants Is capital and this can be created only by Industry and economy.
 BENJAMIN C. TOTTEN.
 Ca"npaa on the pa,t of the Senate
 L. D. HILL,
 CA15rm1a on He port of tie House.