The true Democrat., 1857-05-05

..4oted to said bank. in a large amount,
 gre ."s one hundred and fifty thousand dollars, 3 i0, ,5,t no provision is made in the deed by tirb the same can be recollected, it being
 'D' I settled principle in law that trustees cannot .. themselves"
 ls rba trustees sought to compel the local board I'.Je Rock to surrender the assets in their '' D'b ,. bv bringing the case before Judge Clen-
 lN.a sitting as chancellor of Pulaski circuit
 d'',, hut he declined to interfere on the ground
 '-,a ,ant of jurisdiction.
 ol Tbar ~~, then brought the case before the su- ,s court, and Judges Dickenson and Lacy P'uIIa1 that the assignment was both valid and s c",bspt Judge Ringo dissented from tais H ,raruor Yell had motion made that the sbould be reconsidered. But this produc- f'.s.b;ng but huriah from Judge Dckenson, ~n.o debtor to the bank) about the virtue Il D"I":,lependence of the judiciary.
 'DI tBis way was an assignment made by deb-
 lD ., themselves, for the;r own benefit, con-
 W,i and the State and the bondholders. the
 Ilr, most deeply interested in its good ma l'.n.,oapt deprived of all share in the trust.
 Wb.n the legislature met on the Eth of No
 "bsr 1872 Governor Yell, in his message
 N .5sm. denounced the whole banking sys
 nof the State as productive of nothing but
 'i. and as the Real Estate bank had been
 si .i5c of wlful and paIpable violations of its
 ',fered privileges, he suggested the proprety ~ryoking its charter, if that could be consLi- r.onally effected
 .Tbe effect upon the State under the assign
 -.nt $" he said, to place the assets and
 -,nagqment of the bank, beyond her control .rd to throw the whole responsibility upon .54 State to pay the interest on the bonds now due"
 To the same legislature the trustees present.
 od memorial in which they stated that they
 were wiling to surrender their charter, so far as related to banking privileges, and proposed that
 board of commissioners should be appointed
 by the legislature with all the powers neces. slry to be exercised by a board of visitation and inspection. Also, that the powers of a
 orporAtiun should be given them to wind up
 be affairs of the bank
 The Assembly passed, and the Governor ap-
 7oged, January 3lst, l843, "An act to settle .d iquidate the affairs of the Real Estate
 bank ot Arkansas" This act gave sanction p all the important provisions of the deed of ssigument, and granted the trustees all the ad-
 tiona powers tEey had asked for But it royided that instead of fifteen self appointed ra,tees there should be ten elected by the stockholders, and five by the General Assem- Ny.
 It does not appear from the minutes that the rstees even so much as took the act into con- iteration. Rather than give up their self con- satuted trust, they chose to f.rfet the charter oi the bank, which was accordingly done by iecree of the supreme court, July 29th, 1S44
 It was further provided that if the stock holders should not accept of the liquidation Bct, the circuit court of Pulaski county should appoint ten trustees who, with five elected by the General Assembly, should wind up the af- fairs of the bank. And, also, that the Cover DOT should cause the several prosecuting attor- rey5 for the State to sue every stockholder on ] stock bond and mortgage
 The General Assembly elected five trustees. llt through some unexplained reason. the Aler provisions of the law were never carried \ % effect; and the self-appointed trustees con- -aed to act as if no such law had been Eesed.
 h April, 1844 they chose five of their own Ilmber for resldlary trustees, and committed Ht them the whole management of the trust 1t each successive session, from 1842 on- Frds, the attention of the legislature was called F the Real Estate bank, by the Governor. and kmmittees were, from time to time, appointed inquire into it's affairs; but there was no fur Der legislative action on the subject till 12th Of January, 1853, when an act was passed, (" di- PscJHs the attorney general to file bill in chan |sy to dlyest the trustees of the Real Estate 3luk of the assets of that institution" This 'as followed by an act, passed January 18th, ls55 " to aid in bringing to light the true con aton of the Real Estate bank of the State of Arhansas;' and, again, by another passed on the same day "to establish a separate court of t.ancery, at the seat of government, so that te causes of the State, including that against ! trustees and officers of the Real Estate bank. ia those of individuals may be determined as iay as practicable"
 Under proceedings instituted under these las decree was rendered in the court of chan ly, on the 20th of April, 1855, by which the Ei trustees were dWested of all the assets of ' Real Estate bank and the same were on te 25th day of the said month and year trans tred 10 the receiver appointed by the court of lMcery.