Des Arc citizen., 1858-11-13

sary. A tariff of liberal fees to be paid by 1 foTwhom service shall be rendered would dafford sufficient compensati6nf for taking care of the records and papers.
 In the year 1S36 z The Bank of the State of Arkansaso was created. One thousand six per cent. and one hundred and sixty-nine five per cent. bonds of this State, each for 5000, were issued to and sold by "The Bank of the State of Arkansas" ;" to obtain banking capi- tai. By the report of the Auditor you will see that, the whole number of these bonds rez deemed, canceled and filed with the. State treasurer, up to the first day of October, 1858, was five hundred and fifty three and that the interest on the bonds when redeemed amount ed inthe aggregate to $372, ,1T4 35 and to- this should be added ST, ,6l5 68 for interest paid at the U. s. Treasury, out of funds of the State, on bonds issued 10 and by this bank, and then the interest paid will be shown to be $379, ,790 03, making with the principal of the 553 redeemed bonds 932,73 %, paid on the debt of the State on account of the Bank of the State Arkansas, But there are still out standing and unredeemed GIG of the bonds sold by this bank. Of these 591 are six per cent. bonds, which will not be due until the first day of January, 1868 and 25 are five per cent. bonds which will not be due until the first day of January, 1887.
 0n the first day of October, 1858, the inter- $. amounted to $631,142 30. One hundred and twenty-eight of the unredeemed six per cent bonds issued to and sold by e. The Bank of the State of Arkansas' and five hundred six per cent. bonds issued to and sold by & The Real Estate Bank of the State of Arkansas" are held by the United States. -H
 The whole amount of the. five per cent. of the net proceeds ofthe sales of the public lands, which accrued to the State of Arkansas under t1za hotxrr l1ofT ! this State, from the first day of January, 1841. to the first day of January, 1857, was $79,125 70. But in accordance with requirements of the joint resolution of Congress, approved 3d March, ls45, this money was, from time to time, as 1t accrued, retained at the United States treasury and $71 ,s64 08 of it applied by the authorities of the United States. towards the payment of interest on the 500 bonds of this State, issued to and sold by ''The Real Estate Bank of the State of Arkansas ;'' and the residue, S7 .26l 67, towards the payment of interest on the 12s bonds issued to @The Bank of the State of Arkansas" By the tariff act of S0th August, 1872, the act of Congress to appropriate the proceeds of the sales of the public lands, approved 4th September, 1911. was modified, and the distribution of the land fund to the several states Suspended. But be- fore the modification of the act of 4th Sop tember, lS4l, the sum of S5012 16 had ac- crued to the State of Arkansas, and, under section four of this act, was retaned at the United States treasury, and $f.658 l5 of it applied by the authorities ofthe UniteH States, Towards the payment of interest on the 500 bonds issued. to the Real Estate Bank :, and the balance, $354 01, towards interest on the 128 bonds issued to the Bank of the State Of Ar kansas. Therefore, from the S63I ,142 50, in- terest, UNPAID BY THE BANK oE THE STATE OF ARKANSAS, on the 1st October, 1858, the sum of S7,Gl5 58, applied at the United States treasury toward the, payment of interest on bonds issued to this bank, should be deducted; aud then the whole amount of interest which remained due and unpaid, on the GIG outstand-
 ing bonds issued to this bank, will be shown to be S623, ,526"82. The principal, NOT DUE, was S6l6,000; which added to the interest, will show that the whole amount of the debt on account of the Bank of the State of Ar kansas, was $1,239, ,526 82, on the first day of October, 1858.
 To the report of the Financial Receiver of the Bank of the State of Arkansas, you are respectfully referred for intelligence in regard to his ficialtrausactions. Itis recommended that the existing law be amended so as to au- thorize the receiver to employ special attor- neys; and that two years longer be allowed for winding up the affairs of the State Bank.
 The Land Attorney and State Collector has rendered considerable aid to the bank bl as the other regular business of his office often requires his presence in one direction and the business ofthe bank needs attention in another, he cannot at all times render that service to. the bank which is necessary. By the report of the Land Attorney and State Collector, you will see that he has been energetic and sue cessful in collecting funds of the State.
 William M. Gouge and Archibald II. Ruth erford, the State accountants under the act of 18th January, 1857, after long, &edious, and laborious investigation of the confused affairs of ( The Bank of the State of Arkansas'' have made,a very elaborate and able report, to which you are respectfully referred as a source of much information concerning the past history and present insovent condtion.of this bank.
 After deducting all of the assets which will probably be collected, the Executive estimates that the debt of the State on account of the State Bank amounted to about one million and one hundred thousand dollars, on the first day of October 1858.
 "The Bank of the State of Arkansas" and Fs The Real Estate Bank of the State of Arlan- sasy' were created in the year 1886 These are the only banks that ever had existence in Arkansas. ". -.. .e,- ....s ..
 The State Bank belonged wholly to the State and no other stock-holdet has ever had any interest in it. Tho General Assembly elected its chief officers and they Appointed their spbordinates After lingering through a.
 lapse of nearly quarter of century, the State Bank is about to pass away-bas the State accountants have recorded n1ucha of its history. This will remain to perpetuate its memory and to warn the people of Arkansas against the establishment of such institutions
 in future.
 It is recommended that a law be passed to effectively prevent the circulation in this State of any bank note of less denomination than fifty dollars. Such policy would cause gold and silver to flow into our State, and would afford substantial benefits to the people, g
 For Information relative to the business of the Real Estate Bank, you are respectfully referred to the report of the Receiveriu Chan cery This valuable report shows that the policy established for winding up the bank works well, and if strictly adhered to and faithfully carried out, will protect the State from any loss whatever on account of the Real Estate Bank.
 The report contains complete list of the lands which therecever is authorized to sell
 By the report of the auditor you will see. that 5S4 bonds of this State, issued to and sold by the Reai Estate Bank, and also many cou- pons Tor or1hterest, had been redeemed, caneeled and filed with the State Treasurer before the first day of October, 1858, amounting together to Sl,l3l ,ll2 10, and that on the first day of October, 1858, 946 of the bonds issued to and sold by this bank remained haredeelned and upon them the interess dae and unpaid nv THE BANK was $S45,8S0 co, making for principal and interest $1,89l ,S30 co: but from this