Arkansas true Democrat., 1859-10-05
A rluttsring smong thu Bank Pigeons.


 / A Fluttering smong thu Bank Pigeons.
 The unfolding of the interior designs of the leaders of the disorganizers has caused 6 great commcticn in the dove-co.e, and unable to break the force of the develop ments some of them attempt to ward them off With sheer, or profess utter astonish. ment that such things could exist. On one hand they tell the people they are fully posted and prepared to defend and on the other, are vastly ignorant. Really, if ques- tioning is the order of the day, it is we who should question and they who should an swer, for they are to be presumed to be in the secret. If, however, they have not been admitted into full fellowship and undertake to defend without knowing the facts, it is the dearest case of "going it blind" that we ever read of
 In 1856, letters were received from Mem phis, stating that certain parties there had been informed that it would be recommend ed to the legislature that the mortgages on certain bank land would be foreclosed, and enquiring what lands these were and for other particulars. The object then was to force those lands into market when the State was unprepared. Either informed of this move and that spectators had com bined, or believing that they would do so, the Governor called the attention of the legislature to 1t, in his message three years ago. The plans were then foreseen and the people cautioned. In his message in 1886. the Governor said:
 Notwithstanding the apparently ample securi- ty to the State, it will require great scaution and strictattention, under sound and just policy. to extnguish the debt by the proceeds of the mort gagged lands, forced into market, without unneces- sarily expressing the stockholders by sacrificing for the benefit of speculators, the mortcaged lands for less than the pro rata liability of the stockbol ders who mortgaged them To protect the inter- ests of the State, the bondhoders and the stock holders not single mortgage should be forclosed, whether the mortgaged land be held by individuals or the Real Estate Bank, until the State is prepar ed with fund amply sufficient, and placed under the control of some discreet and prudent authority to be used to prevent the lands, when sold, from being sacrifced the stockholders from being robbed of the means of paying what the lands would more than satlfy; and to avoid the necessity of tax upon the people to pay debt brought upon the State bv rashly, and without common prudence forcing the | lands into market, and by their inevitable sacrifice losing all the security which the State has, and | leaving the debt unpaid. It is recommended that | the present revenue law be permitted to remain as it is, so that, in two years, the State may have fund for the purpose indicated, and suffer these valuable lands, when sold at public sae to be sacri feed, and the State left in debt without any means except from heavy taxation to pay it. Without such provision, spectators will reap rich harvest the stockholders will suffer great loss and the State Will most certainly continue to bear the burden and stigma of a debt which will be left unpaid.
 
 When any of the lands owned by the bank sub lect to these stock shall be sold for more than the amount for which they so mortgaged, the excess should be paid to the bank.
 The lands of this class now held bv the bank | when mortgaged to secure the State and bond-hol | ders against loss, were valued by commissioners | under oath at the aggregate sum of nine hundred | and sirtyfomr thousand, hundred and ffy | eoen dollars; and it is considered that it would not be good policy to force the sale of all of them aI once, but that they should be gradually and in limit Su Iuh'tiCs. iiOm tiule lO tlIlle, InrOWD ftO mar ket Otherwise, for the want of bidders who would | pay fair prices most of the lands might be sold at great sacrfce.''
 Alter the message was printed and cir culated, in the December or January fol- lowing, 1t became known that company had been formed at Memphis, but finding hat the legislature had adopted the policy recommended in the message, had dissolv- d. They began too soon. To suppose hat persons holding vai2able lands would i've them up without struggle, or that 'here so many persons are deeply interest they will not combine to secure the best gal talent to defend such interests, is simp- unreasonable. If they have not already one SO, they tell outrageous falsehoods All their Schemes have failed so far and re bound to fail in future, notwithstanding he aid of disorganizing democrats and sub idized presses.
 If we have to become the teacher of new ,omers they must take the lessons as we give them and take them patiently. And while practising that commendable virtue hey can console themselves with the rehec- ion that the |" monstrous rascality" will 'e exposed and so plainly, that the most ecent importation or veriest sucker of them Il can understand 1t.