Arkansas true Democrat., 1860-11-10

F.
 belief.I I have abored an worked, during my administration ot eight years, lacking but few days. In this, my last mes sage, as Governor of the State of Arkansas, l tender my thanks to the patriotic mem- bers of the General Assembly, who passed the laws then needed, with regard to the banks; to the able and-faithful accountants who investigated and reported the condi- ton of the two banks, which, for so many years had been wrapped up in mystery, so far as the authorities and people of the state were concerned: to the learned and efficient attorney who, in behalf of the state prosecuted and defended the very inn portant suits in which large interests of the state sstre involved; and also, to the courts that administered. with integrity and, abil @ ity the laws on the subject of the banks, and the interests of the state einvolved.-- To all of these, and to the integrity and ability of, the receivers of the banks, the people of the stateaare much indebted for the progress whit'h has been made towards the payment of the state debt
 When the bonds of the state were is
 
 of Arkansas, 1t was never intended that the people of the state should be taxed to pay the bonds. or the interest on them for the security which the individual stock holders gave by mortgaging lands was, and now is, amply sufficient to protect the state from any loss whatever on account of the bonds issued to and sold by the bank The lands embrace many of the best and most valuable plantations in the state.- The state has not vet resorted to these mort gagged lands to raise moneyeto pay interest on the bonls Many of the mortgaged lands have been sold, suJectto he nortgqqe, leaving the right to the state, under the charter, and proper legislation, ''to cause to be seized and sold. occordinq to lom, Me property neortgoged, in whose homRs and with He same fotaiaies, os t sns seized in the hqnds of the mortgoqer, motwiMstand- ing any sale or chonge of title Mereof, 6y ia- Aer'tance or, otherwise , aoa aas You perceive that it was contemplated by this provision of the charter, that, in case of necessity, the proceedings to raise moneyto pay the bonds and the interest on them, should be had directly against the property mortgaged as. indemnity to l the state and the holders of the bonds, fer l the payment of the bonds and the interest on them.4 The proceedings should be di- rectly against the mortgaged lands, with out any regard to the sales or change of title. Upder proper legislation, one bill could be filed against all of the lands mort glged for stock, in the original bank and branches and decree obtained, rendering the several tracts mortgaged by each stock holder, liable for the proper pro roto amount, In proportion to the amount of stock awarded on the lands mortgaged by the stockholder, so that the whole of the debt of the state. on account of the bonds and interest on them, could be paid by making each parcel of lands mortgaged pay only the proper pro rotd amount In this way justice would be done to all the parties in- terested, without expressing them, and the state would not lose one dollar on account of the Real Estate Bank. After filing the bill against the lands, a notice of the facts, published in a newspaper, should be made sufficient. without any other notice being given in any other way. The official re. ports of the receiver in chancery of the Real Estate Bank, and state treasurer, de- sgnating the bonds of the state, issued to and sold by the bank, that remained due and unpaid, and showing the amount of interest due and unpaid on each separate bond, and the aggregate amount of the un- paid bonds, and of the due and unpaid in ter"St up to the date of the filing of the bill, should be made by law evidence of the facts that such bonds and interest remained unpaid, which facts established shonld be made sufficient. without the production oi the bonds, for the state to obtain the ne- cessary decree against the lands. When the lands are sold, the money should be paid directly to the state treasurer, and he sacredly applied to the payment of the he,,,i-. ..,d ;,.+~~s,st o,, tl>..., S5sszss There are other matters necessary to be provided for, that the law should embrace, to adapt the legislation to the condition oi the matters involved. l have, in former messages, had so much to say about this bank that now submit the subject to you, with full confidence that in your wisdom nnl patriotism you will guarl and protect the interests of the state; cause the debt of ihis bank to 9e paid out of the abundance of the security, without incurring any new debt or suffering the bank debt to fall on the people 10 be paid by taxation The people ought not to be taxed one dollar to pay this bank debt, for the mortgaged land are more than sufficient to pay every dol lar of the debt.
 By table H of the auditors report, it appears that there were no returus of tax books, for the year 1860, from the count es of Columbia, Chicot, Ouachita, Polk and Union. but tho tax books for the year 1859 were returned from these five counties, as is shown by table G, of the auditors re. port. Without allowing anything for in crease, if the property taxed, in these five counties, for the year 1859, be added to what was taxed for 1860, in the other fifty counties, it will be showVRhat there were taxed in the State of Arkansas, for the year 1860. besides other property, 75,616 slaves, 299 saw-mills, III yards, 50 distileries, 3 297 pleasure carriages, 75, 007 horses, 20, ,51S mules, 204 jacks and ien- nies, 275,342 neat cattle, $3, l22.6l5 in goods. wares and merchandise, $1 sos, 590 money loaned at interest $97 ,032 invested in mboats, $2S4,619 in gold watches and iewelry, and $s45, 2S9 invested in man ufactories.
 The whole value of property taxed in the state, for the year 1852, as shown by table in the auditors report of lst Octo- Der, 1854, was SAP 900 0S0 CO.,; and the increase during the subsequent eight years has amounted to about one hundred mil lions of dollars.
 Dr. David D. Owen, state geologist of Arkansas, has forwarded, for information of the executive and the General Assembly, a manuscript copy of the first anl second chapters of the second volume of the Geo. logical Report on Arkansas In his letter.
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