Des Arc citizen., 1860-07-18
Maunfartptinl
N -I2Es ARC. ARKAN ANsAs.J tJIsY .1s. 1seO.-.


 change is s,constantly going on in the popular | mind-slow. it is true, but nevertheless sure and inevitable. All that is necessary npon the part of the South, in my opinion. is to stand firmly by it's rights-never to concede, ! yield oe cotnpr6uise them awav-and justice. l fnll and complete justice, will be given her, l The disposition of the South lately manifesto ed so emphstieally. to yield and compronse no farther, inspires me with renewed hope | for the Union. look upon the victory as be- Hing within the reach of the South, as soon as she will exert efficiently the power now inher hands. gTn our State affairs the great and paramount question to be disposed of Is the public debt. | 1t is well known that there is heavy debt threatening to ofalluponat the State, 1.-the prop CT steps are not taken to avert it. This debt consists of bonds of the State, issued to the Rea Estate and State Banks, and sold by them to raise money to bank upon. It was not ex- l pected, when these bonds were issued to the banks. that the State would have them to pay. It was thought the banks would prove success- l ful in thsir banking operations and that they would meet the interest upon the bonds as it accrued; and when the bonds fell due, that they wodld redeem, cancel, and file them in the State treasury as fully paid off, as they were bound to do by thein charters. But the l banks, in q very short time after they com menced operations, proved failure, and all .pay yment oil the interest on the bonds, as 1t ac- crued. was immediately stopped.a Since then, l our State has been under protest, and stain that has efecthaiy destroyed her credit has rested upon her character UHmE The policy of the present Executive, of the State has been to make the banks themselves Ipay off this debt, both principal and interest. | 1t has beehfhis policy to have the assets ot both banks collected and applied to the re- denption of the bonds of the State yet ont- standing and unpaid. This wise policy, it has been made my duty, by a resolution adopted 1 by the State Convention, as it is my pleasure to pursue. in the event of my election The State Democratic Convention resolved: y5e
 the oa Poa!s sas 9soss Elias N Conway. and it is recommended that his saccessor carry out the policy adopted by hIm" lsne The bitterness with which Governor Com ways course in winding up the banks and ap- plying their assets to the redemption of the public debt has been assailed. and the con- lstaucy with which I supported and defended him in the columns of the "True Deriocat' during all the time. are we'll known to the people of the State, and furnish them a guar anty on my part, that Twill, if elected, carry ont the policy adopted by him'' ''if 9a5y
 
 ConleaY's action in regard to the banks, brief lstaement,o of the facts only IS necessary, On tic 1d fay of Aprits fis4422, is44 when the assets of the Real Estate Bank were placed in the tandssof the trustees. under the deed of as signment, to be collected and applied to the extingaishlnert of the debts of the bank, the assets and liabilities amounted as follows; Assets on 2d April, 1642 ..... .... S2, ,282, ,726 Liabilities < {. '' ..... .... 2,251 796
 Excess of assets over liabilities. S30,930
 Thus the records of the bank show that when the deed of assignment was made, in IS42, there were thirty thousand nine hundred and thirty dollars more of a sets than enough to pay off the debts of the bank. ass,g al
 On the 2Oth day of April. 1855, when by means of the suit brought against them by Gov Conway, the trustees were divested of the assets the bank; the assets and liabilities were found to be: s}, ,asg s ea1 5s
 Liabilities -........... S2, 2,A2l 953 Assets classed as good ...... ...... 1U2I78S Deficiency of assets ..... ...... $1 394165
 In 1842 the assets were more than suffie tent ltospav off every debt on account of the Real Estate Bank, aud in 1855. after the trn stees had charge of them for thirteen years. the deh- ciency in the assets was found to be nearly one million and four handredthoasaad dollars! This shows the gross neglect ahd bad manage- ment of the trustees, and the necessity that ex- sted of depriving them at once of the assets and placing them in some more safe and prudent hands. Haaltt2 9tA fsll 9t aef I Again, it appears that on the 1st of May, 1851, when Gov Conway flied his bill against the trustees, ,theyhad notredeet med cancelled and and filed in the State treasury as fully paid oH,a single bond of the State. By the report of the Receiver of the Req Estate Bank,appontAd by the chancery conrt,it appears that the trustees had collected, on the day Gov. Conway filed his bill az gainstg them, $lS7 ,958 of the bonds and interest, but instead of canceling and iil- : ing them with the treasurer of the State, they re-ssued aud sold at a ruinous sacrifice. bonds and interest 10 the amount of $133 Si3, which deducted from the amcnnt they bad collected, left S354 If f5--al of the hoods that the trns- tees had collected in the twelve years and twenty eight days, ending with the 30th April, 1851 When the trustees were busted, and a Re- cever in Chancery of the assets was appoint ed, these bonds were turped over 10 hlm and by him cauceed and filed with the State treas- gurer. What has been done since in the way of collecting the assets. redeeming the bonds and cauceling and filing them. the tieasaler of the State informed me few days since in the following note
 TREAsURER's OFrtcE,
 Little Rock, Ark, May n, 1S60 Corr R. H JOHNSON: aN e8 W eagH '
 sir--In response to your note of this date, l have to state that since the first of October, 1858, the Following amount of Real Estate Bank bonds and coupons. and State Bank bonds and coupons have been paid ainto the treasury; se' s-safsl-. HafHug sF'T . Thrty-oae Real Estate Bank bonds S31 Q00-00 Coupons attachsd and detached ... 33,5790o Tntal F E hank bonds and coupons ss6i -b1a-n4 Six State Bank, bonds .,.., -,......sil 6.000.00 a Coupons attached and detached'., 7,633,00 Total State Bank bond and coupons. SIS ,635.oo bod O sle aHI " !Bs ------.----- Making totaJ. of bonds and coupons g teao
 for both of the oAnks of .,., .,.... SIS, 8,214,00 Which added to the amount of K E.
 bank bonds and coupons cancelled i@ and fted before the 1stof October, acaa | 1858 as shown-in the Go9ernor'ss es
 message -'--.-. .--.-,t- SlsTl5,ot4,oo And State Bank bonds and cou
 i ponS to same date, as shown in
 the Governors message.I .... 932 ,790.O3
 Total...... ,,".....,... S2,224, ,69S. .36 hereby certify that the foregoing is a true
 rA I.