Des Arc citizen., 1860-07-18

facfo been for the last dozen years virtu- ally io condinonof repudiation--dejure, in fact and deed rspudates.
 But in the State there are several lines of projected Railways Can't be built through for want of means. The State in honor is bound to pay her debts. But il would be difficult 10 do SO, under the con- stiiution.
 The Bondholders know this is SO; just as we'll as any man in the State. It would not be policy for them 10 press their claims. Suppose the Bondboders accept the pro- position 10 take an equal amount of stock in Railroad projects in Arkansas under certain circumstances a fair. .supposlion, as moneyed men are fond of long securi. ties. Suppose the Railroad Companies accept the proposition to grant stock 10 the Bondholders for an equal amour, of State aid under certain contingencies thing likely 10 be done, as they can never ex. pect to succeed without State aid. The Legislature being willing. The Ex. cu.ivs agreeing and the thing is .an ac. complished fact" Black & Boudinot attempt to make a grea, Buggaboo of this and say that it ia equivalen. to funding the State debt. Ad- init it, for the sake of argument. What then! Honor is honor. The thing hap pens every day, as thus: you owe me by note; that note is about to lapse you cant pay; 1 do not want to distress you; might drive you into bankruptcy; you re. new the note; accommodate you and you pay me compound interest. Would that be wrong? say so, ye champions ol State, or individual honor
 You wont repudiate that would be dis. honora ble. You Cant pay! yet, you are not will. ing to compound; that's sruLrrrcArIoN But Reclor's plan is to pay the State debt and no, to pay compound interest," The old Bonds in lands the credit of the State is at once renewed money is worth something in this country as all the people know about now. If the people of the State are to pay the debt how much easier twenty five years hence when there will be twice, thrice or quadruple the number of people than now to divide the same amount among!
 The Railroad Companies pay the inter- est annually as it accrues, and the State pays the bonds at the end, or the State for further aid might very we'll consen, to pay the interest and the Railroads pay the principal. to be secured of course in efec- tual manner.
 Johnson's plan is to keep up the note of taxation hand the money in the treasury and after a time pay of these rascally debts by means of which his family has been enriched.
 But there IS now surplus revenue in the treasury. "What wiU he do with it. '
 Rector says. let's use il 10 promote edu- cation among the people. A violation oi the Constitution, says the Captain. But the money belongs 10 the people and ask them in what more useful manner it can be returned to them than in the encoura ge. ment of common schools throughout the Stale I expect that Black & Boudinot will pitch into me for attempting to insult the people by intimating that they would be benefited by the establishment of nu- merous public schools throughout the State; but "LAIsEz ALLER"-pitch Tn ye Blacks and Indians for am an old hand having vegeta,ed as Charley Mitchell boasts for
 A QUARTER OF CENTURY IN ARKANSAS.