Arkansas true Democrat., 1860-11-10
GovERHoR's MESSAGE.
Feliow citizens of Me .Senots and
 fths House Of Rrnr...p,c,;

@efoW cuszens Qf Me Sen0ts 0nd
 ofMs Hoase of Representatives:
 The constitution of the State of Arkan. sas provides that the Governor "shall not be eligible for more than eight wears in snv term ot twelve years" With the fonr- teenth day of this month the term of eight years from the time of my first installs t;or as 9overnor of the State of Arkansas, will explre. My successor will, therefore, have to be installed on the 18th day of Novsm- per, IS6O, or there will be an interregnum is the printed copies of the official re- ports and other information. adopted ss accompanying documents to this ri1essape you are respectfully referred for intelligence m detail respecting the condition of our State government. FRI aFsn'Fs7l The increase to the taxable property of thls State, for the four; years from 1852 to ls56, was $27, ,857 ,965; for the two vears. !oo! and 1858, it was S29, ,Il5. POS: and for the years 1859 and 1860, the increase to the taxable property of the State has been S42 .6ol, ,9SS. The swamp and overflowed lands sold by the State before the 1lth January, 1855. were exempted from taxa ton by the State for ten years Or ,nntil re- claimed. Many of these lands will hecomsa taxable next year; more of them the wear after; and nearly the whole of them d,,r;nnue, < the next four years. This alone will afford 2 certain Increase of at least twenty millions. and perhaps thirty millions. of dollars to ,, ! the vAlue of taxable property in the State during vhs next four years. s''''7 5, 's' s,. The payments on the State debt m to the tirst day of October, 1860, amounted to S2,o4l,996 IT. This sum inclutles S145 uo1 o6, the amount of the five per cent of the net proceeds of the sales of the pnbl;c lands, which accrued to the State of Ar. kansas, under the compact between the united States and this Slate, from the first day of January, 1841, to the first dav If January. 1860. and also includes S5 013 16 wa'cn had accrued to this state under the act ot congress to appropriate the proceeds oI 'ne sales ot the public lands, approved 4'h September, 1841, before this act was modified and the distribution of the land iuhd 10 the several states suspended by the tariff act of 3Oth August, 1842. These two innds were retained at the treasury of the United States and applied towards the payment of interest on 628 bonds of this state held by the United States as trust funds VI these bonds 300 were issued to and sold ny the " Real Estate Bank of the State of Arkansas" and 128 were issued to- and sold by the Bank of the State of Arkan. sas." NA' A''''
 At the June term. A. D., 1860, of the chahcery court, 1t was ordered by the court that the receiver of the Real Estate Bank ! settle and adjust the accounts between the otate of Arkansas and the Real Estate Bank Tn regard to the five per cent fund retained by the treasury department ofthe United States TOT payment of interest on the bonds issued to said bank, which are held by said dc. partment, and to allow to the state in such settlement, interest at the rate of six per cent, per annum from the date of each nay. ment or application of the five Der cent fund up to the date of such settlement. and pay to the state such balance AS bo nav md to be due to her, in the coupons to be servered from the State Bank bonds in his hands as receiver, and upon such settle \ ment to require the state to surrender to hlm, the coupons for the amount of the principal, from the Real Estate Bank bonds Tn the treasury department, or to give .uch guaranty against the same as may ha dea,nad ny ms attorney to be sufficient ,1
 ucPkrrnirntss sisElng rnu5 usf
 ment be furnished, showiE
 which the funds accrued to-
 kansas and tho amount of ea4.
 retained at the treasury of the U}l
 and that for the whole amount of yhe fun of the State of Arkansas so retained coupons be severed from as many of the bonds of this state, issued to the Real Estate Bank and held by the United States, as the whole of the money so retained would pay; and to forward the coupons to the treasurer of the State of Arkansas. The letter making these requests was referred to the first comp troller, but the State of Arkansas is yet without the information essential to have the account adjusted under tho order of the chancery court. If the requests of the ex- ecutive should be complied with, upon the receipt of the information and the coupons, the authorities of the state will then be ablc to have the account adjusted, under the order of the chancery court. Should this be done, the debt of the state on account of the Bank of the State oi Arkansas will 30 reduced about one hundred and eighty nine thousand dollars. And the state would thus be made debtor to the five per cent or internal improvement fund. The state also owes to the five per cent fund, $68,676 90, on account of that part of this fund received by her up to the first day of January, 184l, including the divid- end of $7,61l 72, declared on the fund by the Bank of the State of Arkansas, and without adding interest from 7th March, | lS43, to this time, which would increase the debt. If this sum of $68.676 90 be added to the Sls9,0 %, it will make the amount of $257 ,676 90, from which should be deducted the s80, 900 of the five per cent fund appropriated by ian act to authorize the Governor to subscribe for stock in certain railroads" approved 3lst January, 1859, and the sum of S177 ,676 90 will remain unappropriated. In view ol the fact that our state is bound by the com pact between the United States and thi. state to apply the five per cent fund, among
 other works, to the construction of railways
 it is recommended that one hundred and
 thirty thousand dollars of the five per cent
 fund be appropriated out of the state Urea sury, at an early day, for the completion ol
 the third division of the Memphis and Lit
 tie Rock railroad, from White river to
 Little Rock, and that the balance of tn,
 fund be appropriated to aid the Mississippi
 Ouachita and Red River railroad Thi,
 five per cent fund is annually accruing t,
 the state from the United States. Perhap itwould have tendency to encourage othe
 railroad companies if law were passed
 providing for aid to them out of the futur
 dividends of the five per cent fund, afte
 the construction of certain amount o
 work towards building their respectiv,
 roads, sufficient to guarantee that the ait
 afforded them by the state would enabl
 them to complete at any rate a part of thei