Arkansas true Democrat., 1860-06-09

To meet thlS debt, all that IS necessary ls that the State should restore what, under the acts of 3rd February, 1S43, and 10th January, 1S45, see Gould's Digest, chapter 167, ] it took from the vaults of the bank. According to the report of the accountants it withdrew from the bank, at various times, to pay the ordinary expenses of the government, the sum of three hundrsd and seventy three thousand, two hundred and ninety-two dollars. This amount was taken from the capital of the bank many years ago when the credit of the Stae was such she could not borrow any money, and when the distress and embarrassment of her citizens were so great she could not in crease the taxes This amount, this ap- propriated by the State, was pledged, as the capital of the bank, for the payment of the debts owing by the bank, and it s hon. orable and just that the State should 'estore it, and as the State Bank bonds ale and have been drawing interest at the ate of six per cent, it is right and proper tfat the State should pay six per cent interest upon the amount she used.
 With this sum, the principal and inter est, amounting to six or seven hundred thousand dollars, the State Bank could re- deem all of the bonds and coupons of the State now outstanding and unpaid, and re- lease the State entirely from all indebted ness on account of the State Bank. The State Is now in condition and amply able to pay every dollar she justly owes. She could make the necessary provision at the next legislature, and commence the pay ment next year, and in very few years, four or five at fartherest, she could wipe out the last vestige of the debt that has so long overshadowed and crippled her ener- gies. She is amply able to do this with out increasing her taxes upon the people a particle, and it is too glorious a result to be longer deferred When all shall be con summated, the debts of both the State and Real Estate Banks paid off, all of which can be effected in very few years, the State of Arkansas will present the solitary eX- ample among her sister States of being untrammeled and free from debt.
 FELLOW CITIZENS: You have heard much said about the "Johnson' breaking the banks, and have known of attempts to make me among others responsible for the present unfortunate condition of those in stitutions I can truly say what Gov. Conway said to you in his address, four years ago, Mot / aeVer had onWhlng to do wih ony ot he 6onks ot this Stote ether ds stochholder, director or other officer; nor d'd euer 6orrow doilar from any of hem, and / am not nOag, and neger eCa5 indebted 10 any Jank" All the insinuations and charges made against me in this connection do me gross injustice. 1 am no ways concerned in either of the banks, and never In my life had any connection or transaction with them; nor am 1 in any manner interested in having them wound up, more than the deep interest feel as citizen of the State to have the State released from the debts that threaten her on account of the banks.
 Connected with the subject of the public debt is the question of internal improve ment. To'the cause of internal improve ment, as means of developing the ac- knowledged vast resources of the State, 1 shall, if elected, extend all the assistance ln my power, consistent with the best inter- ests of the State All that is. needed to develop the unbounded wealth that lies concealed in our midst, and bring into the State, at an early day, a thriving and in dustrious population, many times greater than we now have, is complete system ot railroads, such as is now projected, in sue cessful operation If 1 am honored with the election, it will be my pleasure to give my sanction to all enactments of the Gen eral Assembly intended and calculated to promote such an end, without burdening the people with taxes or involving the State in a debt she could not pay. To protect the people from heavy and oppres- sive taxes, the constitution has wisely pro- vided, "Mat no other O. greater amount ot reyenue shall ct ony lime 6e lepiea Mda re- quired for he necessary expenses ot Me gog- ernment, unless by concurrence ?f t1ro-thlrds of both houses of he General Assembly" ;" 50 long as this provision of the constitu- ton is observed there is not much fear of the taxes ever being made oppressive, or much danger that the State will ever em- bark in any useles or barren enterprise.
 The question of State aid to railroads is much mooted just now, and there are some who advocate the issuing of State bonds to raise the necessary means to build them. While it is evidently the interest of the State to aid the construction of railroads, | very much question the proprety of is- suing new bonds, until the old ones are re- deemed.
 The bonds of the State would be worth very little in the market ust now, if indeed they could be disposed of at all. They would not be worth exceeding fifty cents on the dollar, and at such a discount, instead of furnishing assistance, the use of them would destroy any company in the world. For instance to raise funds by means of State bonds to build road costing $2 o00, 900 would require the sale of $4 4,0O0,00 worth of bonds, and the interest on this sum, at six per cent, would be $240, 900 per annum. Could any company afford to pay such an interest-an interest in fact equal to 12 per cent on the actual cash re- ceived for the bonds? l think not, and were 1 member of railroad company l certainly should vote to refuse any such aid-aid that would certainly destroy the company entirely. When the State of Arkansas is untrammeled with debt-rlch and prosperous as she then will be--the question of issuing bonds of the State to build railroads with, might with great pro- prety be brought before the General As sembly. But such aid now would not only destroy the railroad company that received it, but would involve the State in ruin ous debt from which she would receive no compensating benefit.
 The State convention adopted the fol- lowing resolution:
 "Resolued, That ,oe arein tapor ofthe 35th parallel for the Pacife railroad propded the same be the most practicable"
 1 regard this enterprise as one of deep interest to the State, and l look upon the construction of the railroad from Memphis via Little Rock to Fort Smith as the sure means to obtain it. The work of build ing the road between Memphis and Little Rock israpidly progressing. The division between Memphis and the St. Francis river 40 miles long--is completed and the cars are running over it. The division between Little Rock and White river will be finished by 1st July, 1861. Nearly all of the grad ing is done, many of the cross ties have been obtained and placed on the ground and the locomotive has been purchased