The Van Buren press., 1860-11-30

the state treasurer, as fully paid off, on the
30th June. 1860, six bonds, each for 81 900
executed by Governor Archibald Yell. un-
der the act Of 22d December, 184O. for mon
ev borrowed by the state from the Real
Estate Bank. These bonds. and the inter-
est due on them, amounted. on the 30th
June, 1860, when redeemed. to 81, 8,642 81
The state has made considerable progress
towards getting out of debt. and if the pres
ent low rate Of the State tax, which is bnt
one-sixth OF one per cent. on the asst ssed
cash value Of taxable property. be permit
ted to remain, without reduction, and the
policy recommended be adopted and car
ried out in good faith, our state will in a
very few years, be entirely out of debt.
Our railroads, too. will be constructed, and
population and wealth will annually dew
into our state. perhaps with more rapid in.
crease than the great additions during the
last two years. We must remember that
Arkansas is now great and prosperous
state, and that it is the duty of her pnblic
servants to guard with vigilance and faith
fully protect her interests. and with COM
mendable state pride to work zealously and
| with expansive views, but not forgetting to
practice true economy. to hasten our state
on to the high and enviable position to-
wards which she is now so rapidly advan-
cling.
In former message said, "the state Of
Arkansas will never repudiate her just
debts. She will honestly pay them oil
whenever she can command the means"
| With such sentiments and under such be-
lief, have labored and worked, during my
administration of eight years. lacking but
a few days. In this, my last message. as
Governor Of the State OF Arkansas. ten
der my thanks to the patriotic members OF
the General Assembly; who passed the
laws then needed. with regard to the banks;
to the able and faithful accountants who in
vestigated and reported the condition OF the
two banks, which for SO many years had
been wrapped up in mystery. SO far rs the
authorities and people OF the state were
concerned; to the learned aud efhcient at
torney who, in behalf Of the state. prose
cuted and defended the very important suits
in which large interests Of the state were
involved; and also to the courts that ad'
mlnistered with integrity and ability the
laws on the subject of the banks, and the
interests of the state involved. 10 all O
these, and to the integrity and ability Of the
receivers of the banks. the people of the
state are much indebted for the progress
which has been made towards the paymen
OF the state debt.
When the bonds of the state were ISSUED
to the Real Estate Bank Of the State o
/ Arkansas, it was never intended that the
people of the state should be taxed to pa,
the bonds, or the interest on them; for the
gave by nbiaih nb6ifis hsasihg yin GHds .saaek A9ldsS
amply sufficient to protect the state from
any loss whatever on account OF the bonds
issued to and sold by the bank. The land
embrsce many Of the best and most valu
able plantations in the state. The stat
has not yet resorted to these public lands t.
raise money to pay interest on the bonds
Many of the mortgaged lands have beel
sold. subject to the mortgage. leaving tn
right tn the state, under the charter. AM
f proper legislation. ito cause to be seized an
sold according to Iaw, the property nortgaget
, in ,chose hands soever tie same may 6s found
in the same nsawner, and s0itA the same ia
cil;ties, as it aUas seized tn the hands of tn
mortqager, ,notwitb Standing any sale or chang
: of title thereof. by inheritance or otherW.se
: You perceive that it was contemplate
, by this provision of the charter, that, II
. case of necessity, the proceedings to rais
/ money to pay the bonds and the interest o.
: them, should be had directly against tn
| property mor:gaged as indemnity to tn
, state and holders of the bonds, for the pay
ment of the bonds and the interest on them
| The proceedings should be directly agains
the mortgaged lands, without any regard t
e the sales or change Of title. Under prope
Legislation, one bill could be filed agains
: ali Of the lands mortgaged for stock, in th
| original bank and branches. and deere
obtained, rendering the several tracts mort
gagged by each stockholder, liable for tn
( prpoer pro rata amount, in proportion
D the amount of stock awarded on the land
S m mortgaged by the stockholder, so that til
E whole OF the debt of the state, on accoun
( of the bonds and interest on them, could
9 paid by making each parcel OF lands mort
gagged pay only the proper pro rata amoun
: In this way Justice would be done to a
G the parties Interested, without op"..sssir
f them. and the state would NJ. lose one do
b lar Cd Account of th. Real Esrate Ban
q Alter filing 10 bill against the lands.
notice .. the facts. published in newsp
J, o"s should be made sufficient, without ~
- other notice being given in any other wa
o The official reports of the.receiver in cha
,e cery of the Real Estate Bank, and sta
, treasurer designating the bouds CT the stat
.e issued to and sold by the bank. that
IS mained due and unpaid. and showing Il
B. amount of interest due and unpaid on ea'
st separate boni, and the aggregate amount
Is the unpaid bonds. and of the due and u
ct paid interest up to the date Of the filing
le the bill, should be made by law evidence
l. the facts that such bonds and interest !
D. mained unpsid. which facts estaolish
,r should be made sufficient. without the pr
,lu,tion of the bonds. for the state to obta
ID the necessary decree against the land
(. When the lands are sold. the money shou
ID be paid directly to the state treasurer. al
ID be sacredly applied to the payment OF
0, bonds, and interest on them.
I'd There are other matters necessary to
.. provided for, that the law should embras
" to adapt the legislation TO the condition
i the matters involved. 1 have In form
te messages, had so much TO say about II
(. bank that now submit the subject to yo
o. with full confidence that in your wisdo
ID and patriotism you viii guard and prote
OIL the interests Of the stats: canse the debt
ID this bank to be paid out Of the abundan
ly Of the security, without incurrins any NJ
:. debt. or suffering the bank debt to fall
- tia people TO be paid by taxation. I
- 4. 4 L. A. 4 ~A4 ~s<n ~ I1,r