Arkansas true Democrat., 1860-06-23

called to the noisy audience and asked leave to Tn
 troduce to their acquaintance Col. Henry M. Rec
 tor, and then walked down on the other side ano
 to0 seat on big square table right in front o
 the speakers stand, at the same time was seen a
 tall slim man with carpet sack in his right hand,
 dressed in black, with high standing shirt collar,
 and as he stopped to set down his carpet sack his
 heavy hair which he had laid over on the right side
 of his head fell forward and partly concealed the
 right eye and temple and he fully faced his au-
 dence, exhibited very thin visage and still thiner
 hair on les chin and just at this time reminded us of Yankee clock peddler we once saw who was | called Slim. After surveying his audience he ex- pressed his embarrassment, and apology for it was that most of the distinguished lawyers and literati of the west were part of his audience and his every word and gesture would be subject to be scrupulously scaned by the wise men of west Arkansaw. After spending about fifteen minutes
 in his apology of bombastic pedantry, he proceeded to prefer his bill of indictment against his oppo- | nent, Mir. Johnson, for being candidate for Go- | vernor, as he avered without the sanction of de- mocratic convention, which he was going to es- tablish by facts and figures ncOntestable, which he had in his aforesaid carpet sack, and after great many cursory remarks ill which he used some wit and great deal of sarcasm, he unlocked the afore said carpet sack and commenced empting it's con | tents consisting of old Old Line Democrats, and just at this time, by way of introduction to the contents of the aforesaid carpet sack, he eulogized it's editor, MT. Peek, and including in the same the Hon. T. C. Hindman; representing Mir. Peek as genuine Virginian, and Mir. Hindman of noble southern blood. He commenced reading extracts of what the Old Line Democrat had published and some of what the True Democrat had said, inter-
 lining the same as he proceeded with his wit and sarcasm. In this way he occupied about two hours of time in wrangng about the conventions in coun- ties, at Little Rock, and forgeries, and instructions and proxies, but he omitted to say Mir. Peek as proxy for Fulton county violated his instruction l occupied rather an uneasy seat and may have thought time long, for I thought every man in the State was about as well informed of the proceed ings and result of the late conventions and proesta tons in Arkansaw as he was himself, for he brought nothing new to light, but left out good deal that is favorable to MT. Johnson's nomination by the democratic State convention. With apparent re- luctance Mr. Rector left the subject of conv ventons and entered upon State policy, and from his carpet sack he brought forth book and read therefrom that on the lst October next there would be in the treasury surplus of two hundred and sixty odd thousand dollars. This money he proposes to distribute among the people for the purpose of a common school fund. The debt of the State on account of the banks he proposes to defer for twenty five years, by issuing State bonds and with them canceling the present old ones, and have made some estimate of the amount of bonds it would require under the present aspect of affairs, from which is the following result Suppose whole State debt account of the banks, etc., three mil
 lion of dollars; suppose the bonds to be issued could be soldfor fifty cents on the dollar to run twenty five years; amount of bonds required to be issued would be six millions; interest per annum at six per cent would be three hundred and sixty thousand year, amounting in twenty five years to nine mil lion, eight hundred thousand dollars of interest alone to be paid on the aforesaid bonds before they become due, and the bonds to be paid, six million, amount in all, fifteen million, eight hundred thou sand dollars, at the expiration of the time afore- said He confessed that this scheme did not origi- nate with himself, but he had got it from foreign skilful fnancier; finally the purchasers of these bonds was to find them in Arkansaw railroad stock. The whole scheme considered a very improbable event, as it generally requires two parties to con clude bargain; and concluded with many thanks for polite attention from his audience and so de- cended from the stand
 nd wat thpp " man ri and 9ch tho stand of about medium height, plainly dressed. with a few papers in his hand-and as Mr. Rector had spoke first we were very certain that he other than Dick Johnson himself the nominee of the democratic State convention, and we were impress ed with the belief that he embarrassed and that he was not accustomed to public speaking, as he proceeded without any apology and as solemn and serious as if he under oath state the proceed ings of the convention aforesaid, we had learned it from the published proceedings in the public prints and that he was the nominee of that con yention, and therefore had accepted the same. He proceeded to illustrate he policy he would admin ister the State government if he should be honored with the executive chair-he would the pre- sent surplus in purchasing the bonds of the
  as low as possble-he aludes to State Bank bonds due some eight years hence, supposing they could be had for about twothirds of what they called for In this way it is presumed that the debt account of the State Bank of one million, one or two hun dred thousand can be paid with something less than eight hundred thousand. This policy he, and so do l. believe fully justified, from the fact that the legislature has used the assets of that bank to large amount to defray the expenses of the State The debt on account of the Real Estate Bank he would hold the lands mortgaged to secure the State against loss in the creation of that nstituticn to uSt equitable foreclosure, causing mortgaged lands to be sold to raise the money to pay that debt.- We very believe with legislation to this end, the debts of the State may be speedily paid of, with out any increased or direct taxation. We further believe it is the only feasible and sensible mode of paying those debts. We further believe that every true and sensible democrat will give Dick Johnson his cordial support, and in the four years all our State Bank debts will be nearly extinguished.
 ONE OF THE B'HOYS.