Arkansas true Democrat., 1860-07-07

1ne t was tiic ol tdCu ueIHDtF to scCuIc ioi hls immediate constituents as great portion o the public treasure as DO sibe, upon the idea that there was no hope of ever extricating the State from her endorsements.
 In 1852, it was the banks. In 1860, 1t is the Johnsons. Philip sober, refutes Philip drunk.
 But afraid that MT. Rust has got the start of him in abusing Gov. Conway's policy, Roane goes little beyond him in his late letter. If what he says now be true, then what he said to the legislature in his message is untrue. He forces us to take his statements then or now. Let us contrast them.
 He now says that there will be deficit of over million on account of the Real Estate Bank, according to the most favora- ble showing of Gov. Conway. Writing at Contentment, on the 20th with mounted messengers ready to carry each sheet with | post-haste to Little Rock, so as to be issu- ed by the next morning, the ex-Govelnor may be pardoned for some errors, but this is too bad The facts are that the lands he speaks ol are sufficient to pay the debt and must do it, though tract or two of his be sold under foreclosure. This is the whole matter of dispute and this is the heart of Gov. Conway's policy. This is the se- cret of the disorganizing opposition to the democratic nominee. Says J. Selden Roane in 1860.
 "So certain am of this fact, that I hazard nothing in asserting that if Gov. Conway will turn over the bank with its assets as they existed when he took control of it's atfaiIs to company of men in this State which can be organized in month 8 time, they will pay the whole debt of the Bank, and cave the estate of the stockholders untouch- ed.''
 In 1850, Governor Roane said of the Real Estate Bank:
 eff this bank sh Ill have been managed as well as the State Bank has been. (and we have no req son to presume that it has been managed better, J she will leave debt of about one million dollars, to be paid by the State"
 In 1852, he devotes several pages to the affairs of the bank. We quote fully and tell our readers that the following extracts contain much truth. Said Roane, Men: "At the same time, two banks were chartered by the Legislature; and, in order to procure a capital fund, upon which to base their operations, bonds to the amount of 2,s27 ,000 of dollars were sod for the redemption of which, the faith of the | State was pledged. Titus heavy debt, with ac- cumulatng interest, Was fastened upon the State, 1 dur ng the first year of her existence. | The affairs of these institutions intrusted | to the management of inexperienced and untath- | fu agents. Confusion. embarrassment, and dis aser, were the inevitable consequences; and Suspen sion of their business resulted. And, taking into | consideration the history of the times, the fact that all the bllking corporat ons Of the south and west had, at that time or immediately thereafter, suspended spec!e payments, and erased to do bu- siness, it is very doubtful whether widely differ ent result were practicable even under the most | faithful and skilltul management. Then followed 1 the act of the Legislature by which these banks were placed in lou dation; and thereis little doubt that, even then, their business might have been wound up with but little actual loss to the State had not the ruinous policy been adopted, of ex- tending the time of payment to those indebted, to the extraordinary period of ten years; thus allow
 ng all those who preferred emigration to the payment of their just debts, time and opportunity to leave the State and Carry of their property, the greater portion of which, ill many instances, was purchased with the very money drawn from the banks.
 But the injurious consequences of this to me, ever incomprehensib,e policy, did not stop here.- Both these banks remained fully provided with oi- ficers, who collected just about enough to pay their own salaries. And in this condition have they remained ever since; absorbing the assets Of the bank as fat as collected, in the payment of useless officers; and when the last dollar sh M have been wrung from the reiuctant debtor, then the State will be lett to foot the bill, and assume their liabilities. Thls should Cease. Better forgive the debtors at once, and be done with the whole affair." than longer endure the consequences of such a policy.'
 The above extract is tolerably tight paper, but we are not done yet. Philip sober shall speak again. Still speaking of the Real Estate Bank, Gov Roane said:
 & It is scarcely reasonable to suppose thit all cla med as due the banA, cdn be collected, til tt the lands reported assets, viii yield the amount set down to them. We may, then, safely set down the deficit of this institution at about S .O00, ,000 Adding this to the deficit in the State Bank. and have State debt of not less than &, 900 ,0O0, with accrung annual interest ofabout ),00O D
 In 1852, he says the deficit was d million oi uoildio. III LOW, uo oay , CoIHp of men could have paid out. We are at no loss to know which statement is true.
 In 1850, he said
 !" Since the date of her assignment, the Real Estate E ink has been sea ed book to all those unntiated in the banking operations of the pre- sent day, whether pI1vale or public officers, save lar the native polteness and gentemaniy bearing of her worthy Secretary, may prompt him to grdtify the curious and enishten the public. History, prior to this date, unfortunately, however, for the State, reminds us Of few facts in connec- ,ion with this my stc monument of modern bank ing.
 In 1876 and lS37, the State of Arkansas issued l 53O bond of Sl ,000 each, wh oh were sold by the Reil Est ,te Bank, at ther par value; subsequent 500 other 'nds for the like amount, were issued to this bank, and by her hypothecated for the sum of $ ,22,3e9 IT; realizing in all for the sale ot these bonds, Sl ,652 ,2e9 IT. winch was to const- tute her capital for the purpose of banking.
 We also know, that alter dscountng heavily for time, she suspended payment, closed her doors, and made assignment of all her assets; appointed trustees to take charge of them, with clerk to keep the accounts, and an attorney to advise and council them; ant then provide for their payment.
 Here the authentic history of this institution ceases. W hat accounts may have reached us of her transactions since, wear more the gaudy ap- parel or romance than the plaln habl lments of realty. And, although the State has such deep interest in the correct management and final set clement of this institution, she sets her authorities at defiance, and claims the right to close her doors in the face her offices, acknow ledgng that when she shall be compel cd to lay down the heavy debt which she has contracted, the State must take it up.''
 The sealed book" has been opened. According to Roane's statement the off cers of the bank were squandering the as- sets and paying useless officers and when the last dollar, etc. But Gov Conway $ policy stopped this waste and placed the whole thing under the control of the chan cery court. If Roane told the truth in 1852, and we believe he did when he said the deficit on account of the Real Estate Bank was million of dollars, then the in. terest on that sum would bring it up to a million and half now But 1t is not that sum. It follows then that the policy of Gov. Conway has worked well so far and is much preferable to that policy which Roane in 1850 and in 1852 so much de. plored. Our space is too limited to allow