Arkansas true Democrat., 1860-07-28

1 the railroad stock; for instance, ii the stock is worth one hundred cents on the dollar, then the State, to make her deprecated I bonds equal to the stock, would nave to 1 g;ve three dollars for one-and if she pur- Chased stock enough to trade for her out l standing bank indebtedness, amounting to over three millions, 1t would cost her Tn bonds over ten millions of dollars. 50, instead of following Conway direct ..dirt road policy" as it is called, paying off the indebtedness with the securities given to the State, thereby restoring the credit ot the State, and placing her in position to give material and effective aid, we are to start off on splendid circle, looking for perpetual motion, and finding ourselves hopelessly in debt-our credit gone, and no roads worthy of the name.
 But to further show the utter absurdity of this juggling circle, ohich proves Judge Rector to Je Me man tor Governor-the fed eral government owns about million dol lars of Arkansas indebtedness, including bonds, and interest on them. Does any sane man suppose the government would trade the bonds she holds for railroad stock? Would any democrat go to Congress and propose thing so absurdly ridiculous? Ii one could be found, would he not be laugh ed out of Washington city? It is too ridl- culous-the government owning the rall- road stock of the State. So, if the govern ment would not do it, down would come the gentleman in straps, again, and not yet over the fence.
 But again, Holford & Co.,, of London, own bonds which the State are bound to pay; as we'll as many of the hypothecated bonds, which the State has long since deter mined never to pay. Holford or his agent refuses to do anything unless the State will treat all of the bonds as good and valid This the State will never do, if the voice of thepeople can be heard and right and justice prevail. Then again, if Holford & Co.,, fail to come to an understanding with the State authorities, our man is not yet over the fence. But suppose by the action of politicians, Holford & Co.,, could get the State to pay dollar for dollar for all the bonds they now hold-the English compa- nv would make in clean cash, something over a million of dollars, and they could we'll make several politicians rich, and still have enough of what the State had been swindled out of
 Yet again, the State is now amply secur- ed by the Real Estate Bank mortgages, fol all of her indebtedness, on account of the bank. Whenever any change is made in that State indebtedness, then by operation of law the lands are released and mort gagers go free. The mortgagers would make the amount of their indebtedness clear gain of over two millions of dollars and they too, might use few hundred thousand to the advantage of leading poll- ticians
 have seen two or three ridiculous pro- positions, tending to saddle the bank in debtedness on the State, and release the se- curities; but this is the worst-because there is no palliation about it-the pill may be sugared by the charmed circle, but nc gullet could swallow 1t.
 It may serve good purpose to those in' terested, to cry humbug, humbug, for the purpose of deceiving the people; raising a prejudice which will cause them to shut their eyes, while their pockets are rlhed and the credit of the State ruined. This trick is too plain-it would not entrap a blind horse on tread-wheel.