Arkansas true Democrat., 1860-08-11
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CLAIR CouNTYs AHx-s |usy xoses lc6O- EDrroRs TRUE DEHocRAr-
 In my communication in yous last weeks paper, took the position that if the next legisa- ture should deem it advisable to act at all, in re- gard to the immediate toreelosure of the mortgages she holds upon the stock lands of the Real Estate the deficiency, after exhausting the assets of the bank, be levied pro rata upon all the mortgaged lands, and that the holders of these lands be al lowed the privilege of paying up such pro rata in ten annual installments to bear interest at six per cent. from date. Now, take the further position that there IS not one of the owners or holders of these mortgaged lands, in the State, but would cheertully comply with these terms, and thereby relieve their lands from the existing liens; and, why? Because these lands, by reason of the pre- sent high price of cotton, and the great demand for good cotton lands in Arkansas have doubled or thribbled in value within the last ten years and in great many instances, they worth five or ten times as much as they were ten years ago; should any stockholder or owner of these lands fail to comply, by securing the paymen, of their pro rata with interest, then could be provided by legislative enactment that the mortgages upon such lands be foreclosed by proceeding in rem, and the land sold and bought in by the State, un. less at the sale they should bring the amount ofa the pro rata levied upon them. Believing as I do that the above policy is the only easy, sure and practicable manner by which to secure the State against taxation for the payment of the Real Es- tate Bank bonds, am opposed to the policy of the legislature calling in the outstanding bonds, and giving other bonds in their stead, until the owners of the stock lands have an opportunity and sonable time given them, in which to buy in all the bonds they can. The five hundred bonds now held by the United States in trust for the Smthso- nian Institute, amounting now, with the interest accrued to over million of dollars, cannot be ob- tained without the consent of Congress; they are not in market. If these bonds should be thrOwn into market by act of Congress the stockholders or the State could then make arrangements for their ultimate redemption What necessity is there for the next legislature to pass an act calling in the outstanding bonds, and giving new bonds in their stead, and thereby paying compound interest," The only reason given by the advocates of this policy is, that the State would redeem her credit and could then aid railroads in the State by issuing neebonds for their benefit. This policy has been adopted in many of the States, and they are now millions upon millions in debt. And the process is still going on, and where it will end, when it will stop, G cd only knows.
 Arkansas is not yet ready to plunge headlong in debt again. She is just beginning to feel strong, and hopeful, under the bright prospect of soon | [ I. ,.,l, hos eLoA her energies for many years and if she, with her bitter experience, run madly in debt again, by ! listening to the counsels of :" Young America and the FAST MEN, and disorganizng demagogues, who are in wild hunt after office, and whose motto is " RULE OR RUIN" say have jury, De Luralie inguirenelo upon her case; she would be | convicted certain, and ought to do away with her state government, and apply to "Uncle Sam" to take her back again territory
 With millions of acres of the best cotton lands
 in the world yet untouched by the hand of the l planter and with an immense annual emigration from the old States into her borders Arkansas, with prudent management, and with calm spirit, patiently "to bide her tme," is destined at no distant day, to occupy proud position as the proudest, and noblest, of her sister States. All that we need now is "let ,oeH enough alone" Judge Stith, in railroad speech, remarked that
 Arkansas was once frontier State, but now she was almost in the center of the United States, and that they were building railroads on every side of her, and that she must have railroads, bridge herseF."
 There is great danger in the present excited state of the public mind, that Arkansas may be recklessly precipitated into line of policy which would involve her in difficulties and embarrass
 mcnts, ten-tod worse than the one from which she is emerging In my next, I shall further elaborate my policy by showing that the State by pursuing it can assist in building her railroads without involving herself in debt again, and pay ing compound interest.
 Yours, etc.,
 | "CALEB WILLIAMS"