Arkansas true Democrat., 1860-07-28
Releasing the Mortgages.

AA6 0A0 HUI tSdSC0.
 Judge Rector in his speech Saturday, charged the True Democrat with misreprs- senting him in regard to his State policy.
 It occurs to us, if we haye misstated his plan for paying the bank debt, we are less open to censure than that very independent paper, the Old Line Democrat; for that sheet, with all the advantages of being in the .tamily confidence, utterly failed to "ventilate" the aforesaid policy, according to the opinion of the Judge. But leaving our neighbor to take care of himself, we proceed to vindicate ourselves from the charge of misrepresentation.
 We have declared again and again that Judge Rector advocates the policy of releas- ing the lands mortgaged for the payment of the bonds of the Real Estate Bank; he replies that "no person ever heard him say that such was his policy,' and therefore this paper must have slandered him. Now this is very poor argument, and unworthy of good lawyer We never asserted that Judge Rector said that he was in favor of releasing the mortgaged land, and thus throwing the onerous debt directly upon the people. What we did say was that he advocated policy, which if carried out, would inevitably result in releasing the mortgages; we say so yet, and all the Judges special pleadings, and "replica- tions" cannot affect the conclusion.
 Henry M. Rector is in favor of releasing the mortgages, whether he "says' he is or | not he is doubtless honest in his declaration that he does not favor such project, but that by no means helps the matter, as long as his own speeches, and the papers which support him, most exclusively prove that his policy would accomplish it.
 What does he sag he is in favor of? If we understood him, he proposes to fund the principal and interest of the present debt, issue new bonds covering the amount pdNdDIc III ~ oI -c yCalo, vel "Oii, eiio would release the mortgaged lands.
 Let us suppose for illustration that Judge Rector gives us his promissory note for SIC, 900 due on the 1st day of August, 1860, and to secure its payment, mortgages his house and lot; on "pay day" however the Judge is hard run and cant raise the money. The principal, S10,00O, has been drawing interest, which amounts on the day when the note falls due, to S1 900, making Sl1,- 900, for which the Judges house and lot is security. But he is not ready to pay; what is to be done? We must foreclose | the mortgage or make some other arrange ment; the Judges astute financial talent re- ferred to in his address comes to his aid; he lays the subject before us, satisfies us that he scorns repudiation and will pay off the S11 ,000, and get rich out of it into the bargain; we must give up our note against him of S10,000 and he will give us anew note for $l1, 900, payable five years hence; we consent; the five years roll around and still the Judge is hard pushed as before; we threaten to turn him out into the street as we have mortgage on his house; he tells us to pitchin. Can we fore close our mortgage and recover our Sl1,- 900 and interest? Certainly not. Why? Because the mortgage was given to secure the payment of the first note of S10,00O, and that was paid and satisfied by giving the Sl1 ,000 note. Is not this so? And would it have been different, if the Judge had said that he did not propose to release the mortgage he had given? 50 it is with the Real Estate Bank lands-if new bonds or notes are issued as Judge Rector pro- poses, the lands mortgaged to secure the payment ofthe first bonds, will immediately be released and the people will have the debt to pay by taxation.