The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1869-08-12
Arkansas and it's Resources.

rv has been making itself hand over hand.
1t is not surprising, therefore, that In MI.
Poor's valuable manual of railway and 9TH
er statistics, those relating to the financial
condition of the State of Arkansas are
crude and imperfect. Presuming that
these, gathered from official sources
though thrown together without any at
tempt at arrangement, may be acceptable
to some classes of your readers, they are
herewith presented.
The public debt of the State consists OF
State bonds which were loaned about thir-
ty years ago to certain State banking IN
corporations, the banks giving as securl-
ty for the bonds so loaned, mortgages on
vast tracts of wild lands, since greatly
enhanced in value, ard on highly improv-
ed plantations The aggregate OF these
bonds with their outstanding interest
until recently most thoroughly ignored
yet neoer rep0diated- amount to the sum
ofS4, 100000. At the last session of the
State legislature comprehensive funding
bill was passed almost without opposition,
which measure provides for the funding
of the outstanding bonds and accrued in
terest in new bonds bearing the same rate
of interest &c per cent? having thirty years
to run fron July 1, 1869 the first payment
falling due January 1, 1870. The punct-
ual payment of the interest is secured be-
yond all hazard of default by the levying
a special tax of one fourth of one per cent
upon the entire taxable property OF the
State, the assessed value of which, for the
present year, will approximate to $780,
100000 This rate of tax, it may be seen,
will not only suffice to meet the interest
on the new issue, but will provide for the
creation of q sinking fund for their ulti-
mate redemption, as required by the Con-
stitution. The engraving Of the funding
bonds is only just completed, but they
will be ready for deliveryto the old bond
holders within the next thirty days. This
done, Arkansas will resume an honorable
place among her sister commonwealth,
and the faint or suspicion of reputation,
which, for a quarter of century, has
rested upon her name, will pass away for
ever.
I have stated that the State debt when
funded will amount to $4,300OO0 I must
add that this total will be largely dimin-
ished by what will be derived from the
sales of real estate held by the State IN
der the bank mortgages. From these
mortgages, now in the process of foreclos-
ure, it is estimated there will be realized
from $2,50O,O0O to $3,O0O,0OO, which pro-
ceeds are expressly set apart by a consti-
tutional provision, to be applied to the
extinguishment of the States indebted
ness.
AS the last cotton crop reached over
100000 bales-quite up to the mark of
1859, the crop of 1860 not being known
and netted to the planters of Arkansas at
least $20,000,000, the ability of her people
to take care of a debt of from four to five
million is hardly debatable question:
and their purpose is sufficiently attested
by the legislative action that have recit-
ed.
The party in power, backed by direct
and overwhelming vote of the people, has
also provided for a liberal system of inter
nal improvements. At general election
held last November, in accordance with q
constitutional provision denying the Leg
islative body the right of loaning the cred.
it of the State, the people by the sratifica-
ton of the law submitted to them author
lied the issue ola limited amount of State
bonds, said bondsto be loaned to Railroad
Companies, and in order that the roads to
which the bonds are loaned be faithful
ly constructed, the laws stipulate that the
bonds shall be issued only as sections of
ten miles are graded, bridged ana ready
for the rails and, that no additional bonds
shall be issued to such companies except
as the rails are laid and rolling stock is
put upon the road And to secure such
lines of road as are required for the fair
and equal development of the several por-
tions and varied interests Of the State, the
fnll amount of the bonds authorized to be
loaned has been awarded or pledged to
to the following named roads.
Tue Memphis and Little Rock Railroad.
length $50 miles the Cairo and Fulton