Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-12-15
Total bonded lndebtedness d the stateSs0slOC


To this amount may be added the float
ing debt Of the State, which consists of
treasurer's certificates, and amount to
$4OO, 0CO, all of which will be redeemed
during b early part of 1872, in payment
Of taxes.
The assessed valuation of taxable prop-
erty will exceed SI20, 600, 900, and the taxes
to be collected during the year 1872 will
amount to nearly 81, 000, 600, leaving 4 sur
plus in the treasury Of about 5000, 900 after
redeeminR the ~treasurer's certificates. ?
1t VIII therefore be seen that the treas
uFy will not be 'empty," as has been
stated by the Gazette, if the taxes are
promptly collected.
The total amount of annual interest for
which the Stste is liable viii not exceed
$3.50, COO, as the railroad companies are
required by the State aid law TO pay the
interest on the So, 500, 900 bonds which
they have received from the State, and a
special tax Will be levied to provide for
the payment Of the interest on the levee
bonds falling due in July, 1872, and Janu-
usIy, 1873.
When the remsinder of the old bonds
held by he government of the United
states for the account of the Indian trust
fund shall have been funded, the total
funded debt of the State will amount to
1906, 600; and pom the completion of the
eight hundred and fifty miles of railroad
TO which State aid has been awarded, the |
total amount of bonds issued to railroads
will be $ll .4O0, 600.
These, however, are contingent. not
sctuRl, debts of the State, and therefore
should not be included in a fair statement
of its present Indebtedness. It is esti-
that the claim which the State of |
Arkansas holds against the United States
selling public lands will amount to suf-
hcient to exsinRuish the interest due by
the State On the old outstanding bonds, |
when the accounts of the State and the
general government are adjusted, leaving
only the face of the bonds to pay, AMOUNT
ing to 500. OOO. The completion of the
projected railway system Of Arkansas is
theh hope Of the State, and every citizen
who is Interested in its DEVELOPMENT,
earnestly desires the successful prosecu.
ton Of the work Of construction.
When the State aid law was submitted I
70 the people for ratification, at the cleo
ion held IN the year 1868, all classes of
citizens, without regard to party. voted
for it. because they believed tina the con-
struction Of railroads through those Sec
lions where most needed, would result in
developing her vast resources.
Prior to ths year 1868, Arkansas had
only about fifty miles of operated rail-
road. Since that time two hundred and
seYenty-one miles of railroad have been
1 ~ y Al AAAhAhk OLu6Io 4
The roads which are not finished but in
course Of construction, are being pushed
ahead as rapidly as circumstances will
permit With the exception of che
Little Rock and Fort Smith road,
he several companies have made arrange
nents with perfectly responsible parties
or the negotiation OF their bonds, and in
he absence Of any financial revulsion in
he country, they will be enabled to Sc
.ure abundant means to prosecute their
Since the funding of the old ants-wsr
indebtedness, payments ~ofinterest on the
,tate bonds have been made ss follows:
'unded deb bonds, bearing six per cent.
interest, due 1893 and 1900. First pay
nents July, 1869; second payment, Jsnu-
~, 1870; third payment, July, 1870: !
ourth payment, January, 1871; finb' J
ely, ISL. State aid bonds, bearing sew :
. per cent. interest due 1899: First pay
1ent, October, 1869; second payment.
April, 1870; third payment, October, 1870;
lurtn payment, April, 1871; fifth, OcIo-
1871.
The sixth semi-annusl payment of in .
crest on the funded-debt bonds will be .
lsde at the Office Of the financial agency 7
I the State in this city OF the first day Of !
anuary, 1872, in accordance with q notice I
by b treasurer of the State. /
After my resignation of the office of 9
ate agent, the Union Trust company G
( this city lone of the best managed and 4
lost stable corporations of the kind In I
le country WIS appointed the financial 9
gent Of tbs State, and several Of its d. :
and stockholders, who have inves- {
gated the resources and financial condi-
on OF Arkansas have become large
Ivestors in its bonds.
The affairs Of the treasury department
Arkansas have been administered by
olonel Page, state treasurer, with ability
Id economy. At q recent meeting of q
rye number Of w~ell-known capitalists in
is city, who are holders of the State
)nds, highly complimentary illusions
ere made with reference to that official,
Id an earnest expression Of entire conf
,nce in his management of the finances
the State. q
1 sincerely deprecate the attempts
hich are being made by base political
who are opposed to the pres
It State administration, to iniure the
edit Of the State for purely psrtizan =
and as / happen to BE- aware of
70 fact from an examination of the list =
ntsining the names Of it's b~ondholders: p
st nearly two millions of these bonds Of
Q owned by gentlemen who arc con- q
'cted with sparty opposed to the party p
power in the State, the course which
ose political indictments are pursuing
likely to effect the interest Of their
litical friends more than that of their
litical enemies. Is
DAVID P. eICKELS, t5n
Late State RRert. ",