The Van Buren press. [volume] (Van Buren, Ark.) 1859-1914, 1877-09-25
THE VOICE OF THE PEOPLE +!
NOT FOR REPUTATION.
They Want an Honest, Honorable
Settlement
OF ALL THEIR INDEBTEDNESS.
From Little Rock Gazette. |

|
proposed plan for settlement Of the pub
i lie debt. The first is from the Hon. les
sic Turner, Of Van Buren,, u man whose
ability, honesty and devotion to the true
| interests Of the people are known and
recognized in every part Of the State
JUDGE TURNER'S LETTlR.
VAN buren,, ARE, Sept, y.
Mr.. James Mitchell, Editor Gazette
Yours OF the 7th inst, duly received.
In reply, would say that the plan propo-
sed for the settlement Of our old bonded
debt, as set forth in letter Of Capt. |
John ID. Adams, meets my cordial APP
probation, and ought, in my humble
Judgement to be acceptable to the peo-
pie OF Arkansas. The amount Of this
indebtedness is found TO be $l,0S5.hQ0. !
correct.] By the plan proposed, we pay
to the holders Of the bonds, good and
bad interest al the rate Of i per cent.
for the first, per cent. for the second, |
and / per cent. for the third year, and 6 |
per cent annually thereafter. This is !
$3.50 less than the amount actually
due. BY it we get rid Of all our out
standing bonds issued prior to the year
1874, except what is due the Unitsd
States, without paying Il dollar on the
railroad, iepee or Hotod bonds, except
on the latter, for which sl2l 1888, with
interest thereon, is allowed, it being the
amount actually received on the bonds
nearly forty years ago.
1t is understood that the holders of
the good bonds, who are also largely
holders Of the disputed bonds, are per
feetly willing to come into this arrange
ment, and they protest against the repu-
diation Of any part Of the bonds. 1t
would not be strange, if they had object
ed to such Il settlement, but that any cit
iSen Of arkansas should object to it, is
passing strange. If they are willing to
compromise their claims and accept the
plan OF settlement proposed, is it not n
little prcsumptnous in any ono to throw
obstacles in the way Of such an adjust
ment under the preteXt of nh honest
zeal to pay every dollar we justly o,ce,
and to repudiate every fraudulent claim
against the State
,, If the holders of the good bonds, and
those who hold the doubtful ones, are
willing to compromise and Scaie i'll the
proportions set forth in the plan of set
tlement, ought it not to be treated simp-
ply as an arrangement between the bond
holders themselves, in which they are spe-
cially interested, and to which re as CIT
Gems 0; arkansas ought not to object
I The holders Of the good bonds are
, willing to settle on the terms proposed,
because they believe it would be highly
n advantageous to them, for by it they re-
ceive greatly moro for their bonds than
: they are worth in the money markets,
!, and they believe, furthermore, that the
= Reputation of any part Of the bonds
!. would very much impair the credit of
1 the State, and have a tendency to deprc-
I eatc all its securities. For, say what we
. may about the fraudulent character of
A much of our Indebtedness, there is an
odor about reputation which is decided
!, ly offensive, not only to capitalists, but
i to all men who place high estimate on
). II strict observance Of the public faith.
The proposed plan of settlement was
n distinctly ioreshadowed in the messages
a of Gov. Garland, and in those Of his sue
p cessor, and in the publications of the
q State Board of Finances. AS q member
!, of the State Senate, | gave the Garland
q Administration my hearty support, es,
il pecially its financial policy, and | shall
10 not now go back on that policy. In my
W judgment it was best tor the State, then
E. aud is best now, and ! am glad to see
"a that Gov. Miller is eXerting himself to
"a carry it out in good faith. The State
~ Board of Finance is composed of gen
n tlemcn of unquestioned ability and in,
i tegrity, and the State is not likely tc
ST suffer injury at their hands yet | am
I. prepared to hear Of all manner Of c0rer,
a and unchdrttable insnuations to the eff
/ feet that these and other worthy gentle
II men are corruptly sacrificing the inter
i ests of the State, at the bidding of dis
:, honest and fraudulent bondholders. Blu
n. the people will spurn such imputations
m and trumphantly vindicate the action o.
n the Board. Such, at least, is my prcdic
, ton.
10 | have Just read, in your issue of tn,
If 18th instant, the letter of Messrs. Latham
:, Alexander 4 Co.. Of New Yorll, late Fl
n, nancial Agents of the State. 1t is III
in iblC NuSAuiCht, NuN' 'ttkShN w pS iSdA ~
all the people. 1t should be scattered
broadcast over the land, for il sheds ;
h flood Of light upon the financial history
- of the State, since the inauguration o
~ Gov. Garland and exposes with uu
ne sparing severity, the blundering erpedi
10 eats the would-bc rcpudationists sough
in to tastcn on the country ms a substitute
"A for the wise and statesmanlikc policy o
!, the Garland administration. The On
D. zette is doing good service in the oaus
Id of the people, aud they ought to feel un
der many Obligations 10 you for you
able support Of the State Administration
it. against the ooyePt and insidious attack
os of its enemies.
10 Truly yours JESSE TURNER,
-----0-~-
-, The following from Hon. r. c. Mo
W Rae, tho talented and efficient Represcn
tatiye in the late Legislature from Nc
lie, vada. may be regarded as the opinion O
he q man who has studied the question i