The Russellville Democrat., 1878-05-09

too; and on this question ne differed, although not so very much, with al most all who have expressed them selves on the subject. At the outset of this matter, he would say, that he did not propose to discuss the Adams -Redfield plan. THAT, he re- garded as one of the dead issues of the past, and what he had to say. .now
 on this subject had no reference or connection with that plan. We had heard great deal about Arkansas large debt--so large that it was a hopeless task for us to ever try to pay it. If his views were correct the debt is not so great as represented not so great but that we may hope to pay, and meet honorably, all our just and equitable obligations. The big debt, about which we hear so much, is largely bonded debt, and
 how to adjust and manage this bond ed debt was a matter which had
 caused no little agitation. As he viewed it, there had been much more agitation than there was any necess- ity for; because, large amount of this indebtedness was IN FACT AND IN LAW, no indebtedness at all, and therefore it needed no plan to get rid of it. The Railroad Bonds, for in- stance, he regarded as nulity in ev- cry sense of the word. To sustain this view,- view taken by him long since, even while he occupied the gu bernatorial chair--he recited the his tory ofthem, and reviewed the provis- ions of the Constitution in regard to creating that kind of indebtedness, showing clearly that the plain proyis- ions of that instrument and of the law had been disregarded in their is- suance. The Supreme Court of the State, more lately, has sustained this view and thus settled the R.R. bonds.
 The Levee Bonds were of like character and should be placed in the same list of fraudulent and illegal claims against the State with the R. R. Bonds. They were now before the Supreme Court, and having very recently read the able argument of our States Attorney General in the matter, he believed they would meet ths same fate that had overtaken the R. R. Bonds, With the 6,000, GOO R. R. Bonds and accumulated inter- est, making them now amount to be- tween seven and eight million dol lars, and the $2,OOO, 900 Levce Bonds thus disposed of, he would next look at another class of Bonds-the Hol- lords. He would review briefly the history of these Bonds and show un- der what law, how and when they were issued, and how the emphatic provisions of the law had been disre- garded in the use of the bonds. He doubted whether the State of Arkan- sas was legally bound for these bonds, but equitably we owe on them $121 ,00O-the amount received on them when they were hypothecated contrary to law-and accrued inter- est, less the amount that has been paid on them. The refnnding of the bonds in 1869 was an outrageous proceeding, and the excess thus sad dled upon the State should never be paid. No steps should be taken to pay anything on them until they were surrendered and cancelled. Then as an equitable matter the State might pay the $l2l, ,OOO and interest, less the credits for sums al- ready paid. The valid indebtedness of the State would thus be reduced to about $6,OOO,OOO, and that, too, without the odium of repudiation, for it was not repudiation to refuse to acknowledge a fraudulent debt. A decent regard for the opinions of others he thought would make it obligatory upon us to state our req sons for refusing to acknowledge these fraudulent demands. His idea was, that when the next Legislature meets to have joint committee from both houses to consider the matter and report minutely and spe- officially the classes of bonds winch are fraudulent and state why we re- gard them as fraudulent and why we disown them as part of our liabilities. Let their report be adopted and the whole matter is settled. In refer cnce to his candidacy, no personal ambition influenced him in his aspi-