GOVERNORS MESSAGE.

GENTIEMEN OF THE SENATE AND OF

 THE HousE or REpREsE'
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The comnunicaton my immediate predecessor embodyng of the subjects within your probable sphere of acon and concng the main with my opinions leaves comparatively little say either in the suggestion of subjects iii the discussion of those already before you

 invite your place to the afas the State of Arkansas for the liquidation of which, passed s f sas d: s''n 'f the General Assembly, and approved January So that withdraw msound uncertain and greatly Appreciated currency the object has pen to great extent accomphed for but few of the of the Bank are at the present time to be met in ordinary business transactions; the most o the very small amount remaining unredned pc9 h the hands of brokers and pecuoors.

 That provision of the authorizing M receipt of the Bonds of the State payment of debts due the Bank when the whole amount of the circulation of the Bank shall have been redeemed has of course been imperative As of policy, beneficial in its various bearings which will doubtless suggest themselves your minds, submit your favorable consideration such amendment of the debts the Bank

 You presume that of the debts, due the Bank, pcarous condition and will be exceedingly difficult col ee even with the most prudent management have doubt that resort harsh measures of eoeeve collection would majority of instances, render collections still difficult wholly impossible. This more particularly the where is often tound the Pn by the securities In view of this of things recommend such amendment of the will authorize the Receivers debs when the principal pay by taking liens land of sufficient value, if thought best complete titles

 Experience has already shown that securities and sometimes friends who not legally bound willing make the debt in the have suggested, when would be impossible otherwise payment Such alternative, sashed ha upon more than ocaon been presented to the Re- eiye who have felt authorized under the law release by this method collect debts where principal failed

 The present plan of eng Attorney forthe Bank Branches, with fixed salary, believed be injurious the of the state The service of Attorneys at of the Branches has the State much than if the whole business of and of

 

 of the Receivers; for they would call in the aid counsel only when ncedful and then pay fair per cenagc upon collections This It tue would increase the amount Of discretionary already lodged the hands of the several Receivers bu my opinion is preferable concentration, the Government quired order local combinations which debts due the Banks.

 believe that the general plan of the liquidation as well calculated the State now in the pow CT of the General Assembly devise.

 With few alterations such as have mentioned agement of active and udcous Receivers opinion ta an1n larger ger proportion at others may finally be collected

 gloomy picture of very important people of this State it nevertheless and deemng SO my duty the more upon your prompt attention For nothing is more ae of l2e a7ej either o individuals or States than that they attention when it IS unpleasant to think speak of their

 The limited knowledge which, in common with the public DOS the affairs of the Real Estate Bank enable me to add much to the suggestions of my predecessor

 concur with him. the propney investigation into the afiai o that Institution Without pretending determine now exists as public corporation private m dvdualsor whether has fairly unfairly conducted have W m on M Ill aecanS my opmon that nasnuch as created by the Representatives of the people, for the public good and not for dent of the power from which derived its existence And further that nasmueh still influence upon interests of the tatives whether ighfuy and uey exercised If be- then knowledge of the satisfy the pub c mind and promote the public good If then the evil in 'ns case as In all others coming within the scope Legislative pow sr a should be promptly corrected It monsrou position which examine into the affairs of this institution other whether pub nc or pvae whose acts believed affect the public IL truly dangerous when maintained institutions created hy the Legislature The power corporations and en- dow them with exclusive privileges it. al war with the Fundamental principles popular Governments and when exe sed Tn behalf of associated wealth. among the dangerous winch any government has wedd Experience has proven m m almost State of the Union and one more ds rousy than our own If added this admitted that corpora on any nd created become independent of their a hor may alter the terms of their original prescribe new terms for their pepetaion it say that political power no longer the hands of the people, that our form of Government IS sbyered and in the of my predecessor that the country governed by sous corporations

 hold 1t to be seleviden truth ha the power to abolish is nse parable from the power And with governments so with all neor creatures including Banks, when they fail answer the purposes o her creation the right and duty cano now CT to abolish hem In regard Banks particularly it is to my mnda pam and unavoidable principle that when they fail either bv falling short or anscendmg the conditions law by which alone they exist all their and privileges once revert to the source from which they derived and which instance is the M gatu is true State constitution does not mpar the power i the Legislature in its authority m certain number o Banks but at the time framed and adopted sateo ieeng existed among the people of the whole country unparalleled m all past hne and to be experienced hoped in all me to come We then followed fous n on at dazzle bewde and beay while light made clear and steady by experience by which guided to er policy Ii our Constitution be framed present Iav where the Convention that would power or rather would not prohibit the power of ang Banks by the Legislature? Need pc asked the people of Arkansas would a any grant of Powef We do not mistake the popular will when say n- stead o granting the power Banks would expressly