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very small amount, yet remaining unredeemed,
being in the hands of brokers and s2eculators.


That provision of the act authorizing, the receipt
of the Bonds of The State in pa yment of debts due
the Bank, when the hole amount of the circuIa.
tion Of the Bank. shall have been redeemed. has Of
course, been imperative. As measure of policy,
beneficial in its various bearings, which will,
doubtless, suggest themselves to your minds, |
submit, Tor your favorable consideration, such an
amendment of the act as will authorize the i'm.
mediate receipt of the State Bonds in paymen, of
debts due the Bank.


You are aware, presume. that many of the
debts, due the Bank. are in precarous condition,
and will be exceedingly difficult TO collect, even
! with the most prudent management. have no
doubt that resort to harsh measures Of coercve
collection would, in majoritv Of instances, ro n
dor collections still more difficult, if not wholly i'm
possible. This is more particularly the case
where, as is often found, the principal is wholly
insolvent. and tho debt, if collected at all. must
be paid by the securities. In view of this state
af things, ] recommend such an amendment OF
the act as will authorize the Receivers TO secure
debts, when the principal is known to be unable
to pay, by taking liens upon land of sufficient val.
ue, or, if thought BEST complete titles.


Experience has already shown that securities,
and sometimes even friends who are not legally
bound, are willing to make the debt secure, in the
way have suggested, when it would be mpossi.
bic to coerc", or otherwise secure its PAYMENT
Such an alternative, am satisfied, has, upon more
than one occasion, been presented to the Receiv-
ers, who have not felt authorized. under the law,
to reierse securities. 1t will be found exceeding.


y difficult. if not impossible, except by this meth.
cd, to collect debts where tho principal has failed


The present plan of e!ecting an Attorney for
the Bank, or Branches, with fi.xed salary, is be-


ieved to be injurious to the interest of the State.
The service Of Att torneys, at s.me of the Branch.
es, has cost the State much more than if the whole
business OF collection, and of obtaining legal ad-
vice. had been left to the discretion and manage
mont of the Receivers for they would call in the
aid of counsel only when needful, and then pay i,
ioirp per cen,age upon collections. This, it is true.
would increase the amour, Of discretionary pow
er already lodged in the hands of the several Re-
ceIvcrs; but in my opinion it is preferable to Il
concentration, at the seat of Government, of MI
business rei"ti"g to the winding up Of the branc
es that will ultimately be required, in order to
prevent local combinations which, it is believed
have already been made to interfere, to some ex.
tent, with the collection Of debts. due the Banks


believe that the general plan of the acl of Iiqu
dation is well cac cula,ed TO secure the interests
of tho State, as any now in the power OF the Gen
eraI Assembly to devise.


With few alterations, such as have mention
ed. and under the management of active and judi.
cious Receivers, am of opinion that, at least one
hall of the debts at some OF the Branches and per-
hnps larger proportion al 9th, RS, may finally be
collected.


This las, statement may be regarded us present.
ing a somewhat . toony picture Of very impor.
lant interest of the people of this State it is
erlheless, true one; and, deeming it so, my duty
the more imperatively requires me to speak plain
ly OF it, and earnestly urge it upon your prompt
attention. For nothing is more true, of the affairs
either Of individuals or of States than tha, they
are most in want of attention, when it is unpleas-
ant 10 think or speak Of their real condition.


The limited knowledge which, in common with
the public possess Of the affairs Of the Real Es-
tate Bank. does not enable me to add much to the
suggestions of my predecessor.


concur with him, as 10 the propriety of an in
veslIgatlon into the affairs Of that Instituton-
iIhout pretending to determine whether it now
exists as public corporation an association
Of private Indlviduas-or whether it has been fair
ly Or unfairly conducted, | have no hesitation VI
declaring my opinion that, inasnuch as it was
created by the Representatives of the people, for
tho public good. and not for private advantage
alone, it ls not now, nor can 1t ever become nde.
pendent OF the power from which it derived its ex.
istence. And further, tia, nasmuch us it still ex-
erts an influence upon the interests Of the people,
il is, alike. The right, and the duty. OF the peoples
Representatives to ascertain whether that nfu.
cnce be rghtiuIIy and usefuy exercised. If it
be, then knowledge of the fact will satisfy the
pubic mind, and promote the public good. II il,
be not then the evil in this case, in all others
coming within the scope of Legislative prwer,
should be promptly corrected. 1t is inonslrous
position, which have heard advanced, tnat the
Legislature has no righliu authority to examine