"OFTIcE OF THE REAL ESTATE BANK ) OF THE STATE OF ARKANSAS,

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LHtte HOCC, Juite OtH, Iooo Messrs TAo.las T. Willlamson

 aad Ambrose II. Serier

 GENTLEMEN--On your return to New Y ork, as Commissioners for this institution, 10 sell the Bonds of the State of Arkansas, you will embrace the first opportunity of en- tering into an arrangement for a disposition of them, either by an advance and consign- ment of them to Europe, or for sale at once ill New ' ork or Philadelphia.

 In the event of taking an advance, you will endeavor to obtain tine full amount of five hundred thousand dollars, on an agreement to consign the whole amount of fifteen hun dred thousand dollars, contracting to deliver the remaining thousand bonds i'll a reasona- ble time, making sufficient allowance for any probable delay, and conditioning the final payment of the half million of dollars on their delivery. You will, however, make t one of the positive conditions of the con- tract, that two hundred and fifty thousand dollars be paid in hand, and the remainder of the advance on the delivery of the remain ing Bonds, on the first of September, should the Bonds be delivered before that date. Ii should also be part of the contract, that the consignees hold up the Bonds for a term of twelve months, if they cannot sooner be sold in London at par. You will, however, | feel yourselves authorized by your powers of attorney, to make a contract in New ' orll for sale in London, so stipulated, that the proceeds reafized in New ' ork, shall be the value received for them. On this point, your previous negotiation will afford you all the necessary items of information; and your knowledge of what is required by the char ter of the Bank, to make sale which will comply with its provisions freceiving mot less than par value,n will suggest to you the 1 necessity of so wording your contract, as to keep strictly in view that essential particular.

 The words "receive not less than par value,o will, ill the opinion of the Board of Directors, fully authorized a sale at Jess than par value abroad, if the sale expresses to re- ceiye par value at home, aud the Bank fea- lizes mot less than par'' from the proceeds of the sale in specie or its equivalent

 "Should the opportunity offer of selling the whole amount of one million five hum dred thousand dollars, on such terms as you may be induced to dispose of that amount of Bonds, you will do so, and as our immedi- ate wants for money will probably be fully met by depositc of five hundred thousand dollars at the time specified above, and with view to facilitate sale ats once, you can contract for the payment of the remaining million to be made in iastalments, commence ing lst December, and ending lst March. Our branches will Iotbe ready receive t ear