ARKANSAS. 



41 



That an address setting forth those facts was drawn 

 up und signed by twenty-one mombera of the bar of 

 the Western District ot Arkan*as t and forwarded to 

 the President and Senate of the United States, through 

 the Hon. B. F. Kico, who reported that be handed it 

 in to a committee of the Senate, where it has sinoo 

 slept without a protest, r.nd without even a notice by 

 that honorable body. And 



l\'/tt-reat t Many other devices were resorted to dur- 

 ing that unhappy period, by which to "debar" legal 

 voters from a free exercise of their suffrage, and which 

 should bo known to the country, and especially to the 

 Senate Committee now engaged with the subject, that 

 they may be the bettor prepared to draw intelligent 

 conclusions as to the remedy for so great an evil : 



Therefore, be it resolved by the House of Representa- 

 tive* of the State of Arkansas. That a committee of 

 nine of its members, selected from different sections 

 of t lie State, be appointed by the Choir to inquire into 

 and report such tacts in connection with the violation 

 of the righu of suffrage in this State as can be estab- 

 lished by competent testimony, and in time to be for- 

 warded to our Senators and Representatives in Con- 

 before the adjournment of its present session. 



A joint resolution instructing the Represent- 

 atives of the State and people in Congress to 

 vote for all measures looking to the unlimited 

 coinage and full legal-tender capacity of stan- 

 dard silver dollars, and also for substituting 

 United States Treasury notes for national-hank 

 notes, passed by decisive majorities. In the 

 Senate the vote was yeas 28, nays 2. The 

 following resolution contains the list of mea- 

 sures in detail : 



Resolved, by the General Assembly of the State of 

 Arkansas, That our Senators and Representatives in 

 Congress be, and they are hereby, requested to vote 

 for and support the following measures : 



First. The unconditional repeal of the resumption 

 act. 



Second. The repeal of the act exempting United 

 States bonds from taxation by the States. 



Third. The repeal of all laws exempting green- 

 backs from taxation. 



Fourth. The abolition and prohibition for over of 

 all bank issues. 



Fifth. The free and unlimited coinage of gold and 

 silver. 



Sixth. The issue by the Government of full legal- 

 tender paper money, receivable for all dues and de- 

 mands, public and private t in amount sufficient to 

 meet the wonts of trade, said amount to be not less 

 than thirty dollars per capita of the whole population 

 of the United States, and provides by law that this 

 paper money shall remain permanently in circulation, 

 and equal before the law with the nation's gold ana 

 silver coin. 



The following memorial to Congress, relative 

 to the intellectual status of the colored people, 

 also was passed by the Legislature : 



To the Honorable Senate and House of Representa- 

 tives of the United States : 



Your memorialists, the General Assembly of the 

 State of Arkansas, would respectfully ask for the pas- 

 sage of the bill now before the lower House of your 

 honorable body, and in the hands of the Committee 

 on Labor and Education, authorizing the appointment 

 of a committee of throe colored men to inquire into 

 the intellectual status of the colored people of the 

 Southern States: the expenses of the same, as pro- 

 vided for in the Dili, to be paid out of the unclaimed 

 bounty funcls of the colored soldiers. Believing that 

 such an action will be productive of great good, not 

 only to an essential element of our society, but to the 

 community in general, and urged so to do by those 

 immediately concerned. 



The subject of the finances of the Stato was 

 the most important before the Legislature. It 

 appears that the amount of warrants drawn 

 on the Stato Treasury during the fiscal years 

 1877 and 1878 was $1,296,859.16, of which 

 sum $422,977.57 were expended in payment 

 of the current expenses of the government. 

 To the latter sum should be added $26,792.21, 

 amount of certificates of indebtedness apiin-t 

 the State. Total sum expended during the two 

 years, exclusive of interest paid on bonds, $449,- 

 769.81 ; an average of $224,884.90 per annum. 

 The funds in the Treasury at the beginning 

 of the year consisted chiefly of State scrip 

 which had been issued in previous years to 

 pay current expenses, and which was made re- 

 ceivable for all dues except interest. It had 

 been returned to the Treasury in payment of 

 taxes, and at that time there was outstanding 

 $477,729.47. The plan adopted by the Legis- 

 lature was to stop all further issues of scrip, 

 and to borrow the amount necessary for the 

 expenses of the ensuing two years. By this 

 method the State government would be car- 

 ried on and the outstanding scrip retired. A 

 State Board of Finance, consisting of the Gov- 

 ernor, Auditor, and Treasurer, was created 

 for two years, which was authorized to borrow 

 money for current expenses ; and the Governor 

 and Secretary of State are authorized to exe- 

 cute in the name of the State, and the said 

 Board of Finance is authorized to countersign 

 and deliver promissory notes of the State, or 

 rather instruments in writing, as evidence of 

 the indebtedness so incurred. The faith and 

 credit of the State are pledged to the payment 

 of such obligations. For the further security 

 of their payment, the Board was authorized to 

 pledge the bonds of the State authorized to be 

 issued under an act of December 28, 1874 ; and 

 upon default of payment of the principal sum 

 or interest on said obligations, as the same may 

 become due, a sufficient amount or number of 

 said bonds so hypothecated, to pay off the in- 

 terest or principal sum then due, may be sold 

 at public sale, at the city of New York or the 

 city of Little Rock, after having given at least 

 thirty days' notice of such sale. The unusual 

 feature of this arrangement is, that to raise a 

 half million for current expenses there are 

 pledged as security for its payment bonds 

 amounting to a million dollars. If the State 

 fails to pay on the day the money borrowed is 

 due, the lender, upon thirty days' notice, can 

 sell the bonds at auction. The credit of these 

 bonds, which have obtained the name of 

 " Loughborpugh bonds," is based upon the fol- 

 lowing section of the original act authorizing 

 their issue: 



SEC. 10. In order to secure the prompt payment of the 

 interest on said bonds, and to provide a sinking fund 

 for the redemption of the principal thereof, it Is further 

 enacted as a part of the contract on which said bonds 

 shall be issued, and as an inviolate condition thereof, 

 that until said bonds, principal and interest, shall have 

 been fully paid off and discharged, there shall be levied 

 an annual tax sufficient to produce the sum of one him- 



