36 



ARKANSAS. 



until to-day, she has become the peer of her KAILROAD AID BONDS : 



nrmiHftqt Bister " 7 per cent> Eailroad Ald bonds $5,860,000 



proudest Sister. Interest 1,807,145 



The following resolution of thanks to ex- 

 Governor Garland was adopted by both branch- Total Railroad Aid bonds $7,157,145 



es of the Legislature, with little opposition : LEVEE BONDS: 



Resolved, That we hereby express our sincere 7 per cent. Levee bonds ^'E^'Hl 



thanks anA gratitude to ex-Goveruor A. H. Garland, Interest 7b4,844 



for his wise and peaceful direction of the ship of Total Levee bonds... $2,751,118 



state, of which he took command in the heat of local 



civil war, when bitterness and prejudice were rank- RECAPITULATION : 



ling in the hearts of our people, and which he has Floating debt and Interest to July 



conducted through all perils, safely and triumphantly ^1J - --- -^ 



to the close of his administration. New ^ nA& 



ThA lf>eri*lfttinn nf tliA sAtKsinn wnq for thfl Old bonds, unfunded 485,885 



New funded debt ... 4 194,510 



most part unimportant. There was an act Railroad Aid bonds 7,157,145 



passed authorizing the several counties to fund Levee bonds 



their outstanding indebtedness, and onerequir- Total, estimated to July 1 1877, $17,752,196 



ing the Auditor of State, in connection with his EESOTIECE8 OP THE gTATB . 



biennial report, to publish "an accurate de- Assessed value of property, 1877-73, $91,000,000 



tailed statement of the receipts and expendi- Tax for general purposes, and to pay 



tures of the public money, or evidences of in- i" ter , e * on P ubl ! c debt n - v, i * 798 ' 000 



" . , Deduct for assessing, collecting, and 



debtedness, showing the several amounts paid, delinquent 183,000 



to whom paid, and on what account." An act *66oooo 



to reduce taxes provided for a levy of 1 mill ^ additioMhere is'aT^m school- 

 on the dollar for defraying the general ex- tax. 

 penses of the Government and supplying defi- EXPENDIUJBES: 



ciencies; 4 mills on the dollar in 1877, and 5$- Estimated expenses of State Govern- 



mills after that year, " for the purpose of pay- ment > per year $820,000 



ing interest on the public debt and redeeming Thig wag followed b a proposition from the 



the State bonds hypothecated by the State cre ditors for a settlement on the basis of 60 



Board of Finance; 2 mills on the dollar and a cents on the dollar for 6 per cent bonds 35 



poll-tax of $1 per capita on male inhabitants cents for Rai i road Aid bonds ^a 15 cents f or 



over 21 years ot age, for the support of pub- Leyee bonds This w&8 not acce p te d, and the 



he schools. The 6-mill tax, levied in 1876 for Gove rnor, in laying the matter before the 



general purposes, was reduced by the same act Legislature, expressed the opinion that it did 



to 1 mill. not bring tbe debt w jt b i n the limit of the 



Negotiations for an adjustment of the State State>8 ability to pay> It should be noted that 



debt have been kept up during the year, but the va i idity O f a large part of the State debt 



no definite action has been taken. In reply to a was ques tioned. The Legislature took no ac- 



commumcation from a committee of bondhold- tion beyond continuing the State Board of 



ers, Governor Miller, in February, furnished Finance 



the following statement of the indebtedness In the ' course of the summer this board re- 



and resources of the State, with interest com- ceived from John D Adams and j E Redfie i d 



puted to July 1st : a prO p OS ition for a compromise of the State 



FLOATING DEBT: debt j t was } n tne following terms : 



Spercent. scnp $1,299,890 



Interest estimated 178,745 SIBS : As a feasible and fair plan of funding and 



Non-interest-bearing scrip 81,809 compromising the State debt, we propose the fol- 



Total floating debt $1,510,444 OWID : 



Deduct amount retired by 1st July There are now outstanding, of old bonds issued 



estimated $600,000 to the State and Real Estate Banks $485,88500 



Similar bonds issued for funding debt, under 



Total outstanding, July, 1877.. $910,444 act passed in 1868, by which the old bonds 



issued to State and Real Estate Banks were 



BONDS HELD BY THE UNITED STATES : funded, in new 6 per cent, bonds, leaving out 



6 per cent, bonds-old $538,000 the new bonds given for the Holford bonds . . 2,844,510 00 



. A"J/"V^ ?2?i2x The Real Estate Bank actually received, on the 



6 per cent, funding bonds 168.000 hypothecated "Holford bonds," $121,886, 



Intere8t 8 ^ 800 which, with interest, now amounts to 897,98208 



Total Government debt $1,737,956 Making, in all, an undisputed debt of $3,727,827~08 



NEW BONDS: 



10 per cent, bonds $239,688 The legality of this debt, or of any part of it, has 



6 per cent, bonds of 1874-'75 256,000 never been disputed by any one, 8O far as we know. 



_, . , . . -, CQQ Now, we propose to settle the entire debt of the 



Total new bonds $515,688 State) ^^.i that part of it due to the United 



OLDUNFITNDED DEBT, EXCLUSIVE OP States, the outstanding scrip, and the 10 per cent. 



^SSfiSJLl^Sit, $485,885 and Loughborough bounds in new 6 per cent, bonds 



NEW>*NDED DEBT: 5M Jear8 t0 ""' * aggregat 8Um f 



6 ^Kes^. d8 ? f A 86 ^ 70 ;::::::: $ fS,M0 S wm be the amount of new bonds to be issued, 



! 1 which will nominally exceed the amount of the un- 



Total new funded debt $4,194,510 disputed debt by the sum of $272,172.92. 



