Date Original
1857-1860
Description
This collection contains receipts related to the closure of the Real Estate Bank of Arkansas and the State Bank of Arkansas, and cancellation of bonds and coupons.
Biographical/Historical Note
The Real Estate Bank of Arkansas was created during the first session of the Arkansas General Assembly in 1836 for the purpose of aiding farmers in obtaining cash. Money for the operation of the bank was to come from the sale of state bonds; mortgages on the real estate of the stockholders and creditors would protect the state from loss. Arkansas's state government had virtually no control over operation of the bank, even though the credit of the state served as security for the bonds. At the time of its origin, the bank was hailed as a valuable institution for the people of the state, but was surrounded by controversy soon after it began operations. Problems of mismanagement and economic depression added to the bank's troubles. The bank failed, in effect, within four years of active operation. Finally, in 1855, the bank's trustees were divested of their assets. Then, the assets were transferred to a state-appointed receiver. Legal actions continued for several decades. The State Bank of Arkansas was also created during Arkansas's first legislative session. It was truly a state bank, since the state had absolute control of the management. It, too, met with difficulty and ultimately failed.
Physical Description
Document, 8.5" x 11"
Geographical Area
Arkansas
Language
English
Identifier
SMC.014.006
Resource Type
Text
Collection
Real Estate Bank of Arkansas and State Bank of Arkansas receipts, SMC.014.006
Publisher
Arkansas State Archives
Contributing Entity
Arkansas State Archives
Recommended Citation
Real Estate Bank of Arkansas and State Bank of Arkansas receipts, Arkansas State Archives, Little Rock, Arkansas.
Rights
Use and reproduction of images held by the Arkansas State Archives without prior written permission is prohibited. For information on reproducing images held by the Arkansas State Archives, please call 501-682-6900 or email at state.archives@arkansas.gov.
Disciplines
United States History
