Date Original
1839
Description
This stock certificate was issued to Reubin Smith for shares in the Real Estate Bank of the State of Arkansas.
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. In 1855, the bank's trustee were divested of their assets. The assets were then transferred to a state-appointed receiver. Legal actions continued for several decades.
Physical Description
Document, 8.5" x 11"
Geographical Area
Arkansas
Language
English
Identifier
SMC.017.007a
Resource Type
Text
Collection
Real Estate Bank stock certificate, SMC.017.007a
Publisher
Arkansas State Archives
Contributing Entity
Arkansas State Archives
Recommended Citation
Real Estate Bank stock certificate, 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
