Real Estate Bank of the State of Arkansas - 1830's Banking Stock Certificate - E for Sale

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Real Estate Bank of the State of Arkansas - 1830's Banking Stock Certificate - E For Sale

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Real Estate Bank of the State of Arkansas - 1830's Banking Stock Certificate - E:
$250.00

Stock printed by Edward Cole-Little Rock. Historically Important! Rare! Early! Toned. The Real Estate Bank of Arkansas was a bank in Arkansas during the 1830s through 1850s. Formed in 1836, the bank had a troubled history with accusations of waste and favoritism, as well as violations of the bank's legal charter. The bank suspended specie payments in 1839 to allow it to lend out more money. Paper money issued by the bank lost value, and the bank entered trusteeship in 1842. An act of the Arkansas legislature approved of the transfer to the trustees in 1843, but the trustees did not forward information to the state and personally benefited from the arrangement. In 1853, the Arkansas legislature passed a bill to have the Arkansas Attorney General take the bank to chancery court, but the filing could not be made until 1854 because of lack of cooperation from the trustees. April 1855 saw the bank's assets transferred from the trustees to the state, and in 1856 the first full public accounting of the bank's finances was made. The bonds related to the bank were not fully extinguished until 1894, and a portion of them, known as the Holford Bonds, proved particularly problematic. Support for a state bank in Arkansas began during the time of the Arkansas Territory. This was considered a priority due to a lack of banking west of the Mississippi River, a shortage of coins in the region, and few banks in the area being allowed to issue paper money. After Arkansas became a state, the 1836 establishment of the Real Estate Bank of Arkansas was the first piece of legislation passed by the new government. Politically, the bank was widely supported. Two Whigs, Anthony H. Davies and John Ringgold, produced the charter for the bank, and the legislature that approved its creation was controlled by the Democratic Party. The bank's officials were of a Democrat-to-Whig ratio Item ordered may not be exact piece shown. All original and authentic.