In 1853 Congress granted lands to Arkansas for the development of railroads. The Arkansas Gazette, which was now owned by Conway's rival C. C. Danley, began to advocate for calling a special session of the legislature to dispense the funds. Conway resisted and was supported by his own newspaper, the True Democrat. Conway had two reasons not to hurry. He supported the railroad venture of his friend Roswell Beebe - the Cairo and Fulton Railroad - and the C&FR needed time to gain a competitive advantage over their rival - the Little Rock to Memphis Railroad.
Solon Borland had also just resigned as U. S. Senator to become Minister to Central America. Conway had appointed his cousin Robert Ward Johnson to fill the seat. Senators were elected by legislatures in those days, however, and Johnson could be ousted by a special session. By resisting a special session, Conway gave Johnson a year-and-a-half to establish himself.
Despite the state's feeble finances, Conway proved an able governor. One of his most noteworthy accomplishments was the liquidation of the Real Estate Bank. Though it was backed by state bonds, the Real Estate Bank was a quasi-private institution that had successfully fought for decades to block the liquidation of its assets to relieve the state's indebtedness. The money-savvy Conway achieved this in 1855 and was able to pay down $2,341,996.17 of the state's debt. More than $3 million dollars in debt remained, however.
Other accomplishments of Conway's administration included hiring geologist David Dale Owen to conduct a statewide geological survey. He also administered federal funds that led to reclaiming thousands of acres of swamp land and he presided over creation of a school for the blind. Conway served the then constitutional limit of two four-year terms, making his the longest gubernatorial administration until that of Orval Faubus.
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