Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-05-25

4 h0lh al nome ana abroad, IN relation 10 the MAJ
uule Of oar debt, and our means Of payment,
which for want Of correction may operate seriously
moar injury.
According to the last report of
lie bank commissioners, the
whole debt due Ia our banks
exclusive o'the Branlonbank
amount to S2L7OL975 OF
i Tie debts due the Brandon
bank were G,35170s "a
And we may assume the amount
due To the Planters, the Union
and the Agricultural banks
which were not examined by
the commissioners at l39433l6 %
Making the aggregate bank debt
n0ctobcr asr 47,2l6OOO 90
Butt is presumed the amount
Las been reduced by payment
soce heu, not less than 100000 90
Andfre deduct ffom the amount
die to the Brandon bank the
amount other circulation which
cannot be made available in
HE payment Of any other
debts say tbs were 100000 90
The aggregate amount Of our
han, debt would BE- but l2iGOoO 90
ADaif we deduct from this, the
amount OF bank capital actual
" PAID in (assuming the cap-
m of the onion bank at three
mlnns) shy 23,S36,3lJ 81
The amount Of bank debt over
and above the actual bank cap
ialpaA in, IS l7l09,675 6s
4 sum that could be discharged
by three fair crops at 10 cents
per b. But assuming the az
grecate bank debt Brandon
ncudeDto he 100000 90
And the debt to individuals both
ia and ont OF the state, to be 1S000000 90
We have an aggregate debt of
sirty millions Of dollars 6000000O 90
And what are our means of payment The crop
o,th3 year short as it is known TO be, will produce
sixteen millions Of dollars, aud we may safely as
sumo our average products for the next fifteen wears
tho. less than Is millions.
From his gross sum of SIG 900 900 90
Is to be deducted Tor expenses of
production about enc fourth, 100000 90
For interest on debt at per cent. Is000 900 90
For family expenses, education,
travelling aaI other contingent
ce8, 100000 90
Leaving lor The eytinsujshment of
the principal Of our debt 100000 90
10 that il will require but fifteen years to IqlJate
the principal and interest of our debt.
But Is ialr to assume that there will be an annu-
81 increase III our product, and that in five wears
hence Il will be worth at 10 cents per H. moi less
nan twenty millions Of dollars 1t is also proper to
make an allowance tor the abatement Of interest,
lF me gradual eXtlnguishment Of the princpal--so
mat IN reality less than twelve years will suffice for
lhe payment Of the entire debt And if we deduct
mat portion Of the debt to the Brandon bank. which
must be extinglished ny her circulation, for il is
useless and unavailable for any other purpose.) the
Wloe debt aud interest will tie paid in ten wears.
" however, we assume that the debt is not to be
feduced below the actual banking capital of the
Std'e, less than five years will sulice-and where is
,1eTe another state thUt can accomplish as much'
why then should not the credit of Mississippi stand
ny 'aiF as That of any other state in the Union
''t and patience are alone wanting to free us from
~ endorsements. II is with this view Of the case
ual we dsapprove of the governors veto of the
Ios' note bull for although we are free to admit,
Wi' u'e measure IS not entirely free from objections,
1--WE think i beyond all comparison preferable 10
TYP laws, relief laws" or "valuaton laws
AHe amount Of debt which is now actually press
on the people OF this state does not exceed eight
.IH'ols. The value of the slaves in Mississippi 10
a! aoIlnng Of our lands, our houses our merchan-
- our stocks and other personal elijcts) Is not
ess man one hundred million Of dollars. But If the
"0'c save population OF the state were put at auc-
Ivy 'of cash. they would not bring two thirds OF the
l''unt OF The debt which now presses on the peo-
II hot because tie value o! the property has
'Nf otAt httdkSc tIlGiG Is llOL l3lS means OF
st.enasng. II is therefore idle to contend that the
r.ss must work lis own cure; that the price Of
,aoPtFly must come down that we have bought at
ngh prices, and have INDUCED in too much cx-
.agahce' AL this may be true, but the means are
rs ing 70 purchase It's idle 10 talk about selling.
,,n.. "hoe county Of Adams. with all it's inhabl-
- "he aat black, might be offered at auction
s,aI 'o,FoF, without bringing three hundred thou
a'l dollars, and YET we all know, that the land and
IN 'o9s aione would be a bargain al fifteen Millions
liaiist who desired to invest 50 as 10 pro
y or ~ per cent per annum
,,i.vfe IS but one remedy for the crisis and it Is
,.iti patience and iorbearance on the pait of the
t''3 ana rigid economy and retrenchment on the
~ y 'he debtor, Let the latter but show that he
h le's tnned to perform his part and there cannot
QUOT but that the former will be PROMPT in the
F.''o' NANCE Of his part.
ueo rye Pollock, Esq, Of Newbern, IN. CT
, 40 mas cen considered the weaIlhiest man in
,ni' sa'e' and probably the largest slave owner
- me United States, was Killed few DAYS
D 3'''oe al Que OF hts plantations on the Roanoke
t'lye'' BY being thrown from horse the animal
~ -. on HIN and crushing him instantly to