Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-02-14

w.. nrr,vrREp TO THE SENATE JAN. rs,
1wn TO THE House OF REPRESENTATIVES,
JAN. q6, 1889.
The Join, Committee, appointed TO examine the
affairs Of the Mississippi Union Bank, In COM
Sormi;y to the instructions of both branches
ofthe Legislature, have the honor to make
the following
Your Committee, for the purpose gilmore fuI-
" dscharging the duties assigned them by the
legislature, repaired 10 the banking house OF
the Mississippi Union Bank, where they were
rolely received by II. &. Runnels, ESQ.,, Pres-
dent Of the Board OF Managers, who readily aE
Corded them free access to all the books and cor
respondence relating to the affairs OF the bank.
and personal information on many subjects con-
nected with the investigation committed TO them.
And here the Committee take occasion 10
commend the frank, open and unhesitalng dis
position manifested by The President TO them,
during their protracted sitting, when he was
called upon for information upon every subject
oiinquiry by the Committee.
The examination was commenced with the
Journal, containing oil the proceedings, delIber
atoms. aud ordinances of the Board Of Mana
gers, from the first meeting Of the Board on the
9ad of February, 1888, up TO the time of the
commencement of the Investigation And your
Committee cannot refrain from appuuding the
zeal and spirit of candor that animated the
Board in the difficult and tedious task Of organ
ling the institution, and which manifested it.
self in all of their subsequent and mullarlous
duties, and feel pride in being able 10 testify,
that the Board Of Managers have shown, in eve
~ attitu6e in which they were placed, pain
full anxiety TO pursue the charter oil the bank To
the letter, and perform their duties with the
most scrupuIous fidelity.
After the Governor Of the State had ma il
the subscription required Of him BY the supple
ment 10 the charter of the five millions OF lht
capital stock allotted to the State, and executed
in pursuance thereof, the State bonds in tavo
ofthe bank, the Board Of Managers took lmme
date steps to have the bonds brought into ma
kel, and, TO that end, proceeded to the appoint
ment Of three gentlemen, OF known ability, a
Commissioners, to dispose Of them in any Tor
egn or home market. The gentleman seIec
ted for this responsible and high trust were
Messrs. James &. Wilkins, William NJ. Pnck
ard and Edward G.. Wilkinson. These gentle
men, duly authorized to make negotiation {
the bonds, for that purpose left the State earl
in July last. But little hopes were onlertane
at the time, of their being successful in thel
MISSION for it will be remembered, at that tim
the whole circulating medium OF the Unite
States was greatly deranged-con6dcnce in tn
financial abilities ofthe country prostrate-an
no disposition whatever manifested upon IN
part Of capitalists to make such heavy lnVes
ments in Stutc stocks. Even the securities
A these States, known as unemba rressed, nm
whose character for credit and punetualll
were we'll established for years, had sought
vain for the disposal Of their securities. CoI
trary, however, TO the expectation OF every OF
familiar with the distressed condition OF u
stock market, negotiation OF five millions
the bonds was effected by the commissioner
highly advantageous to the Stale and the ban
and in accordance with the inlunctlons oil 4
Il charter, requiring them to be sold at par valu
A sale rejecting the highest credit upon I
commissioners themselves, and bringing time
aid to an embarrassed community. CThe pa
ticulars connected with the sale of the bon
will be gathered by reference to the documer
accompanying the Report, and made part
it, marked A BE d E.)
The disposal OF i've millions oil the bon
thus effected, will elevate our State credit
broad, and introduce favorably our State SCI
rites in market where they have been he
tofore but to limited extent known, and pa
the way, most adspciously, TO future sales
the remaining tell and half millions.
I. will be perceived that thepurchose Of
first series Of the bonds, was Nicholas Bldd
Esqr OF Philadelphia, and the payment on
same are in instalments Of one million each,
the first days of November, 1888, and OF jan
airy, March, May and July, 1899. The &c
first instalments at the city Of New Orlea'
and the last at the city Of NatcheZ, IN gold
silver, or their equivalent. The trade OF
State generally ruling in favor of New Orle'
where the four first instalments are made p'
a. able, and there being large balances agal
our State in that city, the bank, by receiving
moderate premium on The checks drawn agal
these instalments, have enabled our citizens
low rate Of exchange, 10 liquida,e a gr
portion Of their foreign debt, and al the 50
time has realized herself profit ON the ira
action, greater than the difference OF inter
on the bonds (paid by the bank) while the
"a slaiments without interest are maturing:
result following, that the proceeds Of the
OF the State bonds, in reality, amount to n
Than their par value. Already two Of the
stalments have been promptly met by the |
ohassr of,he bonds, and the bank has been