Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-01-22

4 improper use OF tne ottle5 IunuS ~ 61Cl
cases. 81 gt n;i H esa s
10 All the lots in the city Of Jackson, be.
longing to the State, have been sold
those excepted, reserved for public pupo.
ses, and for the health, ornament and con.
venience Of the city. The. late sales a.
mounted 10 the sum of one hundred and
seRenty.eight thousand, nine hundred and
one dollars, payable IN one, two, and three
years. This sum, If il could be made
available, would be sufficient tn finish the
State House. and improve the adjacent
grounds. 9e rsaoblH 7-v5H74. - o.
Large appropriations will be required
to finish the Peniteutiary-=previd tools
for the conVicts, materials 10 keep them
pEoftably employed, and pay for the Sc
peFintendents. With q sound currency,
the price Of labor end materials will be
greatly diminished. Is
In pursuance of the authority vested in
the Executive, bv law, transferred to the
Mississippi Union Bank, twenty-five thou.
sand, one hundred and six dollars, and
fifty.tWO cents, Of the notes, payable in
one year, taken in payment Of lots sold
inthe city of Jackson, ia November, 1888.
The nett proceeds of said notes, amount.
ing to the sum of twenty-three thousand,
four hundred and seventy-three dollars,
and eighteen cents, has been paid over to
the Treasurer. The account of sales of
the lots sold on the 2lst and 22nd of No.
Yember, 1888, is herewith transmitted. Il
will show that they brought a fair prizes,
and that the sale could not have taken
place at more favorable period. The
lein reserved upon them all, together with
the personal security, will ensure the pay
ment of the purchase money. ~
The Capitol, although not finished, is
so far advanced as to afford accommoda.
ton to the Legislature, and the various
public officers. The building has pro-
crossed very slowly, the past year, and it
is believed that the expenditures have been
unusually extravagant. A rigid scrutiny
into all the contracts, and accounts of the
officers, charged with erection of the State
House and Penitentiary, is necessary. 1t
will enable you to ascertain what further
Legislation may be required, in order to
ensure the speedy completion ofthe Public
Buildings, on reasonable terms. etsaa
The resolution in relation to the Reve.
nue. of this State, approved May 10th,
1887, will engage your early attention.
the reasons for its passage have, in great,
measure, ceased and the paper Of those
banks that have failed to resume, cannot,
/ any longer be taken with safety. Should
the resolution continue in force, the paper
lof worthless banks, alone, viii be paid in.
to the Treasury, by the tax collectors, and
it cannot be used in payment Of the char.
ges on the Treasury. | suggest the pro-
priety of authorizing the institution Of
suits on all the notes in the Treasury, on
banks which do not redeem their issues in
specie. If the salaries Of the public off.
GERS are considered to be too high, they
should be reduced, but It is gross injustice
to pay the creditors of the State in funds
so much deprecated as the notes Of sew.
eral of our incorporated banks. 4
The State debt now amounts to the
sum of 1892, 1896 80, deposited by the
General Government, and which is liable,
at any time, to be recalled-two millions
of dollars in six per cent. bonds, sold by
the State to pay for stock to that amount
in the Planters Bank, and FIVE millions Of
dnllaEs in fveapeF cent bonds, sold to
take stock to that amount in the Missisip-
pi Union Bank, amounting in alto the sum
of seven million, three hundred and eighty
two thousand, three hundred and thirty
Eve dollars, and thirty enis-and the
annual interest on that sum, (most Of it
payable in Europe amounts to the sum
Of three hundred and seventy thousand
dollars. To preserve the honor of the
State unsullied, and her credit unimpaired,
1t is Of the last importance that the interest
should be punctually paid, al the places
designated, and ample funds provided for
the redemption of the principal It is usu-
ally muck easier to borrow and spend
money, than to provide the means of pay
ment.
My recorded votes on the Journals Of
the Senate, as well as my speeches, dur.
ing the canvass preceding my election 70
the Office Inow occupy, show that ] never.
was in favor Of pledging the faith of the
State for banking purposes, but, inasmuch
as tie question had been long before the
people, and had twice received their sane.
lion, signed the charter of the Mississip.
pi Union Bank, having no constitutional
scruples. ea 4
Soon after the managers were elected,
I was called on TO paw two and half per
cent on the States subscription Of five
million Of dollars in cash. This / de-
clined doing; the correspondence here
with transmitted win show my reasons
for pursuing that courses
On the day the books were opened al
Jackson, subscribed for fifty thousand
shares ofstock IN the bank, and executed
bonds Tor Eve million of dollars, assoon as
they were prepared for my official sigma.
tuYs. and delivered them 20 tie managers
of the bank. The documents herewith
submitted viii place y0uin possession Of
the instructions of the Mississippi Union
Bank, to the Commission appointed 10
negotiate the bonds and the terms of sale.
The charter Of the bank provides that the
bonds shall not Be sold for less tban their
par value. They were dated on fne tillls
sixth seventh, eighth, and ninth days q
June. A ID. 1855 and payable InotUelRe
and atR years fram the 9Th day 81
February 1885, and sold 70 Nicholas Bid
de, Esd. On the eighteenth day 81 IA.
rust. 1888, Cor Ave million 0f dollars. law.
i 81 fnooeu ~ the limited Siafer 6avable