The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1840-01-28

portion Of the gultl was sold 10 land conpa-,
mics, in which the officers Of the Agricultu-
raj and Planters Bank were deeply intcr-
|csted. Yet the officcrs OF the bank seem To-
know nothing 81 tho subject. Like the Ros
man Cardinal, they find il convenient not g
remember the things they wish to conceal.
Should u committee Of the Legislature be
appointed to examine into the facts charged,
am preparedio give the names OF the wit
nesses cognizant to the circumstances.
The bank during the present year will
require 1920, OOOin specie, to meet its
engagements. The only means Of liquida-
dating this heavy debt, are to be derived
from the sale of S344 .O12 Of Mississippi
Bank Stock, now ia New York; So, $50
in specie; about SS242, 900 Of exchange fal-
ling due in this State, New Orleans and
Philadelphia; $4,000 in cotton and post
notes IN the hands of Mr.. Duncan; ana a.
bout $3,50O,0OO in bills a1d notes; some
protested; others falling due, and few IN
suit, 1t is the opinion Of the commissioner,
that the stocks, cotton and post notes, will
not average more than so cents on the dol
lar. leaving balance Of nearly 81 100000
to he made out Of the bills receivable. The
Board Of Directors refused to give the com.
missioner list of the bills receivable, and
we're thus guilty Of a paIpable infraction OF
the charter. The charter does not confer
upon the Bank, the power Of dealing in
stocks or cotton; yet il has been extensively
engaged in these transactions.
On the Goth Nov. 1889, the u States OBJ
tanned Judgment againsr the Agricultural
Bank for the sum Of 1857, O56. and cost Of
suit That balance had been due about 3
years. The Government was mere trus-
tee for the Chickasaw Indians, and the mo-
ney belongs TO them. Great Indulgence had
been extended to the Bank. and it seems
that the Government agreed that if,he bank
would confess judgment, 70 wait until the
first of March next for nne half of the debt,
and until the first Of June for the residue.
The agreement the bank violated, and il APP
pears that even after judgment was obtain
ed, the Government agreed to grant the
stay agreed upon, provided the District At
torney was Satisfied with the securities of
the Bank. -
| From the statement fisnished By the CASH
lier, to the commissioner on the 3Oth Dec :.
1889, Il appears thar tho lebt due the u :
States, has been rcddcs7 b $3.50, 6s7 81,
having only ST., lO1 81 Sanis, to be paid
on the FIRST Of March next, ana the further
sum Of S293, 677 So cents, pa tie first day
of June 1870
The Government Of the u. States, prior
|ity of lien on all tlDroperty Of the Bank,
and the securities % the bond. An exami-
nation Of thu cashiers statement, will show
that the bank itself will be fully able to paw
the balance due, at the times agreed upon.
The bank had on the Both day Of December
1889, in specie So, $50 90; Exchange in
New Orleans $l93 ,057 95; Exchange in
Philadelphia $50, 600, and cotton purchased
to the AMOUNT Of sl39y6I5 81; due by S.
Duncan, deent Tone of the. securities Of the
bank,) $197, 264 SO, masking in all 1855,
400 SO cents. Out Of these assets, the bank
can surely realize the sum Of $3.50, SIT SO |
cents now due the y States II is, there
fore very certain. that II can.in no contin-
gency, be necessary to lew ID the property
of the sureties of the bank, and sacrifice |
their property. Those gentlemenstiII con-
troll the Bank. The institution received
great benefits from the use of the Govern
ment depositcs. On one occasion. q divi-
dend Of IA per cent, on the profits of the
previous six m0nit1s, was paid TO the stock
holers, and the extra dividends declared
were no doubt equal in all, to the balance
now due the government. If sacrifices are
to be made, justice requires that those who I
abused the trust reposed in them by the gov
and reaped the benefits arising
should make them.
Of the bills receivable, the Agricultural
Bank has transferred nearly. $6O4 900 to
Richard NJ. Gaines, attorney for the south
ern District of the State Of Mississippi.-
This transfer was made on the 7th and 2Sth
lay Of Dec. last, as collateral securities for
he payment Of the Government deposits,
already secured by judgment against Ste
,hen Duncan, w. J. Minor, HI. Tooley, A.
3. Henderson, d. C.. Niche, and A. P.
Merrill. Mr.. A. Fish is also security on
he bond, but not having been in the State,
process was not served upon him, and as
ret, judgment has not been obtained against
linn. He is now in the State, and can be
ued if the District Attorney desires judg-
nent against him also.
Those who know the names at the sure
les, are well satisfied Of their ability to pny
be whole debt now due, should the Bank !.
all to do so. 1t is competent for The Bank
nd sureties to bond the debt and postpone
he payment until the next crop can be IN
art made available. Il appears that "no
recise- amount of bills was stipulated
) be put in Mr.. Gaines hands" He was
, receive enough to rsnder die debt in his
pinion perfectly secure; that i he sued 70 {
olIect the paper, he wonlds bring the suits !