Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-03-10
@t0celIanenue.

THE RAIL ROAD BAVK.-As much
has recently been aaId of the assign
meDt just made by this institution, and
as our citizens generally are either re-
moIely or directly interested in its pro-
per management, we have been at
some pains to ascertain the true state
Of the case, and the precise nature Of
the assignment. From what we can
learn then, the bank has made an
assignment of the road, its bills recev-
able, and all other assets of Whatever
kind or character, TO VIM. 5. Bodley,
Thomss L. Robins, and-Frazier,
TO be held by them in trust for the ben
eft of all the creditors. The Bank
of tn United States being one of the
largest creditors ofthe institution, in
consideration Of this assignment, adj
vances to the trustees a sum of money
sufficient TO complete the Rail Road
from this city to the capitol ofthe state
and under their direction the work is
TO be vigorously prosecuted, so as to
have it finished by the first day of Oc-
tober next, if not sooner. The trus-
tees will commence Immediately 10
wind up the affairs ofthe institution by
securing the debts and placing them
in train for collection. Those who are
indebted TO the Bank by securing their
debts satisfactorily, will be allowed as
long time almost as can be desiIed, as
it is the object of the Bank TO make its
bills receivable ultimately good, and
those who teSirc 10 pay will have no
cause Of complaint as TO the time al
lowed them to Dc so. The notes and
bills ofthe bank will of course be re-
ceived in all cases from its debtors, in
liquidation of their liabilities. The
trustees will have the entire control of
the bank and the road and all monies
received by them, whether from the
proceeds of the road or from the col
lection of deLts, will be by them paid
out at stated periods to alt the credit
ors, each one olwhom will receive an
amount proportioned to his claim.
These paymentswill probably be made
twice year, or oftener, in the same
manner that stock holders in banks re-
ceive their dividends. The first object
with the directory is to complete tie
70 I'd and pay Tie d,6ts of the bank, land
to this end they have surrendered up
every thing they possess 10 be appro-
priated in that way.
Such we believe, is a correct, though
briefoutline Of TIE arrangement, which
whatever may be said Of it by those
interested in a different policy, we
think must be satisfactory to all parties
and highly advantageous to this city
and this section Of the State. The
first and most important point gained
by this arrangement, is one which can
not fail TO strike every one,as Of i'm
mense advantage TO this city. ",
mean the Immediate completion Of Mt
road. Complete this road, give use
ofee and uninterrupted communication
with Jackson-open TO the planters o
Kinds, Madison, and other countie;
adjacent, cheap, rapid and easy mode
oftransporting the products of the sol
to our city, and it places Vicksburs
at once upon high ground as a com
meIcial and shipping point, it will
give advantages which nothing can de.
prive her of, and which will make hel
in despite Of fate, the sccond city OF
the Mississippi river. But these ad
vantages are so manifest, that the mos
obtuse mind cannot fail TO perceive
them, and it is useless for us to attemp
an enforcement of views which mus
strike the mind Of every reader. Under
this arrangement, when the creditor:
of the bank are all satisfied, when eve
~ claim shall have been paid, he'
and not TIL then, will the stockholders
receive dollar. Every cent for which
the bank is liable, NUT be paid before
any further dividend, as the proceed:
Of the bank may enable them TO de-
clare.
Ofthe gentlemen appointed as trus.
tees we need say nothing. Judge
Bodley, and Mr.. Robins are both toe
well known IN this community to need
any commentator at our hands. Mr.
Frazier is the cashier ofthe Merchant:
Bank Of New Orleans, and well known
as a gentleman Of high character and
respectabiIity.-T icksbErg Wing.