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


Matches, January 4, l64O.
James Haeas, Esq. Cossissionv:
S1R-I am directed to hand you the
following resolution adopted by the board
Of directors:
"James Hagan, Esq, Commissioner spS
pointed BY the Governor. A. g. McNu1, 10
examine into the condition of this hank.
having requested list Of the debtors and
securities,
"ResolDed, That in the opin;oo a. th;r
board, the furnishing such list would be :
violation of the eleventh section Of the ch.r.
ter Of this institution"
Your ob't servt
A. p. MERRrrx, Cashier.
TRANSFERS TO THE UNITED STATES Drsrppcr
IrroRNxY.
OF the bills receivable, the Agricultural
Bank has transferred nearly six hundred
and four thousand dollars, to Richard N.
Gaines, Esq, Attorney for the Southern
district Of the State Of Mississippi. This
transfer was made on the 7th and Q6sh of
December, last, as collateral security for ~.
payment of the government deposites. Il.
ready secured by = judgment on the proper.
" Of Stephen Duncan, w. J. Minor. n
Tooley, A. c. Henderson, d. C. M;ch;a .nx
A. P. Merrill. Mr.. A. Fisk il also es ~,.
rity on the bond, but not having been Il Il.
State, process was not served on him. ana
as yet judgment has not been Obtained
against him
On enquiriDg into the terms of the con
tract between Mr.. Gaines and the AericuI.
tural Bank, found that there was no pre-
else amount of hills stipulated 10 be out in
to MIR. G's. hands. He was to receive
enough to render the debt, in his opinion.
perfectly secure; that It he sued to collect
the paper, he would bring the suits in tho
Federal Courts; and in the contract it was
expressly stated, that the arrangement was
made, s'as well for the security Of the secu-
rites as the COVE, nnent.n
But Mr.. Gaines testimony under oath, an
follows, will explain the transaction:
Question !. Did you not agree with the
Agricultural Bank, 10 prevent the issusnce
OF execution, against that institution on Ger.
tain conditions?
Ansscer. This question has reference.
solely, to tho discharge Of my official duties.
as District Attorney Of the United States Tor
the Southern District Of Mississippi. Ire--
fuse to answer to Il e commissioner for the
manner in which have discharged these
duties. although am willing to state every
thing know in relation to The condition or
management of the Agricultural Bank.
Qscstion2. Has not the Agricultural bank
gwen you certain bills receivable for collec.
ton, with five per cent commissions. And
have you not also, proposed to prevent the
issuance Of the Judgment, and to save the
bank the usual officers fees on said judy
mente
Ansrer. The Agricultural bank hastran
ferred to me certain bills receis able 10 col.
lateral security for the debt due by the bank
to the United States, under an agreement
that the bank is to pay all the expenses Of
collection If the same, including Of coutse,
lie usual charge Of lv6 per cent cOsnmis-
ZION. The agreement bears date. on the
7th day of December, 1889. 1t also pro-
rides, that as United States Attorney, l am
o receive in payment of said bills receiva-
BE, the same currency which may, at the
ime payment is offered, be received at the
of The bank in payment ofother debts
IF which from time to time am to be kept
By the same agreement, the
,ank and securities agreed that the taking
# collateral paper then in my hands, or sf- !.
erwards to be transferred for the same pur.
'ose, should not, in any manner, affect the
liability of any ofthe parties, or the right Of
he United States to proceed on the judg-
nent against the bank and securities, at any
ime, and that agreement is duly executed
y the bank and all the securities, including
dr. Fisk, who was not sued, because he was
ut in the State to be served with process.
The remaining portion Of this question, re-
ates, as ! conceive, in great degree, to the
ischarge Of my official duties; but as il has
lso some relation to the condition of the
ank, answer, that have made no propo-
ition, either written or verbal, to tho hank,
,hich had for its motive, the saving Of Of.
GERS fees to the bank. The proposition =
,hich did make to them, and the agree-
,ent founded on It, was dictated solely in
eference to my instructions from the gov
rnment of the United States and my duty
nder them. have not nor can have any
written or verbal, with the
ank or my Of its officers or agents on the
inject Of saving to the bank any costs or
Ulcers fees of any kind. growing out of tho
nit against them, On behalf Of the United
tates.
Qscstion 3. What amount Of bill receiva
le, we're originally stipulated to be trans
,rred to You by the bank, its officers OF
gentsi
Ans,or. There never was, originally, any