Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1840-02-01

ton, was the sole stockhoIder-berc gre
\ DIT had established the institution. and
insonach as the constitution cnioin,
upon the executive TO lake care
g. that the law, be faithfully ezecu.
ID ted, i was OF the last importance q.
1t that should ascertain before signing.
II Tue residue OF The bonds, whether tn,
T. stock taken by the citizens Of the
d STATE, h'd been secured ia the manner
+ pointed out lnthe charter. and che al
y ialrs OF the bank conducted according
i lol's spirit. am induced 10 believe,
: mat a large portion of the property
r accepted as security for that stock. Is
lncumbered BY judgments, mortgage.
ana deeds OF trust--ihat the valuations
OF the appraisers were generally very
eHtravagant-that in many instances,
the titles to The property oaerd, are vet
imperfect; and dat tie whole ge-
/ mcnt oGthe affairs OF the bank. has
! been disastrous TO its credit--destruc-
tive to the interest Of the State, and
ruinous to the institution. The cotton
advanced upon by The bank in some
instances, has been attached, and the
suits decided against the institution.
Many of the cotton ageSts and con
signees, are deiaulters, and glcat loss
on the cotton is inevitable. The post
notes issued in violation Of law, have
greatly deprecated. aud If the dec;s-
ion OF several Of our circuit Judges.
are affirmed by the court Of errors aud /
appeals. actions cannot be sustained on
a large portion Of the bills receivable
OF the bank. The ninth section of
the charter, prescribs that the mana
gers OF the bank, shall have power to
appoint three commissioners, to nc
gotiate and sell The state bonds. |
signcd and delivered to the managers
last summer, bonds TO the amount oil
five million OF dollars. The President
OF the Bank was despatched eastward
TO make sale, but was unable to Of
ectit. 1t may well be questioned,
whether the spirit Of the charter did ,
not require this important negotiation il
70 be placed ii the hands OF three per 4
ohs. II must be conceded that the ser. a
ices Of the President at The rarent Ii
sank, should nof nave been dispensed i
Nth at such a critical junctlrc. n
On the 18th OF November, 1889. | n,
cceived letter from the cashier Of sa
ne Bank; together with two resolu- Il;
ons Of the Board; one of which IN &C
rmed me, that the remaining five to
ilIions and half of bonds, were tn
ady for my signature. BELIEVING VT
at there was no immediate prospect CO
sale Of the bonds. and that Or,
rther Legislation might be requisite, pc
relation thereto, | determined not gai
execute the remaining bonds, until cal
ould have an opportunity Of presen- the
& The whole question to the repre- VIII
natives ofthe people, and of recon- per
nding to them, such measures as ty /
exigency Of the case calls for. ion
The president OF the bank in his swe
Ter to me, ofthe Sd of January, / fe
IS, stated that it would sat all mo.
es afford him pleasure to furnish it G
executive of the State, full view fl.
the condition ofsthe bank, when our
h report is to lead to rigid scruti- beri
ofits affairs" On the siAtenth day d b
asst month, | addressed letter 10 PER-
President and managers Of the citi2
k, calling for specific information post
tive to its situation and manage. ton
1t. In reply thereto, was iur- que.
led by the cashier with general ate
cment ofits affairs, on the 3lst ul. ieci
D. A copy Of said letter, wi.h she sroa
ement furnished, is herewith laid to ti
,re you, 1t will be seen that the 60 0
k has failed to furnish me with a ditto
cment Of the quantity Of cotton Of I'll
anccd upon, and not accounted mdu
by the agents Of the bank--tAe leee
unit solu by the nsignees not amo
'unted for by them, and the sums milf
on chat score--thc nsmbcr OF bales seye
lnced upon, which have been at. anor
ed, and the situation Of the slits and
copy Of the late resolution Of the ~.
d, in relation to advance on cot. sour(
and the issuance Of post notes, are /,
Their with copy administrations ths
40 cotton agents--the liabilities pecu
ich manager and Otlicer Of the tive,
!, and of the several offices Of ankle
,unt aud deposit, both on notes and
bills OF exchange, as drawers, en- who'll
r, security and acceptor, as well that
ldually, as a partner in business. last i
II not be denined that the infor- cellec