Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-01-21

with two resolutions on the board; one Of
which informed me, that the remaining five
millions and a halfof bonds, were ready for my
signature. Believing that there was no I'M
mediate prospect of a sale of the bonds, and
that further Legislation might be requisite, IN
relation thereto. / determined not TO execute
the remaining bonds, until should have an OPP
nortlnitv Of presenting the whole question to
the representatives of the people, and Of re-
commencing TO them such measures as the ex
igency ofthe case calls for.
The president of the bank in his letter to
me. of the Sd of January, 1888, stated that it
would q at all times afford him pleasure to
furnish the executive of the State, full view
of the condition of the bank. when such report
is to lead to rigid scrutiny of its affairs.
On the sixteenth day Of last month, / address,
ed a letter TO the President and managers of
the bank. calling for specific information rela-
| tive to its situation and management. In reply
thereto. was furnished by the cashier with a
general statement of its affairs, on the 3lst
ultimo. A copy Of said letter, with the state
me-; 80 furnished. is herewith laid before you. 1t
viii be seen that the bank has failed to l ~.
me with astatement of the quantity of cotton
advanced upon, and not accounted for by the
agents of the bank--the amount sold by the
| consionees not accounted for by them, and the
| sums due on that score--the number of bales
advanced upon, which have been attached and
the situation ofthe suits-.'a copy of the late
resolution of the board, in relation TO advances
on cotton, and the issuance of post notes, to-
| gether with copy of the instructions to the
cotton agents...the liabilities of each manager
and officer of the bank, and ofIhe several off.
ces of discount and deposite, both in notes
and bills of exchange, as drawers, endorsers
security and aeceptor, as well individually, as
q partner in business. It viii not be denied
that the information sought was pertinent anC
essentially necessary to enable the Legisla
ture to ascertain the whole movement and sit
uation of the. bank The fact that the mana
gers have smothed the important facts callet
for, proves that culpable Encouragement ant
selfish favoritism have characterized their ope
rations. Surely the people bave a right t,
know what losses they will probably sustain b,
the operations of the bank, and they will,
trust, speak through their representatives, il
a voicesthatno one will dare to oppose, ant
demand fitH uieW of the condition of tn
bank, fit shall be found that many of the OF
ficers have been relieving themselves, at tn
expense of the community, and some ofthen
in addition, drawing princely salaries, doub
not but that corrective win be speedily ap
piled.
The faith of the State is pledged for tn
whole capital stock, and the properly of all he
citizens may hereafter be taxed to make up il
losses and defalcations. The right ofthe pee
pie, therefore, to know the conduct ofall its a
gents, and the liabilities of every one of il
debtors, cannot be questioned.
! The liabilities of the bank at present,
are, $247, 1896 Z
, Payable in April and May next, 1895, 922 2
Payable IN January, I84l, 43,26l A
To pay those demands, the
? bank has, S4,29O,s8O A
] Specie in bank, $347,6Is 50
In New Orleans, $4,000 90