Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-12-07
MISSISSIPPI

State maintained they very naturally attract large
share Of the public attention II is known that the
principal issue in the Mississippi election was the
question of paying certain bonds issued BY the State
in 1888, to the amour, Of FIVE millions Of dollars
The Wing convention, which was held some months
since to nominate candidates for Governor and mem
bers of Congress, unanimously adopted resolution
acknowledging the obligation of the State to redeem
these bonds, and pledging themselves if successful
to provide for their payment The Loco Foco par
w. on the other hand, with equal unanimity took
grounds against the payment of these State securi-
ties Under this ISSUE prominent beyond all other
considerations local national involved in the con
test, the respective parties appealed to the People
The People, by majority of some 1000 or 5000,
have decided in favor of Loco Focoism and repsdi-
ation--the result is joyfuy proclaimed by the Ar
gus ms the triumph of the Ant-Bond partyh-is
gladly hailed by the Schenectady Reflector a cola
borer of the Argus, as the certain forerunner of
similar course on the part of Indiana Illinois, and
Michigan, and is chronicled in almost every Loco
Foco paper that has yet met eye with all the
tokens of exultaon usually employed in announcing
party victory
The rejecting and honest men of all parties,
aghast at the general JOY with which result so de-
strucve the State credit and derogatory to the
American character, is hailed BY the Loco Foco
press naturally led to the inquiry, as it possible
that the People of Mississippi by their recent vote,
have repudiated their State debt-can any political
party in this country openly take the field in favor
of such doctrine, and hope for success, hold up
their heads for one m0mea after thus defining their
position Has regard for the public faith sunk so
low in any one State section of this Union, that
the People can be appealed to-, and will respond to
the appeal, to apply sponge to their public debt
and deliberately dishonor the plighted faith of the
State ~ And what must be the answer to these in
quriesl What excuse can be offered for the party
which took grounds against the payment fthe State
bonds What justification be shown for the
majority of the people of Mississippi, who have sus-
tanned Loco Focoism in its proposition to repudiae
the State debt What, in short are the facts as to
the issuing these bonds and as to the obligation of
Mississippi to redeem them2 These are clearly but
briefly set forth in an article in the New York Tri-
bune, of which we suboin an extract
The Legislature of that stae-bOth Houses Van
Buren, in politics-in 1887 passed bill to author
ize the borrowing of seventeen and half millions
of dollars for banking purposes Two millions were
so borrowed and invested in the Plauters Bank
The remaining fifteen and half millions were to
be invested in new grand "Union Bank of Mis-
sissipp" According to the Constitution fthe State,
the act auhorsing this great loan was passed by the
Legislature of 1887, advertised in three newspapers
for three months prior to the State Election and
approved by the Yeas and Nays of majority of the
Legislature now elected-to w.t. that of 1888. SO
that the bill to establish the Union Bank and Dor
row secenteen millions and half qcas deliberately
apprOred bV tlcO successive Loco FOc0 legislatures
and intermediateiy by the People of Mississippi 10
mhom ii 'oaS thus distinctly submitted
The Bank and Loan bill having thus been APP
| proved, the Legislature proceeded to pass supple
menary act, authorizing the Governor of the State
to subscribe for fifty thousand shares of the Stock
be paid for out of the proceeds of the State bonds
above authorised. The managers of the Bank are
authorized to appoint three Commissioners to sell
| Gvar mi of State lie hon
they should think proper, but not under par The
Commissioners thus authorized, proceeded to sell
their bonds in Philade pha taking therefor, at par
bills on Philadelphia having some time to run
These bills were aoOrth money IN Mississippi, vere
paid into the Bank cash. credited 10 The State as
cash, and paid out by the Bank as cash They
| formed most acceptable medium of remittance to
the East, were paid promptly when due, and were
doubtless worth more than cash in Mississippi when
at maturity Nobody can doubt that both the orr
ginal purchasers and the present holder ofthese bonds
| have paid more than they are worth for them-far
more than they could be sold for if they were fully
| acknowledged by the state
Such being the facts in relation 10 the issuing Of the
bonds-the People Of Mississippi by themselves and
their Representatives having deliberately authorized
their issue having designated negotiate their
sale and having realized the full value therefor
can any honest man be his political predictions what
they NAV entertain one moments doubt as to the OBJ
legation of the State OF Mississippi to redeem these
bonds What were the powers given to the Presi-
dent and Directors ofthe Union Bank by the act Of
the Legislature authorizing them to dispose of the
Statebonds? They were invested with sample pow
er to appoint three commissioners to negotiate and
sell the State bonds, &c IN any market within the
United States or m any foreign markR, under such
rules and regulations may be adopted by said Pres
ident and Directors OF managers; not Bconssten,
with the charter Of said bank, prooided said bonds
shall not be sold under their par value" This was
the only resriction-that the bonds must be sold a,
or above par and they 1rere soid II is stated in
Gov McNuu's letter 70 the Amsterdam Bankers
tina, these five millions Of State bonds were sold by
the commissioners "f5 FIVE millions Of dollars law.
ful money Of the United States payable in five equal
nsaiments Of million dollars each on the is,
Nov 1888, and the frs days Of January. March
May and July Of 1899" But, says Gov Me Nut
these bonds were sold uaderpar because sold on cred
i'hai Is the bonds having been issued and interos,
commencing 70 run the 7th Of June 1898. were
no, sold by the commissioners until August 18th OF
that year. and the frs nsalmeni thereon was not re-
allied until the Is November 1885 and the las no,
until the Isl Iuly ls39-lhe State meanwhile being