Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1841-08-17
HOPE & co.
Executive DEPARTMENT.,
City Of Jackson, July Is, ISL.

Gent: have received your letter dated Amster-
dam, 22d May, 1871, post marked Washington City,
June 2lst, ISL, and bearing the official frank oil the
Hon. Daniel Webster, Secretary Of State of the
United States. I have duly considered the contents
thereof. Those bonds not sold IN accordance
with the Constitution and laws OF this State. They
were delivered by escrous, To be sold at
not less than their par value and Tor cash, the
statute OF this State required. The Charter Of the
Mississippi Union Bank prcscrIbes not only the sub
stance, but the form Of the bonds and provides that
they shall be in the sum OF two thousand dollars
each, (which sum the said State of Miss isslppi
promises 10 pay in current money OF the United
States" to the order of the bank, with interest at
the rate OF five per cent. per annum, payable half
yearly, at the place named in the endorsement of
the bonds. The act further provides that ''sad
bonds having been delivered TO the managers OF the
bank TO be sold certain conditions, the State
not be bound for their redemption unless the terms
prescribed were complied with IN the sale. The
constitution of this State expressly provides that
''no law shall ever be passed to raise loan Of
ney upon the credit OF the State or 10 pledge the
faith OF the State for the payment redemption Of
any loan debt, unless such law be proposed IN tho
Senate or House OF Representatives and be agreed
TO by majority OF the members OF each Hoase and
entered their journals, with the yeas and nays
taken thereon aud be referred TO the next succeed
ing Legislature, and published tor three months pre-
vIous to the next general election, IN three news
papers OF this State aud unless 4 majority of each
LEGATION, shall agrec 70 pass such law and in such
case the yeas and nays shall be taken and entered
the journals of each House Provided, that
thing in this section shall be construed as 20 pre-
vent the Legislature from negotiating further oan
of and half millions OF dollars and vesting the
same IN stock reserved to the State by the charter
Of the Planters Bank ofthc State of Mississippi"
Five millions OF State bonds, dated the 9TH, 9th
9Th, Sth, and 9th days of June, 1918. were sold by
the commissioners appointed by The Mississippi I'm
ion Bank, To Nicholas Bddlc, Esq on the 18th day
Of August, ISIS. for five millions of dollars, lawful
money Of the United States payable in five equal IN
stalments of one million Of dollars each on the first
day Of November, one thousand q CHIT hundred and
thirty-e ght. and OH the first days Of January
March, May, and July IN the year one thousand
eight hundred and thirty nine" and made payable
at the agency OF the Bank Of the United States in
London IN Sterling money of Great Britain at the
rate OF four shllngs and sXpencc to the dollar with
interest payable semI-annually at the same place
and rate No authority was given by any
act Of the Legislature of thus state TO change the
currency in which said bonds made payable.
by selling the bonds a credit, and changing them
from dollars current money of the United States to
pounds sterling of Great Britain, the following sums
were lost
Interest on five millions State Bonds from eth June
lS3s, TO Nov. ls;-, 100000 90
Interest on four millions
two mouths, 33,33-, -
Interest on three millions
two months 2i,999 90
Interest on two millions
two months 1906 81
Interest on one million
two months, : ,333 -
-sIsS ,33s 80
Difference between five millions Of dol
lars principal of State Bonds. in
rent money of the United States and
sterling money of Great Britain at
four shngs and SIX pence to the
dollar. i7s,7GO 90
Difference Of interest on sl,250000 Of
State Bonds payable in twelve years,
between the current money OF the L.
States and pound sterling Of Great
Britain at four shillings and SIX
pence TO the dollar, 69,6-j 90
Difference OF interest on $3.50 900 Of
State Bonds payable IN twenty years
between current money OF the United
States and pounds sterling Of Great
Britain at four shillings and sixPcnco
TO the dollar, 355 O6~ 90