Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-02
AMSTERDAM, 22d May, l54l.
EXECUTIVE DEPARTI INT, !

City oil JACKSON July, 1871.
Gentlemen: have received your letter dated
Amsterdarl, 22d May, 1871, postmarked Washing
ton civ, June 2lst, 1871, and bearing the Official
frank of the Hon Daniel Webster, Secretary of
Stnte OF the United States. have duly consider
ed the contents thereof. Those bonds were not
sold in accordance with the Constitution and Laws
of this State They were delivered by me as eS-
ero,ps 10 be sold at not less than their par ualue and
for cash as the statute Of this State required. The
Charter of the Mississippi Union Bank prescribes
not only the substance, but the form OF the bonds
and proyides that they shall be IN the sum of two
thousand dollars each, (which sum the said State OF
Mississippi promises to pay in current money OF the
u 81 to the order Of the Bank with lnteret, at the
rate Of FIVE per cent per 1nnumi payable hall year
IT, at the place named 10 The endorsement OF the
bonds The act further provides that "Sad bonds
sb,Il not be sold under their par value" The bonds
having been delivered to the managers OF the bank
% Inc sod on certain conditions the State cannot be
hound-Cor their redemption, unless the terms pre-.
scribed were complied with IN the sale: Inc Con-
sti,uton of this State expressly provides, that "no
law shall ever be passed TO raise loan OF money
upon the credit Of the State or to pledge the faith
OF the State for the payment or redemption oil any
loan or bebt unless such law be proposed 10 the
Senate or House Of Representatives, and he agreed
IN Inv n minority of the members OF each house and
entered on their journals, with the yeas AID nays
taken thereon, and be referred 70 the next succeed
ing Legislature, and published Tor three months pre-.
yous 10 the next regular election, IN three newspa
pers Of this State; and unless majority OF CO ch
branch of the Legislature elected, after sucn pub
lcation, shall agree to and pass such laws and IL
such case the yeas and nays shall be taken and en-
tered on the journals OF each House ProUidsd
that nothing in this section shall be so construed al
10 prevent the legislature from negotiating turtle
ION Of one and half millions OF dollars, and vest
inc the same in stock reserved to the Safe by tn
charter OF the Planters Bank Of the State Of Mis-
sissippi"
Five millions Of State Bonds, dated the 9th, 9th
7th, 9Th and 9th days OF June, 1898, were sold bl
she Commissioners appointed by the Mississlpf
TTnion Bank, TO Nicholas BIddic, Esq, on the lSl
dav OF August, 1888. for five millions Of dollars
lawful money OF the United States, payable N nv
canal instn lments Of one million Of dollars each, Of
tbe hrst day OF November one thousand eight hun
dred and lhlrty,eght, and on the first dy Of ia
nuary, March, May and July, IN the year one thou
sand eight bundled and thiny.nine," and mad
payahe at the Agency Of the U. States N Londo
an Sterling money Of Great Britain, at the rate q
four shilIings and siXpence to the dollar, with int
rest payabo semi-annually A. the same place an
Tats.s No authority was ever given by any act q
tbs LEGISLATURE Of this State 10 change the cuucnc
ip which said bonds were made payable. by selIin
the bonds on a credit. and changing them from dol
lars current money Of the u. s., % pounds sleriin
Of Great Britain, the following sums we're lost:
Intsrss, on Ave millions State Bonds from 7th Junt
IafM Uvpuber.