Southern pioneer, and Carroll, Choctaw and Tallahatchie Counties advertiser. (Carrollton, Miss.) 1840-1842, 1841-08-21
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McNUTT'S LETTER-No. d

MCNUIIS LETTERING. 4.
AS our articles reviewing M'Nutt's letter
have been extended farther than we had expec-
ted, and promise still to grow under our hands
for the sake of convenient reference, we shall
hereafter number them in regular order.
We consider to-day the endorsement of the
Commissioners, and glance briefly at few of
the calculations and estimates made by the
Governor and his friends. The latter we shall
notice hereafter more at large.
1t must be obvious to the most ordinary
mind-to the plainest intelligence-that this
letter of Governor McNutt was designed
more to influence the November elections,
than to answer the inquiries of the Amsterdam
Bankers, Hope & Co. The tone and temper
of this singular epistle-the time of its issuance
its appearance in the public prints probably
before the answer had been despatched by
mail, most certainly before it had passed over
one-half the distance between Jackson and
New York-a thousand other obvious Incl
dents prove that it was intended for home con-
sumption, for electioneering effect. 1t is more
clearly manifest, from the labored effort to
swell the amount which he assumes must be
paid, under the stipulation of the Commission
ers to pay in dollars at As. cd. sterling, instead
of in the currency of the United States, which
is specified on the face, and in the body Of the
Bonds. He knew, and every individual OF
common information must know, that the
State could not and cannot be involved for a
greater amount, than is called for on the faces
of the Bonds. He endeavors to elude this, by
affecting to think, that whatever impairs or re-
duces the assets of the Bank will necessarily
increase the amount to be provided by the
State. This is partially but not wholly true
especially in relation to exchange-which he
assumes the Bank has stipulated TO pay, by
changing the currency into sterling, instead
of adhering to dollars and cents. But, in
making his estimates, he might in candor, and
common honesty, have rated the exchange al
price, something nearer what it will proba'
bly,, nay actually be. He has assumed the
rate to be over 81 per cent, rate considera
bly, higher than the average of any ten years
Excluding the years during which our coun
try was engaged in war, or our Banks in ;
state of suspension.) We question, whether
in ordinary years, the rate of exchanges woult
exceed an average Of 81 per cent. /
has not averaged that rate for the last two
years for specie currency.
The amount then which should be charged
. to exchange-instead of being 1901 ,453. a
stated by McNutt, would not, under any cir
cumstances, exceed $685., O00-a difference
of over 100000 dollars in our favor. Blu
the object of the Governor would not hav
been SO well answered by conining himsel
to truth and accuracy in his statements.
4 We presume no one doubts the fact, tina
the State is bound for the face of the Bonds
and interest only, to wit: 5 millions of dollar:
and per cent. interest per annum, payabl
Lin the legal currency of the United States
And whether the assets of the Union Bank
which can be made available for the discharg
. of any portion of this debt-can be impaire
by stipulation over the endorsement of til
President; will depend upon the action Of II
Legislature. If, as should have been done I
the last session, the affairs of the Bank be place
in the hands of Commissioners, with instru'
lions to apply its assets, first to the liquidation
of its circulation, and afterwards. to pay owe
to the Treasurer of the State, the entire b
lance. to be applied solely to the extinguls