Lexington union. (Lexington, Miss.) 1838-18??, 1841-02-20

nection with The power delegated by the
board Of directory, you are 10 be govern
ed, taking care, that in no instance YOU
transcend Abe chartered privileges of The
corporation These extracts clearly show
the opinion Of the president and managers
OF The bank at that period. The power Of
attorney, and letter Of Instructions, were
no doubt drawn IN accordance with the
advice Of the attorney Of the bank, aud
fairly expressed the construction then pa.
ced upon the charter by the managers o.
the institution. The contract for the sale
ofthe state bonds il in The following words:
This agreement sritacsseth, that we, the
Undersigned commissioners Of the state Of
Mississippi, and attornies in fact, Of the
Mississippi Uoion bank, for, and in con
sideralon Of the amount and payments
hereinafter specified, Of five miiii0a pf dol
lars, by Nicholas Bidtle, of ahB Giiy Of
Philadelphia, TO be made to us at the seve>
raj times and places mentioned below, and
by virtue ofthe power and authority in us
vested by the statutes Of the legislature of
the state Of Mississippi, and the letters Of
attorney Of the said Mississippi Union
bank, (Which said statutes and power Of at.
torney are taken MS part of this agreement
rs if therein inserted,l have sold and de.
livered to the said Nicholas Biddle two
thousand five hundred bonds of the state of
Mississippi, for the sum of two thousand
dollars each, amounting together to the
sum Of five millions Of dollars, ms enumer-
ated and described in the said power of
attorney; which said bonds were made pay.
able at the agency Of the bank Of the Uni
ted States in London, sterling money o!
Great Britain, at the rate Of four shillings
and sixpence to the dollar, with interest,
payable semi aanually, at The same place
and rate. And this agreem ,nt further
'citaesseh, That the said Nicholas Biddle,
IN consideration Of our said sale, and deliv-
cry to him ofthe said two thousand Ave
hundred bonds, rs aforesaid, has agreed,
and does hereby agree, to pay us, the said
commissioners and attorneys, or to our
successors, or 10 oar, or their order, the
snm Of foe million Of dollars, lawful money
OF the United States, in five equal install.
menls ofone million dollars each, on the
LIST day Of November, 1889, and on the
lst days Of January, March, MAY, and
July, which Will be in the year 1889, re.
spec'ivelv, which said payments of one
million ofdoIars each, Of November, Jan
nary, March and Nav, shall be made il
The city Of New Orleans, and the last pay
ment of the like sum on the LIST day OF Ju-
" next. shall be made at Natchez. in the
state Of Mississippi In scifaess whereoC
we the said commissioners and attorneys,
and the said Nicholas Biddle, have exc
ru'ed and exchanged this agreement, this
18Th day Of August, in the year of our
Lord 1899. ". BIDDLE.
The Back Of the Udiied States guaran-
tees tho punctuaI performance of the fore.
going contract.
For the Cashier,
G. DUNLAP,
Aug 18Th 1888 ID Assist. Cash,
The following sums, amounting in the
aggregate to Sl33s33, 80, were lost to
the bank by the sale Of the bonds, at less
than their value, viz:
Interest at per CT, on 5 million Of state
bonds, from 18Th Aug. 1893 to LIST Nov.
1888, $4,000 90