Southern pioneer, and Carroll, Choctaw and Tallahatchie Counties advertiser. (Carrollton, Miss.) 1840-1842, 1841-07-17

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be contracted and then repudiated at pleasure?
| We answer 1t was not. For with such evil
dences OF good faith, as were borne upon the
face OF the bonds themselves, Mr.. Bddle could
not have even dreamed of fraud 1t was
not even suspected there. Here in the State,
where the passage of the charter by which
those bonds were created was familiar to all,
no one ever limited at such thing, and ifthere
were any who deemed the supplemental act
a violation of the constitution, they never
raised their voices against it until long after.
the fraud was consummated, until the money
thus obtained upon fraudulent pretences, was
received and squandered-s scattered as il were
TO the wild winds.
| Again: At the regular session OF the legisla-
ture assembled at Jackson, in January, 1889,
the terms upon which the state bonds to the
amount of $5,000,O00 had been sold were re-
ported to the legislature, together with all
The facts connected with the sale, and the man.
agement of the Bank up to that period. If,
then the bonds were sold for less than their
par value, and the charter was thereby viola
ted. the fact was as we'll known then as it can
possibly be no,c, and if such ,cds the fact, the
contract should have been annuled upon the
instant. The state should have declared that
the Bank and its agents had transcribed their
authority, and that the contract was null and
void. Such course would have been in ac-
cordance with the dictates OF common homes
ty and common decency, and a reputation OF
the contract at that time, SO far from nf1icting
stain upon the hitherto proud escutcheon of
Mississippi, would have redounded to her hon.
or. 1t would have been in effect, saying TO
tn, world that we had constitution and laws,
which we ,coud not violate ourselves, and
which should not be violated by others.
At that time, too, three fifths OF the money
& for the bonds had nor been received and the
:. State could have given notice to the purcha-
sers not to pay, if they did to do II at their
own peril. 1t strikes us that an honest MAN
similarly situated would have done so, and il
strikes us also, that an individual thus situated
who would NEGLECT to give such notice, and
then, after his agent had received ALL the
money, attempt to repudiate the contract, and
escape payment, would, without distinction
of party, be branded as a thief and a scoun.
: drelI And now, what was the course pursued
by the authorities of Mississippi Was any
intimation given TO Mr.. Biddle or the holder
} of the bonds that in their issues the constitu
ton had been invaded or, that in their sale
: the charter was violated, and consequently
they would not be paid; that the state would
, repudiate them? By no means. No such in
e timation was ever given. 1t is true, Govern
I or McNutt in his message in 1889, suggested
!, that they had been sold for less than their par
1 value, because sold on credit. but he said no.
a thing of Reputation of the contract-he
: recommended no action of the kind. On the
/ contrary, he said the sale was as good one
e as could have been made. He called the al
tention of the legislature to the whole subject,
2 and submitted to their scrutiny all the docu-
d ments connected with it. The legislature, as
J. we have previously stated, appointed COM
g mittee to investigate the Union Bank, and
! that committee, after painful and laborious
r examination presented long and elaborate
e report. In that report, speaking of the SAFE
IS OF the bonds, they say:
"Contrary, howeve-, TO the expectation O.
S every one familiar with the distressed condi-
!. ton of the stock market, negotiation of five
!. millions of the bonds was effected by the com
d missioners, highly advantageous to the state
!" and the bank, and IN accordance NTH the an
n functions of The charter requiring them TO b
IS sold at pur valusU A sale rejecting the high
$. est credit upon the commissioners themselves
i, and bringing timely aid to an embarrasse'
a. community"
re- Again the committee
# "The trade of our state generally ruling i
i. favor of New Orleans, where the four frs
> instruments are made payable, there bein
a. large balances against our state in that city
the bank, by receiving moderate premium
= lon the checks drawn against these instalment
- have enabled our citizens, at low rate of eS
II change, TO liquidate great portion of thel
: foreign debt, and at the same time, has realli
;s' ed herself profit on The transaction gTeate
~ than the difference of interest on the bond
a. (paid by the bank) while the instalments with
he out interest are maturing; the result followin!
=. that the proceeds Of the safe Of the state bond
81 in reality amounts 10 more than their par "a
n ue."
ar Already two of the instalments have bee
dis promptly met by the purchaser of the bond
ne and the bank has been permitted to draw larg
las " on the March instalment, with like prof