Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-02-17

AAtu VI titus1tl lflJerfSL ne part lctt out - "
a private nature, aud of no interest to the peo-
pie. We shall rotice this letter, ii connection
a late communication in the Democrat, at some
future period. 1t was not written for publca-
ton. |
JACKSON, February IL, 1871.
DEAR Sin ~ with pleasure acknowledge
the receipt Of your favor of the 9th inst. And
in compliance with your request send you
herewitha minute calculation made out By the
Cashier, showing the condition ofthe Bank II
put in liquid -tion and closed at the end Of four
years.
You will perceive by an examination Of the
Cashiers estimate that he has calculated the
Is per cent drawing on the whole amount OF
circulation when in fact there is million that
has not yet been presented, and that after ma
king all the calculations against the Bank,
throwing off the per cent interest that the
Bank is entitled to after maturity Gifts biDs If
not punctualv paid, and the interest already
accrued on suspended debt, which estimate
at 4or 5 hundred thousand dollars, balanceis
shown of 1896, 100 to pay the four millions
Of Bonds, due in 1850, and 1S5S-You will al
so see from the Cashiers note that he is of o.
pinion that the assets will amount to $4,000
| 600 which with the difference ofinterest would
paw the bonds by the date of their maturity.
Ifthe Bank had been permitted or was even
permitted now to 60 on under modification
of the charter it would not only pay the bones
but would form source of revenue to the
State, but it is idle to think of this, for with
such prejudices against our State institutions
Just or unjust they cannot survive.
am therefore an advocate for placing every
institution in the State in liquidation, that the
State has an interest in, nothing else will sat.
isfy the morbid sensibility of the people who
have been more imposed on by misrepresenta-
ton than any people in the world.
Returning to the Bank, give it as my
opinion most decidedly that the Bank could
have succeeded had it not been for the violent
opposition that it had TO contend with from 1T
commencement.
The Legislature at its January session, 1888
by resolution required the Directory to ISSUE
post-notes on the faith OF the Bonds of thu
} State thereafter to be issued which accordingl,
, induced the issuance of the April and Ma,
post notes, and the Legislature of 1910 with
) held those means of payment from the Bank
l which reduced the Bank to state of suspen
sion and the Legislature, radical as 1t was
{ passed law repeating the damages of 10 pc
I cent. per annum of the circulation before tn
5 same had accrued which was vetoed by tn
] Governor and which will prove loss TO tn
i State of at least half a million OF dollars.
|; write you this in haste on the eve of leav
: ing home, but it will afford me pleasure to col
5 respond with you on this or any otht r subjec
: touching our ensuing election. | am, YER
: respectfully, your ob't serv't.,
t H.G RUNNELS.
To R. X. CHAMBERLAYNE.
No estimate is made of property mortgage
by subscribers, because do not think it Is Ii;
bic in as much as the State has withheld Ii
State Bonds on which the mortgage W;
!. made. ii. u. H.
= statement showing the condition of Il
Mississippi Union Bank, if the debts al
collected in five annual instruments, estim
ting the bad debts at one million and int
e est on the suspended debt to date, and Il
:, expenses at $4,000 per annum, and tn
S2,700000 nearly the whole amount of Il
circulation will be presented for non-pa
ment, only $l,700O00 having been prese
e ted. LIABILITIES. RESOURCE
II Whole amt ofliabilities, 81, 100000
Interest and damages 10
date, 100000
s3.O3O,OOO
Damages tho lst veaT, A05,000
of S3,435,O0O
i. Whole amt. ofassets, less
ImiIlion bad, $4,000
Interest lstyear, 1900
I'd S7,49U,O
e. Less Is principal and in
Ia terest, 100000 $4,000
At end LIST year, l,5i5,000 $500 o
ne Damages 2nd year, l2S,500
Re Interest ID year on assets, 1920
nd l,67s,5OO 5000
Less I-5 principal and in
terest, 1926
rs, Interest on Bonds 2 years, 100000
Exchange forpaying same, $4,000
.. Interest on same, $4,000
'e Banks CONS. for paying
as same, 5000
o. Current expenses 2years, 10000
Al 2.29l,4OO
ain Less Is principal and in
terest, 1,792,000
yer
70 End of 2nd year, S409, 400 81, 1000
Interest 2rd year, 294,C
,en 4,494,(
'ly' terest, 1.694t
NC -
we End of srd year, 2,eOO,t
ain. Interest 4th year, 1861
1t 1885,
terest, 1885,,
unit -
Who $4,000 l4OOl
oes Interest on assets 9Th year, 98l
Amt. to be paid 9Th year, I,49S,
4th 1896,
Sd +" 1884,
on
Interest on Bonds 3 years, 10000 Ass,
ted Exchange paying same. $4,000
Banks CONS. paying same, 1900
,e a Current expenses years, 10000 1891,
ma Assets at end of years, 1895.
y is Against $l,250,0O0 bonds due in
1850 and 3,750,OO0 "165S.
Total, $5,OOO,OOO
res Should the bad debts prove to be OILY
ers million, and the interest on the suspended
!. to date be collected, which will probabl
the Case-and as | have not included in
our statement, as an Offset against the Is per c
rom damages. the difference OF 3 per cent. allo
atch on debts after maturity. the assets may
safety be put down at $4,OO00OO-so tn
l tho Ronds cnuId no 70 n,,rcbose3 ~ The o.,