Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-08-31
IN THE HIGH COURT OF NATIONS.
The holders of the Mississippi Union Bank

in The HIGH COURT OF NATIONS.
The holders of the Mississippi Union Bank
bends, VS. the State of Mississippi
The legislature Of The STATE Of Mississip-
pi-Witness:
Question, The witness will be pleased to
tate every thing that amounts TO an acknowl.
edgements, by that portion of the government
of Mississippi, of the liability Of the State for
the payment ofthese bonds upon which an &C
ton is brought before this court.
Witness, "a negotiation of five millions O
the bonds was affected by the commissioners
highly advantageous 10 the State and ba,ll
and in accordance with the injunctions of the
charter requiring them to be sold at pa: salue
a sale rejecting the highest credit upon the
commissioners themselves and bringing Timely
aid to an embarrassed community &c. These
were the expressions used in report Of, join
committee appointed to examine the affairs 0
| the Mississippi Union Bank in conformity witt
| the instruction ofboth branches of the legisa
ture see Journal of the House 1889, page III
and again ''iu the face of these results a dou
cannot be entertained but that the sale of thu
bonds has been made in strict conformity wifi
the letter of instructions from the board o
managers to the commissions and in accor
dance with the injunctions OF the bank char
ter" do.dodo.page I72. This report was Ieceiv
ed and concurred in. "An actto &c extend ad
drtional privileges to tho Mississippi Uhior
Bank passed in the House by vote of 10 il
tie affirmative l3 IN the negative lin the sen
ate by majority of more than two thirds) SET
Journals of House of 1896 page 465
1910.
&The five millions already negotiated be.
longs TO the State exclusively" "The State
will ultimately be compelled 10 pay greater
portion if not the entire amount of the bonds
already negotiated"
BY the credit sale of the bonds for the pay
ment Of The State stock, the State has incurred
aloss. EXTRACTS from the Report of the join
committee by Hanson Alsbury, Tnghman NJ
Tucker and others 1910.
For the election of directors on the part Of
the State see Journals of senate 1910 page SI7
184I.
1t was resolved "that he State of Missis-
sippi will fully recognize and acknowledge her
obligation for the bonds dc" see Journals
| Is41.
GOVERNOR McNUTT:-W1TNEss.
| Question by the court,-state who you are!
WITNESS, am Alexander G. McNutt, real
loco-foco Democratic, anti-bond paying COVER
nor ofthe State of Mississippi and have had
the honor of entertaining GENT Jackson in real
Military style, which he himself said almost
equaled in splendor the battle of New Orleans.
So far from being ashamed to tell who l ann
1 shonld be extremely pleased to continue to be
just what I am now.
QUESTION, Are you sworn officer!
WITNESS, / was sworn TO support the con-
stitution and tc see the laws carried into effect
QUESTION, State what admissions you have
made in regard to the liability ofthe State fol
these Mississippi Union Bank bonds.
WITNESS, In my Message Of 1889 stated
'the State debt now amounts to &c. (givlne
the amount deposited by the general govern.
ment & Planters Bank bonds) and five millions
of dollars in five per cent bonds sold to taxi
stock to that amount in the Mississippi Unto,
bank, amounting in all &c.
Again do. do. do. remarked "to preserve
the honor of the State unsullied and her credi
unimpaired it is of the last importance tina
the interest should be punctuaIy paid, at tn,
places designated and ample funds provided fo
the redemption of the principle. It's usual,
much easier to borrow and spend money thai
TO provide the means Of payment" Do. do. d
"In as much as the question had been long be
fore the people and had taOice received their sane
ton | signed the charter of the Mississipr
Union Bank, having no constitutional scru
pies"
| Again do. do. do. l stated athe large infer
est, which the STATE possessed in thesPlanter
and Uuion Banks, makes it incumbent ON m
to call your attention to the affairs and conduc
of those institutions. The faith of The State
! pledged for the redemption of two millions !