Lexington union. (Lexington, Miss.) 1838-18??, 1841-07-24
LEXINGTON, MIssIssIPPI, July pa, 1s41.

the bonds. The act further provides tha
"sald bonds shall not he sold under hei
par value" The bonds having been de
llvered to the managers of the bank to b
sold on certain conditions, the state can
not be bound for their redemption uaIes
the terms prescribed were complied wit
IN the sale. The constitution of this stat
expressly provides that ono law shall eve
be passed to raise a loan Of money upo
the credit of The State, or to pledge tn
faith of the state for The payment or re
demplon Of any loan or debt, unless sucI
law be proposed in Ibe Senate OF House O
Representatives, and be agreed TO by
majority OF the members Of each Hous,
and entered on their journals with the
yeas and nays taken thereon. and BE- re
ierred to the next succeeding Legislature
ana published for three mouths preylou.
to the next regular election, in three
newspapers OF this State; and unless a
majority of each branch OF the Legislature
so elected, after such publication, shall
agree to and pass such law; and IN such
case the yeas and nays shall be taken and
entered on the journals Of each House =
Prorlded, that noihIng in this section shall
be so construed as to prevent the legs, .
ture from neg"tiatIng further loan Of
one and half millions of dollars, and
VestIng the same IN stock reserved to The
state by the charter of the Planters
Bank OF the state OF Mississippi"
Five millions OF STATE Bonds dated The
9Th, Oh, 7th, 9Th, and 9th days of June
1888, were sold by the commissioners
appointed by the Mississippi Union bauk,
to NlrhoIas BiddIe Esq. on the 18Th DAY
of August 1888, for five millions ofdoIars
-Iawiu money OF the United States, pay
abe IN five equal iustalhebts of one mi.
Iton OF dollars each, on the first day of
November 1888, and Oh the first DAYS OF
January, March. May and July ia The
year 1882" and "made payable at the
Agency of the Bank Of the United States
in ELondon in Sterling money Of Great
Britain at the rate OF four shilImgs and
TO the dollar, with interesl paya.
BILE seml-annualy at the same place ana
rate" No authority was ever gwen b,
any act OF the Legislature of this State TO
chnnge the currency in which slid bopd-
we're made payable. By selling the bonds
IN credit, and changing them lrem 90,
ars current money ofbec UGted States to
Pounds Sterling of Great Britain the fol. |
owing sums were lost:
Interest on five millions Slate Bonds
rom 7th june 1888, to lst % ."u
Nov 1888, $1,000 co qat
Interest on 4 .... ...... |
2 months, 33,33S SO /
lnu'st on 3 mil
ions 2 months, "a 1899 96
lntr'st on 2 mil.
ions : mouths, 1866 81
lntI'st on mlI-
ion Z mouths; 1888 80
--$ls3,338 80
Difference between five mil f
lions doIlors, principal of
Stale Bonds,ln curroot mo. .....
ney ofthe u. S. ~ sterling
money Of Great Britain at
four shlIIlngs and slxPence
10 the dollar, 1880 90
difference of interest on ST..
100000 of State Bonds
payable in II years betw'n ~
current money of the u. S.
aud pounds sterling OF Gf't
Britain at four shilling aud
sixpence to the dollar, $685. 90
difference ofinterest on 49,. ..r. Il
100000 90 Of State Bonds .... ....
payable in tweniy years ...
between current money Of
the U. States and Pounds
sterling of Great Britain at
four shilIIngs and sIxpence
10 the dollar, .s..a 353,0G9 90
$l0S4,76l so
From the above statement il will be ,
'rcelved that one hundred and eighty |
rec thousand, three hundred aud thirty. .
ght dollars and thirty cents, were Iosr !
selling the five millions dollars OF bonds d
credit, and paving interest thereon VI
'm their respective dates, and The fur, d
er sum of nine hundred and one thuu-
nd three hundred and forty three dollars I