Lexington union. (Lexington, Miss.) 1838-18??, 1841-02-27

Persepolis fell, SO fell Lafayette; and we
may well exclaim, with the poet, in ceIe.
braling the destruction Of Thebes,
'IIer thousand gates have crumbled 10 the dust, .
and now. instead of the lofty spires of
city, may be seen there farm, owned BY
one OF our most respectable citizens; and
i'll mistake not, the city proper, cost the
present owner only about fifteen dollars.
1t may seem TO some, that have wander.
ed from the subject under discussion before
the House, but have moi. My motive in
reciting the history of one torn, was to
give you some idea Of the wild, Specializing
mania which then reigned through The
land, which prompted men, under the
foolish notion Of makingSa fortune, to go
in debt without any prospect of paying
when their debts become due--indeed, they
acted as if pay day would never come.
Pay day, however, at last arrived, and
found those who had been buying town
lots, and other property, unable TO pay.
This occasiooed the great cry for banks,
already spoken OF, and it was under this
influence the Union Bank was chartered.
A reckless, lawless course characterized
this institution, from the time of common.
cling its operations. According to the
requirements Of the charter, the Governor
executed bonds for the use Of the bank,
amounting to five millions of dollars
Three Commissioners, E. G. Wilkinson,
j. c. Wilkins, and w. Nj. Pinckard, were
appointed to dispose of the bonds they
went to Philadelphia, and disposed OF the
bonds, nominally, to Nicholas Biddle, but
the purchase was really made for the U.
States Bank. Indeed we can derive this
iniormolon from the correspondence be.
tween Messrs. Biddle and the Commits.
sioners; and as this correspondence shows
The terms on which the contract was made
| will recite it in full:
Letter from Commissioners TO ". Biddle.
PHILADELPHIA, 16, 1888.
Mr.. N. BIDDLE:
Dear Sir-We beg leave to trespass
upon your time so far as to inform you,
that by the statutes Of the Legislature OF
Mississippi, we are authorised TO dispose
of the bonds Of the State, amounting TO
ffteru uiIhous, fVO hundred Thousand
dollars; that there are now in the market
five millions of them that they carry
interest at the rate Of five per cent. pei
annum, and are payable in twelve and
twenty years, at any place we may desig
nate. BY virtue OF this authority, we
offer through you, 10 the directors Of the
United States Bank Of Pennsylvania, the
following proposition: the above amount
OF five millions, payable at any house in
London or Liverpool, or any Other place
you may designate, 10 sterling money, at
the rate Of four shillings and sixpence to
the dollar, the interest payable on the
same, and semi annually. The bonds TO
be paid for in five instalments, equal 10
amount; the first on the first day OF No
vember, the others in periods Of sixty days
each, successfully; say on the first day of
November, January, March, and July
next. The purchaser to have the option
either in the whole or in part, as to the
places of payment, of the cities of New
York, Philadelphia, and New Orleans, &
not exceeding five hundred thousand dol
lars in Louisville, Ky, if preferred by
them-The purchaser 10 have the option
OF paying the last instalment in the city
Of Natchez, or either Of the above men
toned places, except Louisville. The
above is an outline Of the proposition we
ask leave to submit. Should Mr.. Blddle
be inclined 10 accept it, the details TO be
explained in conversation.
We are authorized, also, TO hypothecate
the bonds at a rate of interest not exceed.
ing six per cent. per annum, and we are
willing 10 do so. if we cannot sell, for a
7beriod of not less than two years, upor
terms which could be made known at ar
interview.
We have the honor to be with consIde
rations of high respect, &C., &C., your
obedient servants,
L. C. WILKINSON,
j. c. WILKINS,
Commissioners