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


has also become liable by the transfer act
10 ply the bonds,) in liquidation. Let US
pass the law winding up those institutions,
and apply the assets 10 the payment Of the
bonds, but do not let US tax the people
until the necessity arises for doing So
not until oil The lands of the State become
liable 10 taxation-when our citizens shall
have paid of those domestic debts which
are now expressing ,hem-when the cloud
which now darkens our political horizon
shall be dissipated, and The people are
relieved from their embarrassments.- -
Mississippi is just now recovering from
one of the most awful pressures ever felt.
She is fast regaining her strength and
vigor- our fields and plantations, which
have been deserted, again resound with
the busy hum Of industry; and fourishing
fields of corn and cotton may now be seen,
where, n few months since, desoaiion
reigned.
Bot, Mr. Chairman, let me not be mis-
understood. wish not to screen the
people from taxation, il The occasion had
arrived for doing so. No, sir If did
not think the proceeds and assets of the
Mississippi Rail Road Bank aAd the
Planters Bank would be sufficient to pay
The bonds, would vote for tar, TO be
assessed forthwith, for the paymentihereof;
but as the assets Of those banks will be
more than sufficient TO pay the bolds, the
necessity for taxation will never Arise
We come now to that portion Of he reso-
lulions relating TO the Union Bank.
The resolutions declare that the safe of
Mississippi is bound TO the holders G the
bonds sold on accout of the Planters and
mississippi Union Banks. Now, nom
what have already said, j; will be clear
I ly seen, that ! believe the State is bound
for the bonds sold on account of The Plan.
ters' Bank, but do not agree with the
committee, that the State is bound for the
redemption ofthe Union bonds. Aud
will now proceed 10 show that the state is
not bound for the redemption of said bonds.
In doing this, ! shall necessarily be com
PEELED TO inquire into the origin and his.
tory Of this bank. In 1887, when proper
ty was selling from three 10 6Do hnnI-aI
per cent, obove its real value -altho' the
country was flooded with paper currency
yet, still the cry was, more banks, more
banks--a cry which had it's origin with
the land spectators and money shavers.
To answer the demands of this class oil
individuals, the Union bank was chartered
at the session of the Legislature in 1897
and as there was provision in the charter
of Esaid bank, pledging the faith Of the
State for fifteen millions of dollars, for the
use OF the bank, it was necessary, ION ac.
count of a provision in the Constitution OF
the State for the legislature Of 1898, to
repass il, which it accordingly did. This
was fatal step for the State. The Le-
gislature which chartered the Union Bank
and made the State liable for fifteen mil.
lion Of dollars, did not take correct view
of The condition Of the country. The cry
for more banks was the effect Of specula.
ton and overtradiug-the wants Of the
country did not require an increase Of the
paper circulation. Perhaps no state in
the Union was similarly situated, a, that
time. The Southern portion of the state
had been settled for number of years, but
North Mississippi, short time before, was
a wilderness, where nought was heard
except the savage howl Of the beasts Of the
forest, and the terrific yells of the scarcely
less savage inhabitants. But under a
treaty with the Government, the Choctaws
and Chlckasnws left the country, which
+ opened for habitation and cultivation, one
Of the first regions On the face Of the
globe. Thousands hocked TO this garden
, spot of America, and in short time tho
whole Of North Mississippi resounded witt
the hum industry,
Upon the heels Of these hardy pioneers
Of the forest, came host Of adventures
without capital and without name, or {
loothold on the face of the globe. They
bought farms stocked with negroes, a
three prices, on credit. Atalmost every
cross.road, 10 the stale, towns were ai(
, off, and flaming advertisements were seat
, tered over the country, describing th'
great advantages of tho new town in 10
. cality, &c.-the day Of sale arrived, hun
r dreds flock together TO make fortunes, by
buying lots in this little London, perhap
ri FIVE miles flom human habitation. Ever
the county which ] have the honor TO rep
/. resent, did not escape. An advertisement
|. was sci up, announcing the sale Of lots il
!. the town of Lafayette, and on the appointe,
day, the lots were disposed Of, at hlgI
e prices, on a credit--a grog-shop and
J, store, with something more than two hun
y drcd dollars worth Of goods, marked tn
| spot where stood this famous city. TIL
proprietors descanted eloquently concern