Holly Springs gazette., 1841-09-16
SANDY CREEK LETTERS.-No z.

bolIv unuorthv of consideration; and because believed
when the made he knew was Doth frivolous
and false of the commissioners who nego-
the sae above suspcion ana very m ABOVE lhe III
huence Of attack from such They are known 10
ycu and need only add that you know as know them 70
he ncauabe of fraud or fraud for any pecun
ay advantage themselves others Tor any nope OF Per
sona aggrandizemen any expectation OF Poihcal
ton for purpose whatever therefore disnSS tue
third objection of the Governor wholly undeservng OF
YOUR or my notice. and proceed consider the s and 9th
objections.
It is admitted the bonds sold nominal credit so
far as the concerned but regard the state
think there was no credit realized the full amount OF
the proceeds becoming stock holder to the uli
extent of the five millions before the st of January 1889
But whether not initiate against the Liability OF
the for the payment of the bond for possible ncon
disadvantage resulted either to the state or 70 Tue
ban from the nominal credit granted Ii they had oeen
sold for cash. could the proceeds vebeen realized at
son. on any better with greater advantage to the
bank2 1.-THE whole had been checked for IN
any short space ne the of checks wod have fallen
far below the OF the transportation OF specie Indeed
spobabe that hebank could have checked moro advanta
geousy for the proceeds the bonds than she was permitted
do by of the sale If the sale had been made for
cash. he cash) would have remained idle and without
benefit to the bank In the vaults of the United States Bank
until suited the convenience interest of the Union Bank
check tor It, She could not force sale OF her cheeKs
without deprecang the value and she could only dispose OF
them ad vanageously the demand for thern funds
creased or abated To have pursued contrary course would
migh have subjected her loss of one per
in Withdrawing the fund instead of realizing she actually
did, TO 2 3 per cent premium, (o5 per cent as she
been judiciously managed) As neither the state the
bank lost by the nominal or repeat again, was but nom
na credit given the purchaser is idle to contend that this
would be usable pretext for refusing to pay the bonds
The 5th assumption, that the bonds sold
at their par value susceptible direct contradiction
presumed that the Legislature contemplated Jackson the
place where the par be realized Now, it is ue that
months interest due at the time the
bonds sod which ensured to the purchaser but also
that all this and regalned by the bank
in the premium obtained checks If the bonds had
beens andt he
have the transported Jackson. in gold and silver
could the have realized par for the bonds at Jackson2
Certainly In the first place. much time would have
been consumed in the transportation of the funds for would
have been impractcab and mpoc practicable to have
shipped more than S200o0O by any one vessel To have
shipped the five millions would have required twenty-five
vessels and that number of safe vessels could not have been
procured in Philadelphia less than four five months
for find than vessel week leaving that
port for New Orleans. The insurance to New Orleans
would not have been less than 2 per cent and office
would have taken greater risk vessel than $4,000
that every shipment of 100000 would necessarily have
be covered IN t,centy different Offices In this there would
have been risk of loss, under the best management
Again the commissioners could have remained in Phil
adepha have supentended the shipments and the
employment of an agent would have been less than IA
per centThus 34 per would have been expended
in getting the specie New Orleans To from
thence Vcksburg would have required the Intervention of
another agent and the from New Orleans Vicks
burg, would have been least 2 per making the
whole including the charge ofthe agent New Orleans
not less than 12-thTee and halt per cent! Well
To transport millions from Vicksbure Jackson would
have cost. freight alone (or be remembered the
Railroad then operation to Jackson at least
Ia per So that by the time the money was lodged in
the bank Jackson the would have expended Sd
cent the of 500-oRe hundred and eighty thou
sand and fee hundred dolars-or S4.l6l 7omore than
the Governor says lost in interest Now is idle
to talk about ar?The commissioners believedand hon.
esy believed that they receiving par for the bonds
when. the of millions of dollors deposited,
subject the control of the bank point where she could
realize from three to five per cent her checks drawn
against the depose This too plain require further eu
cdatlon But is strange that they should be condemn
ed TOR their very best exeons the and the bank
They could by other have realized the for
the bonds think therefore, you will agree with that
this 5th objection OF the Governor. msey oun
datioa to be sustained by honest and intelligent men.
said in my first letter. that the question be decided
purely of ethics-that in much the could
be sued her legal liability could never be tested When
is beyond the reach of legal process he is under
legal restraint He has guide, and nothing regulate
his actions but the dictates of his inward monto
conscience. So also with the As she is beyond the
reach of legal process is folly talk Of her legal obga
tons But the state is but of individuals acting in
community and her decisions will be guided governed and
directed by the conscience of the people willing
to believe badly of the moral Of the people this
sate doubt their decision this all important uues
ton am not willing blieve. that disposed to en-
tai nfamy postery by refusing do what reason
conscience, common and common honesty dictate
am therefore persuaded the November election will result in
ne choice OF the bond paying ticket
I,wiJ iJ-1I