The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1841-06-26

or there "a" w Wy
roOn Bank, until the bonds issued lot
|, benefit of private stockholders are ne
,tatod. The fUe millions already ne
.,,ed belongs to The State exclusively"
! Journals of 1900 This joint com
see was composed oftwo loco-iocos, to
h. Hanson Alsbury, Chairman Mr.
Fucker the present anti-bond candIda'9
4, Governor, one wing; to wit; Mr. 0reen'
GATORS three: four Ioco-foco RePresen-
lives. to wit: Bradford, Hemingway,
Ferdall. Joseph w. Marshall; and three
rbigs. TO wit: Evans, Robinson q Wood,
.,s.-taken together, there were six
"a rocos and six wings. And the re-
-, was sanctioned by that loco foco LIE
stature,
This is the attitude then, in which his
,,eIency, his vould-Je Excellency Mr.
r,,ksr, and senator Alsbury would place
QChCl1
~ state:-they cannot deny that the u
~ Rank has received from Mr.. Biddle
4. sum of $4,864, 5o3, 37cts.; they say
~, the State is the only stakeholder as
., IN the Bank, and must consequently
~, all the capital Of the Bank thus got
y, from Mr.. Bddle on the faith of the
S,,tes' Bonds and for no other considera-
ian. and yet they say that the state
ncbt not to pay Mr.. Biddle! We have
hoard great deal said oflate by certain
p.ssses about "bank-lhieves" &c. but if
h, oeoDle of this state should be so blind
nths dictates of justice and common hon
e,y as to act upon such a principle, we
nav then vary the epithet, and say State
thieves. For if the state claim the stock,
md refuse to pay the bonds upon which
he capital was raised, it would be guilty
C'nolhng short Of the crime of"SkIful
ygadsring" 1t cannot act thus-it can
ldcaim one dollar Of the stock in that
oakland refuse to pay its bonds with
otrendering itself immortal in infamy.
The second objection of his Excellen-
ris fully answered by answering the
imue.
proceed to notice the third objection
which is that "the sale was illegal mas
much as the bonds were sold on a credit
The substance of this and the fourth
ground Of Objection amounts to this, thai
he transfer of the bonds was illegal a;
lhay we're sold on a credit and for "less
than their par UaIue." | will consider
hem as one. And | will prove present
y, from principles laid down by his Elk
ceency in this same message Of January
lib $40, that this objection is ground
as.
His EXcellency has not informed u
What he means by the phrase spar va
he" Par is Latin word which signi
isequal value; equivalence without dis
COUNT Or premium. (See Weoster's Die
taary) Now if the Bonds were sol
'ihat which was equivalent wlthou
i@ount to specie, they were not sold 70
eS than par value. In fact the Join
Committee, which was appointed by boil
ranches Of the Legislature in January
'99, 10 examine the affairs ofthe Unto
Oank' alter a laborious and thorough If
eSNgauOn Of the whole subjecl, repor
That the proceeds of the sale Of tn
vale Bonds, in reality, amount to NOR
aan their par value" The very abl
"PoH made at the last session, by
''nmlttee Of the House Of Represents
Yves Of which J. S. Yerger, Esq. wa
~a'rnan, expresses the same opinion
"@f stating that the commissioners sol
""Donds on a credit, and allowed pc
ga" interest thereon from the day {
VIC the report adds: "This intere
.Oula nave amounted to about 1884
WV upon the amount Of the insta
s., 10 the times oftheir maturity. TIL
VICE furnished shows, that by draN
'Of exchange on the instalments
''SPectve times of their maturit
~ 'Aelr places of payment, the bar
-, w. realized a profit Of more than $13t
- Oo-lOO. This being so, the sale W
.uVn'ly at par" And again: "Yol
g., 4ul'liee cannot perceive in what Il
A. ,'''Ol Mississippi has been damaged
u7gOtlatlon." Furthermore, the col
'SoUlers. In thair Latte. 70 tho pre-