The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1841-08-28

pdyillGu Vi the SldLS DOnuS.
| omitted to notice the 81 objection,
because | deemed it wholly unworthy
Of consideration; and because | believ-
ed when the Governor made it, he knew
it was both frivolous and false. The char
acter of the commissioners who negotiated
the sale, is above suspicion, and very far
above the influence of attack from such
a source. They are known to you, and
need only add, that you know as know
them to be incapable Of fraud, or con-
nivance at fraud for any pecuniary adj
vantage to themselves or Others; for
any hope of personal ggrandizement,
or any expectation Of political distinc-
ton; or for any purpose whatever. |
therefore dismiss the third objection of
the Governor, as wholly undeserving of
your or my notice; and proceed to con
slider the 1st and 9Th objections.
1t is admitted the bonds were sold on
nominal credit, so far as the bank was
concerned, but in regard to the state, /
think there was no credit; for she realized
the full amount Of the proceeds at once,
in becoming stakeholder to the full ex-
tent Of the five millions, before the lst
Of January, 1889 But whether or not,
it cannot initiate against the liability of
the state for the payment of the bonds;
for no possible inconvenience or disad-
vantage resulted, either to the state Or
to the banks, from. the nominal credit
granted. If they had been sold for cash,
could the proceeds have been realized
at Jackson, on any better terms or with
greater advantage to the bank? If the
whole sum had been checked for at once,
or IN any short space Of time, the rate
of checks would have fallen far below
the cost of the transportation of specie.
Indeed it is highly that the bank could
not have checked more advautageously
for the proceeds Of the bonds, than she
was permitted to do, by the terms of the
sale. If the sale had been made for
CASH, it (the cash) would have remained
idle and without benefit to the bank, in
the vaults Of the United States Bank, un-
til it suited the convenience or inte resi-
oil the Union Bank to cheek for it, She
coulI not force a sale of her cheeks
without depreciating the value, and she
could only dispose of them advantage
ously, as the demand for northern funds
mere ased or abated. To have pursued
a contrary course, would or might have
subjected her to loss of one or two pei
cent. in Withdrawing the fund, instead
; Of realizing as she actually did, 3 to 81
per cent. premium, Tor per cent, a;
she might have done, if the financial de
partment Of the bank had been judicious
ly managed) AS neither the state MOI
the. bank lost by the nominal (for | re
! peat again, it was but nominaO credi
given to the purchaser, tits idle to con
tend that this would be justifabe pre-
, text for refusing to pay the bonds.
The 9Th assumption, to wit: that tht
: bonds were not sold at their par yaEu
r is susceptible of direct contradiction. |
= is presumed that the Legislature con
! templated Jackson as the place wher
o the par was to be realized. Now, it /
| true, that some six or seven months in
, terest were due at the time the bond
were sold, which enured 10 the purchas
: err, bat it is also true, that all this inter
. est and more was regained by the banl
Il
If the bonds had been sold for cash, an
. the commissioners had attempted to hav
> the same transported to Jackson, in gol
y and silver, could the state have realize
: par for the bonds at JactSon? Certainl
a not. In the first place, mnch time woul
have been consumed in the transports
ton Of the funds, for it would have bee
: impractcable, and impolitic if practice
r bic, to have shipped more than $500
q 600 by any one vessel. 70 have shiI
r ped the FIVE millions, would have requil
4 cd tUenty-fUc UeSseIS, and that number {
:. safe vessels could not have been procu
y ed in Philadelphia in less than four {
o five months, for it is rare to find NOR
% than one vessel a week leaving that POI
q for New Orleans. The insurance
y New Orleans would not have been les
/ than % per cent, and no one Office woul
i have taken a greater risk. in any on
vessel than $4,000, so that every shiI
= ment of 100000 would necessaril
. have to be covered IN taCenty different 0
fees In this, there would have bee
y risk ST loss, even under the bestmanag
e ment.
4. Again, the commissioners could n
,e have remained in Philadelphia, to hay
y superintended the various shipment
O. and the employment Of an agent wouI
is have been, not less than / per cent
le Thus, 23 per cent. would have been g
or pended in getting the specie to New 0
w leans. To remove it from thence
10 Vicksburg, would have required the i
be tervention of another agent, and the
$. surance from New Orleans to Wick
in burg, would have been at least, p
e. cent, making the whole cost, includil
u the charge Of the agent at New Orlear