Holly Springs gazette., 1841-09-30

for exchange upon the nstamen their points OF
had than realized the Of agreed be
allowed to the purchasers of the bonds
1t is proposed that the State OF MssPP. through
her Legislature shall repudiate sales the bonds sod
account the Mississippi Union and Planters Banks with
draw the faith of the State pledged E the redemption c. he
bonds. and refuse their payment
Upon what principle either law morals hS PfOPoSl
ton fagranty ouraging the lh ofconacts based year
committee at loss to determine
No preends that the full value of the bonds sol
account OF the Planters Bank was not received 10 cue
pretends that there any rregularty the sale does
any person question the perfect legality Of the pledge q the
States faith for their redemption.
The only that your committee think possible any
citizen having due disregard the honor and character Of
the State of Mississippi could expect desire should b given
the holders of the bonds sold of the Paners
Bank "he STATE the debt and she oagnf f FF
To that she has pledged Aer ath ard tsf fa siaA 5s
preserred iari0tate.
The evidence furnished 10 the JOINT come II the SESSION
of 1889 by the managers of the Mississippi Unon Bank
hews that the sale OF the bonds q thai bank
made time and that the payments 20 D. llsaelrs
of one million of dollars eachthat the allow
ed interest five per cenum from the day OF sale
This interest would have amounted about @lSifi6
upon the the nstalments the fthcr
ty The evidence furnished shewS that by drawing foE
exchange the nstamens the respective of thsF
maturity and their places OF payment the bank has realized
profit of than Sl354l6 63. This being the sale
evidently par The purchaser says, i vii! pay
you at my risk, New Orleans and other points -
OOoOoO which by drawing on you can make Ply % yo ~
the times and places OF ntS5 i3J4i6 IS and
you will sci the bonds OF the State OF Mississippi for
S50O0000 running at Interest that will yield 10 a. the
period of time, S5 l35 10 % our Committee
perceive the of Mississippi has been dlma-
ged by the negotiation The bonds issued and aegc-
tiated to pay of stock subscribed part Of the
State in the Mississippi Union Bank This b the sale
made they did Being issued they belonged the hank.
used par the State aud the bank The has
five millions stock the bank paid for with her b0aS
standing for that bearing Interest ve per
cenum.
The bank has received S5OOOOO0. besides SlS54t6 6S
of profits by drawing for exchange the points which she
purchase money made payable The tanx requr-
ed obtain par the bonds ahe place OF sale They
sold in Philadelphia Instead of taking the s5.OO0Ooo
Philadelphia she stipulated for the pay New Orleans
and other places If the baak had Elasake4 bs the
So 100000 from Philadelphia Jackson MisSlssQa
would have much the risk, cost OF insurance and
transportation the interest agreed be allowed Ihe ne
per cent interest reserved the bonds did
than exchange between the place of contract and thai of
yment Suppose the bank had received the S5CO0O00
cash. the day of sale then interest would have
tanly upon the bonds To have avaed herself O. The
So OOO0e either have been brought Mississippi
or drawn upon Philadelphia Ii brought Misslssirpi
the costs and transportation would have hen
equal to the interest If drawn upon al PhlhdelPhla. q
would only have brought what the charter reqaeG-Par
This they brought under the made By the
mssoners.
But suppose the did ob.an par the
bonds In other words suppose the payments n New Or
leans bad made the agreed 10 b allowed
the bonds the way exchange drawn the the
action would then stand thus
Mississippi Bonds sold on the
18th August 1888 s5OOO.OOo %
Interest on 81 100000 at FIVE
per Ist November,
1888, SlO.4l6o6
Interest on al 100000 nj five