Southern pioneer, and Carroll, Choctaw and Tallahatchie Counties advertiser. (Carrollton, Miss.) 1840-1842, 1841-10-02
FROM THE NATCHEz COURIER.
SANDY CREEK LETTERS.-No.
SANDY CREEK. AUGUST g.


DEAR SlR:-In my letter of YESTERDAY.
endeavored to answer the ID and 4th obiec-
tons of the Governor to the payment of the
state bonds.
Iomitted to notice the Sd objection. because
deemed it wholly unworthy of consideration;
and because | believed when the Governor
made it, he knew it was both frivolous and
false. The character 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 connvance
at fraud for any pecuniary advantage to them
selves or others; tor any hope of personal ag-
grandlzement, or any expectation of political
distinction; or Tor any purpose whatever.
therefore dismiss the third objection of the Gov
ernor, as wholly undeserving of your or my
notice; and proceed to consider the Ist and 5th
objections.
1t is admitted the bonds were sold on a
nominal credit so far as the bank was concern
ed, but in regard to the state, think there
was no credit; for she realized the full amount
of the proceeds at once, in becoming a stock
holder to the full extent of the five millions
before the LIST of January, 1889. But wheth-
er or not, it cannot initiate against the labli-
ty of the state for the payment of the bonds;
for no possible Inconvenience or disadvantage
resulted; either to the state or to the banks.
from the nominal credit granted. If thew
had been sold for cash, could the proceeds have
been realized at Jackson, on any better terms
or with greater advantage to the bank? Ii
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 advantageously 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, until it suit.
ed the conseuienee or interest OF the Union
Bank to check for it. She could not force q
sale of her cheeks without depreciatng the
value, and she could only dispose of them ad
vantageousy, as thedemand for northern funds
increased or abated. To have pursued con
trary course, would or might have subjected
her to a loss of one or two per cent. in with
drawing the fund, instead of realizing as she
actually did, 3 to 81 per cent. premium, 20
5 per cent. as she might have done, if the Fl
nancial department of the bank had been ju
diciously managed) AS neither the state no
the bank lost by the nominal Gor repeat a
, gain, it was but nominaD credit given to TIL
purchaser, it is idle to contend that this woul'
< be iustifable pretext for refusing to pay tn
bonds.
r The 5th assumption, to wit: that the bond
2 were not sold at their par UaLue is suscept
bic of direct contradictions. 1t is presume
!, that the Legislature contemplated Jackson a
/ the place where the par was to be realized
S Now, it is true, that some six or seven month
:, interest were due at the time the bonds wer
t sold, which enured to the purchaser, but it
f also true, that all this interest and more wa
o regained by the bank in the premium obtaine
for her checks. If the bonds had been sol
t for cash, and the commissioners had attemp
n ed to have the same transported to Jackson
IL in gold and silver, could the state have real
e zed par for the bonds at Jacksonl Certainl
n not. In the first place, much time would ha'
J. been consumed in the transportation of Il
d funds. for it would have been impractical
o and impoltic if practicable, TO have shippt
5. more than 100000 by any one vessel. ]
: have shipped the five millions, would have +
e ouired fwentv-tfce vessels, and that number
h safe vessels could not have been procured
TO Philadelphia in less than four or Ave month
J. for it is rare to find more than one vessel
Id week leaving that port for New Orleans. I
insurance to New Orleans would not ha
of been less than d per cent, and no one off
a. would havet aiken greater risk in any o
r. vessel than $4,000, so that every shipment
e. 5000, 900 would necessarily have TO be cover
as in t,0enty different offices. In this. there wor
is have been risk of loss, even under the b
Id management.
til Again, the commissioners could not ha
10 remained in Philadelphia, to have superintt
= ded the various shipments, and the emplt
tie ment of an agent would have been, not /
to than i per cent Thus, % per cent. Wo
he have been expended in getting the specie
la / New Orleans. To remove il from thence
on Vicksburg, would have required the ntery
on ton of another agent, and the insurance fir
,ur New Orleans to Vicksburg, would have b
nd at least, j per cent. making the whole cost,
if GLIDING the charge of the agent at New
"a lame mt less than 3dd-fhree md n half