The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-01-22
company, and
Tho Commercial and Rail Road Bank D

Company, and
Tho Commercial and Rail Road Bank d
Vicksburg.
All the assets Of the latter institution,
we're assigned to trustees, By tie Board Of
Directors, previous 10 The passage of the
bank Law. The evidence required 81 law
has not been furnished Ia the Executive 70
enable him 10 issue bis ptoclafnations declaT
ing the charters 81 those bank forfeited.
1 have understood that the Commercial
Bank of NatcHez, the Commercial Bank of
Manchester, the West Feliciana Raid Road
and Banking Company, the Bank of Port
Gibson, and the Northern Bank Of Missis-
sippi, complied with the provisions Of the
bank law during lhe last year. Their heaV-
lest engagements we're 10 be met On the
first day Of the present month
The situation and affairs Of The Missis-
lsippi Rail Road Company, The Planters
Bank Of this State, and Of the Mississippi
Union Bank, will demand your calm eonsid-
Grafton. All Of those Institutions are in
solvent; and neither of them can resume
specie payments for several years, or make
further loans. / submit herewith copies of
nv letters 10 those banks, calling for specific
information in relation 10 their condition,and
the answers and statements furnished The
Union Bank has S4 $40 O6 Of specie on
hand.
Her suspended debt in suit Is S2,698,86e 26
not sued on. l,717,337 I8
6 resources, chiefly Unavailable, 8,03Al54 %
g immediate liabilities, 1904, l54 %
g capital stock, 100000 90
Al reference to the report of the Joint
Committee Of the Legislature, at the last
session, viii satisfy you that not more Than
one-third Of the debts due the bank viii Be
collected, and that the whole capital stock
] has already been lost. The bank has seven
thousand bales of cotton ii Liverpool IN
sold, on which il has drawn $685., 1l6 o.
An advance Of sixty dollars per bale was
made to the planters upon that cottnn in
1888 They win sustain clear loss, in
cIuding interest, of thirty dollars per bale;
equal, inlhe aggregate, 70 $4,000. The
bank has been irretrievably ruined by max
/ inc advances upon cotton, issuing post notes
and loaning the principal portion of her capi-
tal 10 insolYent individuals and companies
The situation of the Mississippi Rail Road
Company, and the Planters Bank, is equally
] bad. The former, TO the year 1888, issued
about a million and half Of dollars in post
the rail road and building expensive depots.
/ / certainly would not have approved the
transfer act, he'd anticipated this improve
dent course. The company has failed TO
Ipav the interest on the Planters' Bank bonds.
The Bank Of the United States Inns advanc-
led the same, and has presented an &C
lcount against the State for S124, 222 %
and demanded payment thereof in specie.
The first instaIment Of the Planters Bank
bonds, amounting TO the sum of $4,000,
Twill be due next July. No provision has
been made for its payment. One Of The
J, Circuit Judges has decided that recoYeries
cannot be had on the notes belonging to the
Sinking Fnnd. The fund IS specially ap-
propriated to the payment of the two FIRST
Iinstalments Of the Planters Bank bonds
The Mississippi Union Bank, hereafter, vii
he totally unable 70 pay the interest on the
five millions of State bonds issued in the
year 1898.
In my last annual message, informed YOU
3 that had declined executing the last ivv
and a half millions Of State Bonds, called
for By the Mississippi Union Bank. Having
d we'll founded apprehension that an at
tempt would be nude illegally to dispose o
the Eve million Of State bonds, issued in Iii,
year 1889, and delivered to the manager
of the Bank, issued nv proclamation 81
g the Cd day Of March last, "warning all pei
sons and corporations MOTTO advance none
q l0r securities 81 credit on The hypothecatiol
Of said bonds, or to receive the same iii ex
change for the circulation of other Iiabilitie
of lie Mississippi Union Bank, Of to pui
J, lchasc the same On credit, 81 for d les
/ sum than their par value Ia specie, OF on an
II other terms not expressly authorized bY III
s charter Of said bank A copy Of that PR
d clamaiion IS herewith transmitted Al
3. happy ID inform you that n had the desire
effect and has prevented an invalid sale
q those bonds Inasmuch IS there IS % pro-
b pect that The State bonds and the semi-al
q nual interest accruing thereon, can BE pai
ii 81 The banks bound therefor, becomes
d ID consider lhe attitude ii which this slal
S things places the State am not sdgise
upon what terms Tie Two millions 81 Slai
Is bonds, delivered 70 lhe Planters Bank
is tbs years 1891 and 1888 were sold. Tho.
bonds we're endorsed 81 lie bank. and Il
act transferring tie State stool Il tie Pian
eF Bank q tie Mississippi Rail Road Con
pany. and obligating the lattet company
pay the interest Ga those bonds. and sepe
teen hundred md is thousand dollars
the principal, does not and could not releaI
x The Planters Bank from Der obligations