Holly Springs gazette., 1841-09-16

Letter Of Instruction to Commissioners TO sell State Bonds
To james c. Wilkins Edward c. Wilkinson
and William NJ PInckaTd, Esqrs.-
Geaemen You charged by the directors OF the Mis-
spp Union Bank with the negotiation and sale OF i've mil
lions Of bonds and 1t is their wish that you shouid
without deav proceed such market the United states or
Europe as will enable you best accomplish that object
You furnished with of the minutes OF the board
and duly authenticated OF attorney rayns ana con-
frming what you may do IN the premises
The power of attorney general leaving as much TO your
discretion as the charter seemed authorize by which IN
with powers delegated by the board OF directory
you are be governed taking care that IN no instance
YOU transcend the chartered privileges OF the corporation
This is in the of the directory the most auspiclous
for the sale the State stock and they are therefore
selici:ous that you give your earliest attention
In the absence of much information, whicE you Will be
enabled procure when IN market the directory conde
a. your discretion the best sale you make for he nstlt
on that such sale shall not be less than par valuation es
mated by the currency of the United States Is desirable
that you should procure much specie in the transaction as
be obtained be placed the vaults OF the bank ana
the balance in funds to be checked for by the bank pleasure
There are many cogent be urged favorable to
the sale of bonds The fact that the State OF Msslssp
pi by far the largest growing State the Unon
consequently furnishing very considerable portion OF ex
portable products essential to the wholesome state OF COM
between this and other countries, that may
be urged with much emphasis why the bonds of Mississippi
should valued higher than those OF any other State IN
market esteemed ofmportance that the nature
and character ofhe charter should be properly represented
In the practice of Legislatures to pledge the
hh of the State byan ordinary act of legislation Ours IS
Of different character 1t is the result of premature
legislation has been passed by legislatures
and the immediate appreciation of the people, their primary
capacity had agreeable the nuncons OF our constutlon
and wtha the bonds the State of Mississippi doubly
secured In addition the guarantee of the State they are
secured by mortgage the finest cotton growing estates In
the Union 1t Is sufficient In itself confidence 10
the ability oh bank redeem the State bonds that the cap
ta stock based the productive cotton growing
estates OF Mississippi yielding per from three hundred
and hy four hundred thousand bales OF coton which,
exclusive OF all other profitable products of the SOIL Will yield
revenue of from fifteen twenty million OF dollars yearly
sum more than sucen redeem the entire amount oil the
bonds year and the accrun most cases
wil be coming to those Immediately connected with this
ltuon and whose will be TO replenlsh her vaults
win specie whenever 1t may be rendered necessary.
ne article OF cotton as before remarked being the essen
a commodity employ ed in commercial operations and which
Deh essential to the manufacturer the grower cannot
IN tne opinion OF the directory when properly urged to
IHa he a favorable impression the market.
on are authorized to make the of the principal
and interest ofthe bonds such place places will best
enable you TO make advantageous SALE
II It should be urged as objection to bonds that
Mississippi at this time aboring under pecuniary embar
rassmen such objection may be easily removed by fair
representation OF facts touching her condition. that such
embarrassment temporary No doubt on refer
ence to the statistical information of the State herewith
aanded you-t will appear that's Notwithstanding foreign
debt exists it will be that during the period which
has been accumatng, the wealth. and individual
nave increased In ten-fod proportion
Since 1880 there has been sold to individuals within the
State 1881 l2 of public lands which, estimated at
The reduced rate OF $40 per S15 737 12O
and during the period the of slave population
IS 9o834 estimated at $500 per slave amounts sac 417
100 Then appears that during this period the accumula-
ton oindivdual wealth, those items equal to Sl6
l54,l20 from which, if deduct the amount of foreign