Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-08-03
Amsterdam 22d May, ls4l.
EXECUTIVE DEPARTMENT,
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| OENTLEMEM
have received your letter dated Amster-
dam, 22d May,lS4l, post marked Washington
City, June 2lst, l54I, and bearing the official
frank of the Hon. Daniel Webster, Secretary
of State ofthe United States. | have duly
considered the contents thereof Those bonds
were not sold In accordance with the Constl.
tuition and laws of this State.-They were &C.
lvered By me as an eScroiOS To be sold at not
less than their par value and for cash as the
statue of this State required. The charter OF
the Mississippi Union Bank, ptescribrs not on
y the substance, but the form of the bonds and
provid that they shall be in the sum of two
| thousand dollars each, "whirh> sum the said
) ate OF Mississippi promises to pay in current
money of the United States" TO the order Of
! the bank, with interest at the rate OF five per
cent per annum, payable half yearly, at the
place named in the endorsement OF the bonds.
The act further provides that "said bonds
! shall not be sold under their par value" The
bonds having been delivered 20 the managers
of the bankto be sold on certain conditions,
the Stale cannot 0e bound for their redemption
unless the terms prescribed were complied
with in the sale. The constitution OF this
State expressly provides that "no law shall
ever be passed to raise a loan of money upon
the credit of the State or to pledge the faith of
the State Cor the payment or red nption of any
loan or debt, unless such law be proposed in
the Senate or House of Represent tives, and
he agreed to by majority of the members of
each house and entered on their journals, with
the yeas and nays taken thereon, and be refer
red the next succeeding Legislature, and pub
lIshed for three months previous to the next
regu ar election, N three newspapers of this
Slate; and unless a majority of each branch of
Tue Legislature so elected, after such publlca-
ton, shall agree TO and pass such law; and in
such case the yeas and nays shall be taken
and entered on the journals OF each house:
Provided, that nothing in this section shall
be so construed as to prevent the legislature
from negotiating further loan of one and
halt millions of dollars, aud vestlng the same
IN stock reserved TO the State ny the char
ter OF the Planters Bank of the State of Mis-
siSsippi .
FIVE millions Of State Bonds. dated the 9Th,
9th, 9Th, 5. h, and OH, days ofJune 1898, were
sold by The commissioners appointed by the
Mississippi Union bank, TO Nicolas Biddle
Esq. on the Ism day of August 1888 for five
millions OF dollars each, on the first OF Novem-
Der thousand eight hundred and thirty
eight, ann on the first day ofJanuarv, March,
May and June IN the yearone thousand eIrht
""hu'Su anu th'I'y nine ana made payable
at the agency Of the bank Of the United States
IN London in Sterling money of Great Britain
at the rate OF four shIlings and sixpence to the
dollar with interest payable semi-annually at
the same place and rate No authority was
ever gwen by any act OF the legislature of tho
tate TO change the currency in which said
bonds were made payable. BY selling the
bonds on credit, and changing them from dol
lars current money of the United States 10
Pounds Sterling OF Great Britain the follow
ing sums were lost:
Interest on five millions State Bonds from 9TH