Lexington union. (Lexington, Miss.) 1838-18??, 1841-02-27

that the bonds were illegally soIdY The
executive is one Of the coordinate branch.
es of the Government, and il the sale did
not meet his appreciation, the committee
cannot say TINT the State approved of the
sale. la 1910, the Governor again de-
cIares, that the bonds we're sold in express
violation of the charter Of the UuioD
Bank. Thu committee appointed on that
portion of the Governors Message, repor-
ied'as follows.
As soon as the five millions Of State
bonds issued 10 secure the state stock could
be. prepared commissioners were DIES.
patched 10 the eastern cities TO effect
sale, and # sale could not be made, with
instructions, signed by the president ofthe
bank, to hypothecate them, in order to
enable the bank TO commence operations,
for the relief Of the country The com.
missioners disposed Of the bonds upon
credit, payable in FIVE instaIments. 1t is
the opinion of the committee, that this sale
was not made IN pursuance OF any author
|Ity conferred by the charter of the bank,
which provides that the bonds shall not be
sold under PAR ralae Money on time is
not par, which means specie or its equiva.
lent money on time Of unquesGonabIe
payment is not par, because the amount
stipulated for cannot be collected without
deducting the amount Of interest from the
principal. This is mathematical propo.
EsiiOn, demonstrabIe by figures, and here
fore too plain for argument. 1t is the
opinion Of the committee, that the bonds
at tlat period could have been sold Mt par.
Tor ;osh in hand, either in the Uuited
States or Europe, because state stocks
were then in good demand; but ho' they
couli not have been thus disposed OF, il is
no reison why they should have been sold
On credit. II was the duty Of the Bank
and lb agents TO sell them, in pursuance
of theaulhority given in the charter, for
This was the only power Of attorney; and
if sale of the bonds could not have been
effected, in pursuance Of legal authority,
no negotiation should have been attempted
for tie reason that the State, for its own
protection, had prescribed the terms ofsale
ana those terms should not have been VIC.
aed by the bank for any reason Of ex-
lediency.
"By the credit sale Of the bonds for the
payment of the State stock, the State has
incurred loss of at least one hundred &
fifty thousand dollars, as will lie proved
by the most rigid calcuiarion.n
Here is the report Of joint committee
Of the Senate and House of Representa-.
tiycs, which expressly declares that the
bonds we're sold in express violation OF the
charter of the Union Bank, but notwilh.
standing this report, which is On the desk
OF every member Of this House, tho com.
mittee on state bonds declare, that I" in
1910, the Legislature again assembled &
gave no evidence Of dissent 10 the sale"
What motive the committee had in MAKING
this statement, | leave this house to deter.
mine.
But sir, ask gentlemen seriously, what
object they have in view in passing these
resolutions? IL the state is bound for the
payment of the bonds, why pass resoIu.
lions declaring her liability? Let the
chairman of that committee report bill
to tax the people Immediately for the pay.
nent of the bonds. If the honor Of the |
state sat stake, why not make immediate
provisions for the payment oil the interest
lne on the state bonds?
Sir, the motives of gentlemen cannot
be concealed. They are willing to de.
,lare the State bound for the payment of
he bonds, but they lack the moral frmpess
o tax the people to pay the bonds
SIR, they know the people and fear them. |
be elections are coming on next fall. Ii
Won do TO tax the people now, let us wait
lnlil the election Is over; ia the meantime
We VIII make long speeches on state hon
" and Stale credit, which will pild This |.
ilsagreeabe pill, (laxarion) and make the
lard working honest farmer swallow il
Without knowing its dangerous ingredi
'nts. But sir, there is loo much InelG.
,ence among the people TO suffer them.
elves to be caioled in this manner.
whenever the tax is assessed, thew will
esIst It's collection unto death. Let zen.
Iemen beware how they act on these res.
buttons, they are treading on ashes whose
nextiuguished fires will suddenly blaze
P for their utter destruction. Me,hinks |,
see law passed based upon these reso.
lions. The tax collector 10 The DISCHARGE
h., Il.