The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1841-07-24

respective Offices. Her Chief Magis.
Irale IS required 10 take care that the
laws be faithfully executed. lie would
be rccreant TO his trust and violate his
official oath were he to suffer the laws of
the land 10 be trampIcd upon and the con
suIution disregarded.
The contract for the sale Of the State
Bonds, shows that the statutes of the
State in relation to the bonds, were made
part Of The contract. The purchaser
was well aware OF the conditions on
which they were issued, and kne'c that
the purchase was neither sanctioned by
The constitution aud laws ofthis State nor
Of Pennsylvania. The contract was
guaranteed by the Bank of tie United
States. The whole of the purchase mo
ney was paid by that institution. The
name Of Mr.. Biddle was merely used III
the contract as dericc to get round that
clause in the charter Of the Bank of the
United States, which prohibits her from
dealing in State stocks. The currency
in which the bonds were made payable,
was changed from dollars to pounds ster-
ling 10 give false coloring to the trans
action, and make it appear that The bonds
were sold at par value. The principal
is universal that fraud vitiates all con
tracts. The commercial law of this
State relative to negotiable paper, is diff
ferent from that Of most other countries.
The transfer Of bonds and notes, does not
prevent the drawer from setting up any
defence against an innocent purchaser
which could be made available against
the original payee.
The State therefore denies all obligd
ton to pay the bonds held in trust by
you, for the following reasons:
LIST. The bonds were sold on credit.
Cd. The currency in which the bonds
were made payable, was changed from
current money OF the United States to
pounds sterling of Great Britain, at the
rate Of four shiIlings and sixpence to the
dollar.
Sd. The contract of sale was fraudu-
lent.
4th. The Bank of the United States
was not authorized to mokc the purchase
9Th. The bonds we're sold at less than
their par value, in violation Of the char
ter Of the bank.
The money paid for those bonds did
not come into the State Treasury. The
officers oft this government had no control
over its disbursement. The bonds were
disposed of in August, 1888, by collision
and fraud, in violation Of the constitution
and laws of this State. The Mississippi
Union Bank, and the Bank Of the United
States were parties to this unlawful trans
action. You have the endorsement Of
both of these institutions, and to them
you must look for payment. This State
nerer 'eiH pay the fire millions Of dollars
of State Bonds ISSUED in June, 1888, or
any portion Of The interest due, or TO be-
come due thereon.
When ascertained in January 1899,
the terms on which the bonds had been
sold, communicated the same by mes
sage to the Legislature and denounced
the sale as illegal. At that time only
two millions Of dollars had been paid on
the bonds by the Bank of the United
States. By proclamation ! subsequent
ly issued, the sale Of the second five mil
lions Of dollars Of State Bonds delivered
to the Mississippi Union Bank was pre-
vented. ! absolutely refused to execute
the last five and half millions of dol
larsof State Bonds demanded by that in
stitution. These decisive measures pre-
vented the illegal disposal Of ten and a
half millions Of dollars of State Bonds,
and will convince you that the govern
ment ofth State never has countenan-
ced, and cannot be made responsible for
the fraudulent acts Of the Mississippi
Union Bank.
have forwarded to your address, the
Journals Of the Legislature Of this State
for the years 1910 and 1871. It will af
ford me much pleasure to forward yol
such other documents as you may desire
ana anxious that the bond-hoders shouIC
be possessed Of all the facts in relation
to the issuance and disposal of the bond.
held hu thenn Your nront o-no.:a...e