Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-11-30

and The further sum If nine hundred and one thou.
sa"u Three hundred aud forty three dnllars was lost by
Changing the bonds from dollars current money or
The I s. To- pounds sterling Of Grrnt Britain. THESE
Two items an"nnt to the enormous sum nf one mil.
non eighty''"nr thousand seven hundred and ,iuhiy
one dollars and thirty cents. Surely such sale cannot
ne uind'ng on The State Of Mississippi The faith Of
tHiS STATE was pledged for the pay ment Of those bonds.
only upon The condition that they were sold at no, less
IMAM their psr value. The State expected the full
amount OF those bends 10 be paid into The vaults of the
mississippi Union Bank. If the full amount had BEEN
'tee'so, ana Inc currency III which they were made
payable mot have been changed, the bank would hav.
ueen better enabled 10 indemnify The State.
IL appears that the bonds were endorsed in blank bv
u oihcris oi Tie bahk and delivered to The Commits.
s,ohers charged with their sale. Neither their power
oi attorney or letter of Instructions snihoriyed ,h,s.
gehlieHen to I'LL up said endorsement by making the
n"nds aud coupons payable in pounds sterling of Grea,
pt"ain Al The rate of four shIliings and a sixpence 10
Tue DOLLAR. lfsuch a change had been made on the
ace "i 'e bonds alter their execution and delivery to the
lin me PARTIES making the alteration would have
oeen guilty "f forgery and could have been immured
~ ue peniientary for the offence. II will be no nm.
ea"ia ihe argument TO allie &c that the endorsement
$50" "n'y o'nd the Mississippi Union Bank. That in.
$500, IS . unaertahen 10 pay both the principal and
interest OF the Bonds. 1.-THE bank is compelled 70 INV
the one million eighty .fou, ,hous,nd .oIsa w. pay
and eighiy-four dollars and M;r,v cents Cnr The H..
sustained by the credit sale Of The Sond. ID II. -. 80.
in the currency in winch they were made nav,b,o he,
means WIN 0 9 reoueeu lnal amount and the risk of The
State thus greatly increased. The State - III.
to intrust her credit 10 the bank on the conSs:o" """"s
scribed in the charter. The faith Of this Gon'lp 'e
has never been pledged for the illegal and frnns"hsm,
sale Of these Bonds.
GERS take an oath to support the Constitution Of IN.
State, and faithfully to discharge the duties Of thei
resoec,ive Offices. Her Chief Magistrate is required |,
take care that the laws be faithfully executed. H,
would be recreant to his trust and violate his ofiiciu
oath, were he TO suffer the laws of the land TO be tram
Piled upon and the Constitution disregarded.
The contract for the sale of the Stale Bonds, show
that tie statutes Of the Stale in relation to the Bonds
were made q part Of the contract. The purchaser wa
we'll aware of The conditions on which they were ISSUED
and kne.c that the purchase was neither sanctioned b
the Constitution and laws of this State nor of Pennsy
vania. The contract was guaranteed by the Bank q
the u. S. The whole of The purchase money was PM
by that Institution The name of MIR. Blddle va
merely used in the contract as a dsrice, TO get roun
that clause in the charter of the Bank Of the U. 5.
which prohibits her from dealing in State Stocks
The currency in which the Bonds were made pay
able, was changed from dollars 10 pounds sterling I
give a false coloring 10 the transaction, and make
appear that The Bonds were sold at par value. Th'
principle is universal that fraud vitiates all contracts
The commercial law of this State relative TO negntia
BILE paper is different from that Of most other countries
The transfer Of Bonds and notes, does not proven
the drawer from setting up any defence against an in
nocent purchaser which could be made available aguins
the original payee.
The State, therefore, denies all obligation to pay tn,
Bonds held in trust by you, for the following reasons
LIST. The Bonds were sold on a credit.
Cd. The currency in which the Bonds were made
payable, was changed from current money of the u
States To Pounds Sterling at the rate Of four shilling
and six pence 10 the dollar.
Sd. The contract of sale was fraudulent.
18th. The Bank of the L.. ). was not authorized Il
make the purchase.
9TH. The Bonds were sold at less than their par value
in violation of the charter of the Bank.
The money paid for Those Bonds dd not come into
the State Treasury. The officers Of ihIs Government,
had no control over It's disbursement. The Bonds were
disposed of in August, 1S3S, by cnllusion and fraud, in
violation Of the Constitution and lave ut this STATE
The Mississippi Union Bank and the Bank OF the U. :
were parties 10 the unlawful transaction. lon have
the endorsement OF t"ih Vi t!isse institutions, and 10
them you must lnok far payment. This Snte ncrer ,ch
pny me fire m'Hi"ns Of dO'inrs IF STATE G""ds issa'd az
June, lass, ar cny PORTION gfMs interest GGe, or 10 BE-.
COMO due M'rton
When asceriained in January, 1880, the terms on
which the Bonds had been sold, | communicated The
same, BY message, To the Legislature, and den"nncrd the
sale as illegal. AT that time, only two millions of dol
lars had been paid on The Bonds by the Bank nf the
United States. By a Proclamation ! subsequently, is.
sued, the sale Of The second FIVE millions of dullars OF
State Bonds delivered to The Mississippi Union Bank
was prevented. ] absolutely refused 10 execute the
lat FIVE and a half millions OF dollars OF State Bonds
demanded by that Institution. These decisive mea.
surss prevented The illegal disposal Of ten and a hall
! millions Of dollars Of State Bonds, and Will convince
you that The Government of this State never has coun-
lenanced, and cannot be made responsible for the frau.
dulrn, acts Of The Mississippi Uuion Bank.
] have forwarded TO your address the Journals Of the
| Legislature Of this State for the years 1910 and lS5l.
II will afford me much pleasure TO forward you such
other documents as you may desire. ! nm anxIous that
the band. holders should be possessed of all The facts in
relation 10 the issuance and disposal Of the Bonds held
by them. Your great experience in commercial af
fairs, no doubt, has made you familiar with the primer.
Pile that parties contract with reference to the law, and
ihn, in a constitutional and free Government every act
of a public functionary is merely an exercise OF dele
gated power rntrusted to him by the people Tor a spsci.
tic purpose, and that his acts are the acts of the people,
only while within the powers conferred upon him.
am, gentlemen,
Very respectfully,
Your obi %serv't,
A. G. MNUTT.
hIess,s HOPE s. Co. Amsterdam Holland.