Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-02-27

uoual men what have lhe holders Of our state
bonds TO do with our system Of banking ! adj
NIT That The money for which those bonds we're
sold has been fooIshly applied, not 10 Say wick
ed.y, but We would rs properly urge tha, we get
ony ten cents for cotton, whereas We bad uu,lcl.
aed hileen as this fact
dltler with "CgTlius" because his lsnguage Is
dl-organisIng -revolutionary-an tends 10 en-.
courage bis fellow cilizeas 10 open and violent
Resistance OF Tie laws, swearing "by the grace Of
Cod not 10 submit.
lie says We have 4bul one Of two alternatives.
and that IS to lacitIy submit 10 taxation or open
aud manly resistance 81 oppression and robbery
that zee should 'show 10 TIE world that we have
rights and knowing them, we mean to maintain
them, at all hazards" and that when the tax gath.
eiers come he vail not submit # be "cOu get e.
n,ugh to stand byto defend his property.
We are asked 4 "Re vail stand by our arms IN
the true spirit of 10"
This may be raid to be fguraiiye language
but they are truly strange fguOrs.
'Cuhus" says "should ycn submit 10 the
payment OF the bonds "you may expect TO pay
10 gold aud silver twenty tunes as much as you
now pay and lest VIC should forget this hucllul
notion, he repeats il. THIS il is presumed, IS a
radon shot, void Of any SOFT Of calculation a
raw head and bloody bones story, TO Tighten old
women but not intended for grown up Children
Suppose our taxes were thus increased To main
tain un unEuled reputation, II would be very
loose code Of morals that would exempt us from
the payment Oh a debt from such cons dsralion.
But LOT US sec about this $50 for 81. The bonds
sold for the benefit OF the Union and Planters
no,Ia IN 81 Ipfgra.t
100000 at per cant per unnum IS 100000
The state tax paid INTO the Treasury IN 1889, y as
Sl61,I6l stolen by delaulting collectors IN ls-
80 S32,S59, showing our annual tax to be Sl94
90 which Is more than hall tho interest on the
state bonds. Sl25000 OF tho Planters Bank
bonds fall due in July next, ard about the same
amount Of interest remains unpaid, aud not until
the year 1859 do any oil the Union Bank bonds
fall due and then only lourihylz. $l,25O,000
and IN 1868 the remainder is 10 be paid. Thus
we see, to pay the interest Of the bonds It would
not take double our present revenue, assuming
the Bank total loss, which nc one pretends will
BIO The case. A statement lately furnished by the
cashier Of the UEion Bank shows a deficit Of
million dollars, giving the Bank five years TO col.
Iect her debts, aud wind up her affairs, and assn.
ming the actual loss in ba debts to be a million
dollars. Suppose the Planters Bank be in like
condition, by II tho state would lose $4,000 |
making IN all $l,400,000, The interest on which |
would be $4,000 not two ffths the amount Of
our present revenue, instead of twenty fold But
this IS u small difference among gentlemen {; |
hope we do not hive N an age when appeals can
DO successfully made to the baser passions and TO
the purse strings OF individuals to teach them their
Obligations to themselves and to their counUymen.
assume the ground that The state bonds should
be paid principal aud interest as they fall due,
and have no objection 10 tho Banks beng put IN
liquidation 20 that end but the modus operGadi
| will mol now discuss. Let US 60 back year
or two and suppose member of tho legislature
to rescnd the contract between Mr.
Bidde and the Commissioners and we may then
suppose him scoiled at by all who met him aud
brandedas ar enemy Of the state. We all well
recollect that when the loan Of five millions was
effected and long after, it was hailed as the very
salvation of MIssissippiby largo majority OF her
citizens, then we were embarrassed, now we are
partially relieved and somo Of US are willing 10
slip our necks out Of the contract and refuse TO
pay debt which we are bound to pay by every
sense Of honor chyalry and strict morality,
More anon. MAYNARD.
Note By the Editor. -" Maynard" is certainly
in his last remarks--so far from hallng
the contract with Mr.. Biddle, as the salvation Of
the State, toe looked upon II ut first with dslrust;
and when we became fully acquainted with its
conditions and the desig" oft, we considered 1t
illegal and deceptive. So far from the people |
being relieved by il from thsjr embarmssmcnts
they have been plunged into ten times worse. A |
few broken spectators and bank directors may
have been benefited by tho operation, but the
great body Of the people have been seriously,
deeply injured by lt--many Of them irretrevaby |
ruined. There are hundreds in this community
who know this tn be the fact. The Uuioa Bank |
has beel, emphatcay, curse TO the State. I'll
We are ultimately to pay the bonds and The inter
eat on them, il would have been better by far. for
US, # tho five millions had been sunk in the Miss.
Issppi,lhan disposed of as they have been to pam
per the pride and feed tho lrxuly OF bank directors
and Spectators. There are other important errors
IN tho statements o("Maynard," ,but our want Of
space precludes further comment