Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-08-03
McNUrT'5 LETTER TO
HOPE n co.

Of the anti-bond party Of this State. is The in
consistent grounds upon which they attempt
10 maintain their opposition TO the payment of
the Union Bank Bonds, Not long since We
heard our couuiy-mau, Tilghman NJ Tucker.
Esq, (who Is the candidate Of the a,lti.bond
party for Governor and who in his secret soul
must be astonished that any number Of ind.
vdUals should think him suitable person FIR
Governor Of a sovereign Statc,l IN a public
speech admit that a. the money had been ad-
vaneed on the bond, in commcn honesty and
justice It ought d. be- repaid from some source,
but that as he considered the law, under which
the commissioners negotiated the loan, VIC.
latioa 81 the constitution, aGd az he did not
think the property of the stockholders at all
liable, he was decidedly Of the opinion that
Governor McNuit, and those members OF
the Legislature,wh voted in favor Of this fraud
upon the peoples rights, responsible 10 the
holders Of the bonds for the five millions that
had been obtlined, and he was very willing
that McNutt, Who, from want Of moral cour-
age had violated his oath, to preserve the Con.
slitutiou, shouldbe handed over to odd Nick
in discharge Of the debt; but he was so tend n
Oh the subject Of the Constitution, that he
considered it a moral duty to resist the payment
by the dear people. II is astonishing that
these anti-bond men, cannot unite on some
ground in their opposition to the bonds; one
saws would be in favor Of paying them but
for nv constitutional objections; another says
lam opposed to them because the commission.
ers did not act in accordance with their M
siructuns; another that it would be utterly ru-
nous to the State to assume such deb, and
TO discharge It, / would be necessary to raise
the taxes to twenty tim s their present amount,
another that he is rtter;y opposed 10 all banks,
and recognizes no act as institutional! having
any relation 10 them. another that 10 &C
knowledge the validity Of these bonds would
be violation Of the fed. Constitution which
declares that no State shall issue bills Of credit
General SpeighDa and 50 ley go, all however
arriving al the same point, that the bonds must
not be paid. II seems Ike kicking dead hog
70 illustrate Gov. McNult's inconsistencies;
this very nome has become a byc-word Of con.
tempt fr which his official station, so far from
projecting him, has served only 70 make his
moral degradation the more conspicuous. But
lest bis objections 10 the payment of bonds
may be used by others 70 influence the opin.
ions Of The people " e think it proper TO ex-
pose his Inconsistencies BY a reference |
10 his different messages. In his letter to
Hope g. Co, he denies all obligation of the |
State to pay the bonds, on five grounds, apply
ne to the manner in which the negotiation
vas transacted by The commissioners, who
we're the agents OF the State. On the 18th
lay Of Angus. 1888. these State commission.
rs ior the Union BarI; sold the bonds Of the
State 20 the amount olive millions OF dollars.
md that institution shortly afterwards proceed
81 10 bank upon the capital, which wa, obtain
ed By this sale. AZ the succeeding session Of
he legislature Gov. McNutt in his message Of
1890 uses this language IN regard to the debt.
Of the State, and this negot alton, when he
was as accurately informed as TO all the details J
and objecuons W ich existed IN relation to this
transaction as he is at this time.
"The State debt now amounts to the
sum Of $3.50, 1850, deposited by
the general government, aud which is
liable at any time, to be recalled-two
millions Of dollars, in six per cent,
bonds, sold by the State TO pay for the
stock 10 that amount in the Planters
Bank, and five millions Of dollars in
five per cent. bonds, s0Ld 10 take stuck
10 that amount an fhe Mississippi
Union Bank, amounting in all to the
sum Of seven millions three hundred
and eighty two thousand three humid
red and thirty FIVE dollars and thirty
ceuts-and the annual interest on that
sum, (most Of it payable IN Europe)
amounts to the Sum of three hundred
and seventy thousand dollars. To
preserve the h0uor Of the State unsnl-
lied, and her credit unimpared, it is of
the last importance that the interest
should be punctually paid, at the pIa-
ces designated, and sr"ple funds pro-
vided for the redemption ofihe prlnci-
pal-it is usually much easier to Dor
row and spend money than II provide
the means Of payment.
Ny recorded votes on the Journal:
OF the Senate, as we'll as my speeches
during the canvass preceding my cleo
ton 10 the Office | now occupy, show
that never was in favor of pIedgin9
the faith of the State for banking pur
poses, Dit, inasmuch as the question
had long been been before the peoplt
and had twice received their sanction
/ signed the cherter Of the Mississippi
Union Bank, having no constitutions
scruples."
In the same message speaking Of thi
negotiation he uses this language 9Th
commissioners in the sale Of the bond
exceeded their instruction, but no dout
obtained as much for them as could hav
been had at the time Of the sale. A
anxious desire to place the bank into spec
dy operation was certainly commendabIt
bu, at the same time no violation Of tn
charter should have been sanctioned. 'Thl
is what the Gov. is now pleased to teri