Lexington union. (Lexington, Miss.) 1838-18??, 1841-01-09

lhe Mississippi Union Bank, and
The Citizens Bank of Madison County
Copies OF those procamations are sub
mited to your consideration. also
transmit copies Of my correspondence with
The Mississippi Union Bank, and the
Mississippi II. II. Company in relation 10
the appointment commissioners to make
out schedule OF the assets and liabllies of
these institutions. None OF the banks
have appointed commissioners to act in
conjunction with those appointed by the
Executive, and believe they have all
refused to give the Statec commissioners
access to their books and papers.
1t is believed that the following banks
have failed to comply with the injunctons
Of the bank law, to Wit:
The Com Bank OF Columbus;
The Com. Bank of Rodney;
The Agricultural Bank;
The Planters Bank Of Mississippi;
The Bank Of Lexington;
Tho Bank of Grenada;
The Vicksbure w. w. s. 3. CO., and
The Com. & r. II. B. oil Vicksburg.
All the assets OF the latter institution,
were assigned to trustees, by the board OF
directors, previous 10 the passage Of the
bank law. The evidence required by law
has not been furnished 10 the Executive,
to enable him 10 issue his proclamations
declaring the charters of banks forfeited.
have understood that the Com. Bank
of Natchez,th Com. Bank of Manchester,
the West Feliciaua II. II. & b, CO., the
Bank OF Port Gibson, and the Northern
Bank of Mississippi, complied with the
provisions of the bank law during the last
year. Their heaviest engagements were
to be met on the first day Of the presen,
month,
The situation and affairs Of The Missis-
sippi Rail Road Company, the Planters
Bank Of this State, and Mississippi Union
Bank, will demand your calm considera-
ton. All Of those institutions are insol-
vent; and neither Of them can resume spe
Gle payments for several years, or make
further loans. l submit herewith copies OF
my letters to those banks, calling for spe.
ciic information in relation to their con.
dilion and The answers and statements
furnished. The Union Bank has four
thousand three hundred and forty. nine
dollars and six cents ofspecic on hand.
Her suspended debt in siutis. s2,699, $50 &c
+" 6 not sued on, l,777,337 79
" resources chiefly unavailable s,O3i,l54 %
4" Immediate liabilities, 3,O34,I54 %
f" Capital stock, 100000 90
A reference TO the report Of the Join;
Commit,e of the Legislature, at the last
session, will satisfy you that not more than
one-third Of the debts due the bank will be
collected, and that the whole capital stock
has already been lost. The bank has
seven thousand bales of cotton in Liver
pool unsold, on which it has drawn S267,-
1l6 o.. An advance ofsixty dollars per
bale vas made 10 the planters upon that
cotton in 1898. They will sustain clear
loss, including interest, Of thirty dollars
per bale; equal in the aggregate, to $40.
900. The bank has been irretrisvably
ruined by making advances upon cotton,
issuing post notes, and loaning the princi-
pal portion Of her capital TO lnsolvent indi.
viduals and companies. The situation Of
the II. II. Company, ard the Planters
Bank, is equally bad. The former, in the
year 1889, issued about million and a
half of dollars in post notes, and expended
them in constructing the rail road and
building expensive depots. l certainly
would DOT have approved The transfer act,
had anticipated this improvident course.
The company has failed topay the interest
on the Planters Bank bonds. The Bank |
Of the United States has advanced the |
same, and has presented an account
against the State for one hundred and
twenty.lour thousand two hundred aud
twenty-five dollars and twenty-five cents,
and demanded payment thereof in specie
The FIRST insialment ofthe Planters Bank |
bonds, amounting to the sum Of 1926, 900 |
will be due next July. No provision has
been made for its payment. One Of the
Circuit Judges has decided that recoveries
cannot be had on the notes belonging TO |
the Sinking Fund. The fund is specially
appropriated to the payment Of the two irs'
instruments Of tho Planters Bank bonds.
The mississippi Union Bank, hereafter,
will be totally unable to puy the interest
on tie FIVE millions Of Stale bonds issued
10 the year 1888.
In my last annual message, | informed
you that had declined executing the last
five and half millions Of State bonds,
called Cor by the Mississippi Union Bank,
Having well founded apprehension that
an attempt would be made illegally to
dispose ofthe five millions Of State bonds,
iSsued in the year 1889, and delivered to