The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1841-07-03


There then IS also full acknowledge
msnt of the States liability for the pay
men, of the bonds. And this report was
made by those illustrious anti-bond- pay
ers, Mr.. Alsbury, and candidate-for-go-
vernor-Tuckor!! And, TO cap the climax,
Governor McNutt in his message to that
Legislature, held the same doctrine for,
said he, "Atc State" is the sole stock
hollcr-her credit had established The in
stitution," sc. If the State owns all the
stock, it must necessarily be bound to the
bond holders.
1t thus appears that the first Logisla
ture that was elected by the people after
the sale of the bonds, to-wit, at the No
vember general election in 1887, did, at
both sessions thereof, in January, 1910
and January, 1871, explicitly acknow
lodged the liability of the State to pay
them. Not only so, but the Legislature
which was elected in the fall OF 1887,
which finally passed the original charter
in February, 1888, and the supplement
also, solemnly declared, at the session Of
January, 1899, that:
Contrary, however, to the expecta-
ton of every one familiar with the dis
trcsSed condition Of the stock market, a
negotiation Of five millions of the bonds
was effected by the commissioners, high
| ly advantageous TO the State and the bank,
and in accordance NTH the iyunctions of
the charter, requiring them to be sold al
par Ualue. Il sale rejecting the highest
credit upon The commissioners themselves,
and bringing timelyaid to an embarrassed
community"
And can any one doubt that this Ian
guage used by the Legislature, after the
sale of the bonds to Mr.. Biddle and the
payment of two instalments thereof, ex-
pressed the opinions of the people them
selves? Had that very Legislature taken
the ground now contended for by the an
ti-bond-payers, "repudiated'' the sale
and returned to Mr. Bddlc his money, il
would have received the burning execra-
tons of an indignant Peoplc-it would
have been burnt in elligy in every town,
village, and hamlet in the State. Who,
that recoIlects the feelings Of the people
at that time will gainsay this?
| Why, Gov. McNutt, reckless as he is
of principle or consistency, did not, in his
annual message Of 1889, dare to question
the States liability on these bonds. After
summing up the State debt" in which
, he included the depositcs of the Federal
Government, the Planters Bank bonds,
" and fUe mSlli0nS of dollars In fire pe,
cent. bonds, sold to take stock to that an0un
IN the Mississippi Union Bank, amount
Jag in all to the sum Of seven million
three hundrcd and cghty-two Thousand
three hundred and thirty-dve dollars anC
thirty cents-and the annual interest on
that sum (most Of it payable in Europe
amounts to the sum of three hundred and
seventy thousand dolars,' he said: " x
preserre the honor Of the State unsu7Eied
and her credit unimPajred, IL is of The las
Importance that the interest should be pune
tuaitypajd, at tie places designated, ano
ample funds provided for the redemptio,
Of The principal" &c.
> 1t must be remembered that, at tn,
time that message was written, his Elk
+ ccllency was IN full possession Of all tn,
&. facts in regard to the sale Of those bonds
for he therein said they were sold 70
less than their par value" Again, h,
said, The commissioners in the sal,
Of the bonds exceeded their instruc
4 tons, but no doubt obtained as mucl
: for them as could have been had at tn
q time ofthe sale. An anxious desire +,
: place the bank in speedy operation wa
, certainly commendable, but at the SAM
: time no violation of the charter shout,
: have been sanctioned"
: With full knowledge, then, as
! seems, of all the facts, his Excellency sc
q lemnly told the Legislature that sit is o
the last Importance that the INTEREST," O
the Union Bank bonds, /" should pc puncta
J ally paid, at the places designated, an
s ample funds provided for The redemptto
4 Of theprincipaI:"-and that such cours
was necessary "to preSerUe the honor o
the State unsuIlied, and her credit unin
Il paired"
) In his next annual message his E.
cellency does not say u word about III
If States not being sliable on these bonds
) but, on the contrary, holds the same doc
trIne which he promulgated in The me.
! sage of 1889. /" The State,'' said he &