The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1842-01-14

of the Omteu states, wherever sltuhled, which shall
be sold subsequent TO the 3st Of Decembef shall be
divided among the twenty six States Of the Union,
and the District OF Columbia and the Territories Of
Wisconsin, Iowa and Florida, according to their
respective Federal representative population, as as.
certained by the last census, to be applied by the
Legislatures OF said States to such purposes as the
said Legislatures may direct" The act further
provides that such distribution shall be suspended
during the continuance of any War, and during the
period that the duty imposed on any article of i'm.
port shan exceed 20 per cent on the value thereof
IL Is truly most extraordinary that Congress should
thus distribute the proceeds Of the Public Lands at 4
period when the National Treasury was empty, and
the Government compelled to borrow Sl2, 100000
to meet the current demands upon the Treasury
The result VIII De that great National Debt will
be fixed upon the country in a time Of peace. This
measure will tend to place the States in the attitude
ufsuPpliants to Government of their own creation
The amount distributed will not average S3,000 900
per annum. This State will not annually receive
more than @48 900. The increased duties on i'm.
ports, caused by diverting the proceeds of the pub.
lie lands from the National Treasury will fall prin.
cipaIly on the Southern States. The growers of
cotton, tobacco and rice, will have to bear the bur-
| then. The new s ates have meritorious claim on
the Public Lands remaining unsOld in their borders.
trust they will insist upon their rights Under
these circumstances, it becomes you ID. consider
whether il Is not proper for you to instruct our dele
CATION in Congress to use all their efforts to procure
repeal of that portion of the act referred to- which
authorizes the nett proceeds of the Public Lands to
be distributed The ~ct also provides for granting
prevention hits to settlers on the Public Lands
and has prospective operation. This portion Of
1t is certainly commendabe, and establishes pnn-
cPe which will insure all the occupants home,
and rapidly advance the resources Of the State.
The 9th and 9Th sections Of the act grant to this
State 5OO,OOO acres of land to be selected in such
manner as the Legislature may direct and "applied
to objects of internal improvement within this
State, namely: roads, railways, Bridges canals, and
Improvement ofwater courses and draining swamps
1t is important that provision be Immediately made
for selecting these lands. The extreme scarcity Of
money, and the low price Of real estate would seem
to forbid their being forced into market at present
The sad experience of the United States as well as
this State, admOnish that they should not be sold
on a credit.
The 10Th section of the distribution act reln.
pushes to this State the two per cent of thu
nett proceeds of the lands sold, or tina; hereafte
may be sold, by the United States in the State o
Mississippi, since the first day of December 1917
provided that the Legislature of said State shall
first pass act, declaring their acceptance of salt
REIMBURSEMENT in full OF said fund, accrued AM
s accrGeing, and also embracing a provision, to b.
unalterable without the consent Of Congress, tina
f the whole of said per cent fund shall be faith
fully applied to the construction of rail road
leading from Brandon, in the State of Mississippi
g 10 the eastern boundary of said State, in the di
: recton, as as may be, of the towns Of Selma
! Cahawba and Montgomery, in the State Of Ala
/ bama." You will no doubt speedily pass an &C
in accordance with this proviso The amour
standing to the credit of the 2 per cent. fund, o
the books of the treasurer of the United State
now amounts to 4 or 5000 dollars have calle
" on the Secretary of the Treasury for an cxai
: statement of the amount of the fund, and expet
roolv. H I
5 dcionsly applied, in time will make the conten
: plated road. The money could not, under exis
l. ing circumstances, be safely expended under COL
x tracts;- half the amount Of the fund expenC
l- ed in the purchase Of slaves would enable III
e State soon to make all necessary excavations an
build the bridges. A portion Of the Slaves migt
70 then be sold, and their proceeds invested in III
y purchase of rail road iron. A glance at the ma
TO of the United States will convince YOU of the val
rs importance of the contemplated road, and fet
Of assured that all proper pre- cautions will be take
ct by the Legislature to insure the faithful and pre-
of per application Of the fund.
in | lay before you letter from the commissions
,h of the general land Office and my reply thereto
10 lie advises me " that the 3per cent. fund accou
IS, of the State of Mississippi, has been adjusted
III to the 3lst of December, 1889, and balance
to Sl6,l23 found to be due the State on that day
l 1t will be your duty to designate who shall dra
nl that sum, and to appropriate it to roads and C
ed cretary of the Treasury for full statement Of
on the moneys drawn on account Of that fund, al
for the amount which has accrued since the 3
n December, 1889.
y. The following documents arc submitted to yo
consideration
LIST. A copy of my letter to the assignees Of
Mississippi Union Bank, and their reply
Cd. A general statement of the bank and
57 branches.
3d. copy Of the assignment made BY
Of hank of all her effects.
4th. Extracts from the minutes of the board
"a directors relative TO the assignment
5th. list of the stockholders of the bank a
the amount OF shares allowed to each
9th. list Of the stockholders released.
7th. statement OF the salaries of the ofic
of the bank, exclusive of the assignees.
The situation of the Institution on the 10Th
2 Dec, l84l, is reported as follows
Oc Resources.
% Bills Receivable, bills of exchange.
90 suspended debt, & loans on mort
% cages, S3,lO9,S77
- Cotton notes, ,O99 900
Do Due by banks, B2.72O
20 Real and personal estate, lI7,O79
40 Liabilities. 80 =
ne Barring, Brothers g. CO., as security
n for which they have 1000 bales
I'd of cotton, unsold, S26I,S66
TX State treasurer 70
n Perry COhea, trustee, 1902
re Due to banks, 1901
as Circulation, including
es- amount cash heldby
nd the branches, S2,207,7S0 90
lr- Deduct the amount Of
Its cash reported at the
mt branches, as pr their
se statements, 335,363 al
nd Which leaves the amt
ire of ''actual crcula.
is, tion," l,872,S66 SO l,872,366
Nv Certificates Of deposite, 1929
n Assignees' certificates q38
o. State bonds dismissed of nv The horL