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

my inquiries in regard 10 the losses OF the
bank, the assignees repIys :. We would add
that when we shall have obtained full and
complete possession Of all the assets Of the
bank, we shall be better enabled TO Judge Of
The condition Of the institution, and afford
You more accurate and satisfactory TepOrt.'
This may be considered ominous of the great
losses which the institution has sustained
With good management, the bank may possi-
bly,, under favorable circumstances, be ena.
oled, at day far distant, to take up all her
circulation. The proceeds of the 5 900 900
OF dollars in State bonds, disposed Of in 49,.
were all wasted in less than eighteen months
after the bank commenced dscounting in
September, 1899. Near million Of dollars.
has been lost by advancing on cotton alone.
The deed Of assignment contains the follow
ing clause: Provided, also, that if the Lee
gislature is dissatisfied with the terms of this.
assignment, and wish TO take said institution,
INTO It's own hands to wind 1t up, it NAV do
So upon condition that it releases individual
stockholders from all liability to said State,
and assumes the payment of the debts Of the
'hsHtntloni IN which case, when said as
sumption Is legally made and release given,
THIS assignment is to cease and be void: pro-
vided, however, that all the acts of the said
assignees done in pursuance of this assign
ment, before such release and assumption is
legally made, shall be valid and in full force
and in the event that such act of release and
assumption is legally passed, it shall be the
duty OF the above named assignees to deliver
over all the books, papers, notes, &C., and
copies OF the books kept by themselves. to
such person or persons as the legislature NAV
| designate, and shall make such CONVEYANCE
of the property as may be deemed necessary:
provided any trusts or contracts heretofore
made by the directory, shall remain valid and
eftectual both IN law and equity" cannot,
believe that the legislature Of this State will
ever nave the ioly to assume the manage.
ment of the bank on such terms. Such an
act would FIX an annual charqe unon the.
treasury of the State Of about one hundred
thousand dollars for a period O. more than
ten years. The people never will bear the
burthen. 1t the State undertakes TO close
the affairs OF the bank on terms different from
; those specified, tedious and expensive law
T suit would be necessary in order TO set aside
the trust; IN the meantime, the remaining
assets of the bank would be wasted. This
! institution has always defed legislative con-
! troll. Now that it is utterly insolvent, it de.
sres the State 10 come to its aid. The courts
/ of the country are always open. Let hose:
: interested seek their aid and abide the con-
J, sequences. An attempt may be made 70 re-
J, lease the stockholders of the bank. If they
+ are bound no legislative act can release them.
: If they are not bound to the creditors of the
;, bank and the bond holders, no action of the
II legislature can make them liable. Under ex-
n listing circumstances. tits proper for this State
s, to let the parties interested in the Mississippi
d Union Bank, resort 10 the courts Of the State
Ct to settle their business, and bear the buFthen
! of the suits growing out Of their litigation,
The State is not to be found among he1iSI
+ Of stockholders reported by the bank. No
!. certificate of stock has ever been tsndered
J. by the directors Of that institution to the ex.
lie ecutive. If the assignees Of the bank abuse
d their trust, the superior court Of chanceFy
Il has full power to displace them, and appoint
g receivers to take charge of the Rssets of the
|, institution. This State, by it's connection
j with bGnks, has lost thetfolo wing sums, VIZ {:
n In notes of Brandon and Grenada banks.
j. $3.50, lO2 90
Do. Matches Railroad Co. 63,O3O 90
er Do. Miss. Union Bank, 1882 SO
: Do. fernando Railroad Co. 90 90
p Do. Corporation Of City Of Jackson, 3 ga