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


on the Planters' Bank Bonds up to the 18th day
Of March, I84l, Since that period no interest has
been paid on those bonds II appears that ex-
changes at from 8 to 81 per cent. has been charg-
ed by che Bank for paying the interest ia London
In Sler6Hg Money Of Great Britain. 1 cannot find
that any authority has been given by this State,
or the PlRniers Bank, 10 change the place OF pay
ment Of those bonds, OF the currency in which
they were made payable. The following extract
fFom letter Of The late President Of the Bank Of
the United States, dated March 25th, l84l, con-
tains the only explanation (Which is lar from sa-
IiSiactoTy) have been enabled to obtain on the
subject, The extract referred to is as follows =
" | notice your ExoellsneYs remarks in relation
90 the payment Of the interest in London, instead
OF New York. am not aware OF the cause u
the change OF place, but presume 1t was msIs ~
sOmo arrangement between the Ph9nlx BANK ~
York. and Thomas Wilson & Co. London. OF SONG
other. representatives. Of the English holueIs VI
che honda, 70 which the State OF MISSISSIPPI may
or may not have been a party. Inc chahge -
place Of payment Of the interest," does nor, now-
ever increase in anv way the amount Whlch tue
State Of Mississippi would have toAurhlSn TOT 1OS
payment Of her interest in New I orKP P5oVlueu
che would make provision tor the same AZ b; ' me
tho interest Became due Il will be seen that the
rate Of exchange at which the dollars are'cOnVer-
ted into pounds, is the same as that al Wnach the
sounds are converted into dollars, IN the account
furnished BY this bank, The extra charge IN bo-
rms. Brothers g. Co.'s account paid, by this bank,
10 for commissions for advancing, &C, ana lot IN
teFest on the money advanced"
In pursuance to the acquisitions Of the act sup
Dlsmentarv To the charter of the Mississippi Union
Bank two thousand FIVE hundred State bonds, tor
the sum of two thousand dollars each, were exc
cutsd In June, 1893, and delivered to the mana
gets Of the Mississippi Union Bank. Twelve hum
3red and fifty thousand dollars were made paya-
bic IN twelve years, and three millions seven hum
dFed and City thousand dollars in twenty years
from the iftR day of February, 1888. The bonds
were made payable in dollars, current moneyiOf
che United States, bearing interest at the rate OF
Eve per ct. per annum, payable sem-an4ualY at
the place stipulated IN the endorsement thereon
The interest on those bOHds has not been paid du-
Eingthe past year. The Mississippi Union Bank
will not DO able hereafter to pay any portion oil
the interest or principal of those bonds. trans
init herewith, RumerOus letters, from the holders
Of the bonds issued in 1891 and '33, and sold by
the Planters Bank, and from the holders of those
Issued in 1893, and disposed of in August, 1898
BY the Mississippi Union Bank; also, copy Of
my letter to Messrs. Hope & Co., Of Amsterdam
Holland. A copy Of that letter was sent to each
Of the holders Of the Mississippi State bonds, who
addressed me on the subject Of their respective
claims. lhaVe heretofore communicated to YOU
predecessors all the documents In my possession
relative to those bonds and the terms OF their sale
] also aVowed my belief that the State is not now
bound for the redemption of the bonds issued il
1893. The letter referred to will place yeu il
full possession Of the grounds upon which l hav
deemed il my duty to advise the bOnd-hOlder tina
this State never will pay the FIVE millions dollar
in State bonds delivered to the Mississippi Unto
Bank, or any part OF the interest due or to becom
due thereon. An appeal has been made 10 th
sovereign people Of the State on this queshon,an
their verdict, from which no appeal can be takeT
has triumphantly sustained the very principles fc
which have long commended. No power ca
compel them 70 pay a demand which, they kno'
70 be unjust. This result has glorlohsly susalne
the sacred truth, that the toiling millions nevt
should be burthened with taxes to support theddl
few. Our constituents have wisely resolved Ithj
the highest obligations Of honor, faith and justc
demand Of us a strict adherence to the cOnstitI
ton; and that the laws Of the landcannot be 81
at defiance. Whenever a different principle sha
prevail, and the doctrine be firmly established th
any agent Of the people or corporation can, in Y
olatiOn Of law, burthen unborn generations viii
ODeTOus debts, freedom will no longer exist, ar
our star will be blotted forever from the conste
lation Of republican States. You, gentlemen
have q highly responsible duty to perform. Id
resolutions and faithess promises will neither 81
tsfy the holders of the bonds in dispute, nor ii
people Of the Stale. Il is probable that all tn
facts in regard to the sale of the bonds deliVere
60 the Planters and Union Bank have not com
70 light. You are clothed with power to send f
persons and papers, and to examine witnesses o
oath. therefore earnestly recommend search
ing inquiry into all the facts connected with tn
sale Of the bonds. For this purpose it may be NJ
cessary to examine, on oath, the commissions
charged with the sale CT five hundred thousan
dollars in State bonds in 1891; those charge
with the sale of one million five hundred tho
sand dollars in 1888, as also the commissions
charged with the sale of five millions of dolla
In State bonds in 1888 1t may be found advis
bic 20 extend your inquiries farther, and examil
che officers of the Planters and Union Banks. wi
we're in Office at the periods designated. Eve
paper connected with the negotiation and sale
those bonds, and showing the manner in whic
payments therefor were made, and the particul
funds received, should be hunted up and publis
ed The facts, it condensed into a report and pu
1ished, will prove that Mississippi stands fully ia
tilted in the stand she has taken, and that h
faith, justice, honor, dignity and glory rema
untaTnished. 4a
Five millions dollars IN State bonds were ex
euted and delivered to the Mississippi Union Bar
In the fall oil 1899. An attempt was made to di
pose Of those bonds also, which most fortunate
failed An inquiry into the instructions given
the agent charged with the negotiation of tho
bonds might throw some light on the manner
Vhi5h State stock have been shnflea of. tru
thatlat an early day that part of the charter of Il
Mississippi Union Bank authorizing the isSuan
and sale OF ten and half millions of dollars
state bonds, remaining unsold, will be rePeale
and that the FIVE millions now in the vaults of d
mississippi Union Bank. be recalled and cancee
In order that suits against the State, as well
those in her favor, may be speedily tried, me
respectfully urge the establishment of on Inferi
CoaFsOf Civil Jurisdiction, clothed with power
cry all causes in favor Of the State, or any ofic
offhe government, against all defnulters and OF
er persons indebted to the State on any accOu
whatsoever. Provision should be made for 4
removal Of all such suits now pending in {
Chancery and Circuit Courts to the Revenue Cou
That court also SHOULD DO given the power of Il
ing such suits against the State as are contempt
ted in the constitution. The right of appeal
fhe High Ourt Of Errors aud Appeals in all su
~aas. q -naranteed bv the constitution IF n