Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-07-30

ed. kAgSddle, Lopez and some others
s who voted for Trotter for Senator in Con.
F gress, were wings. Their votes gave that
party majority in the Legislature on
joint ballot. The passage of the supple.
N ment, II was known, would give the wings
the control Of the bank. Many Of my
g particular friends were aware that they
/. would stand no chance before the Legis-
y lature to he elected directors, and were
Q therefore anxious that should not yield
the power Of controlling the bank by
o signing the supplemental charter These
: weighty reasons were whispered in my
: ear, and passed UNDECIDED. At this late
] day, it may be said that Offices and loans
: were not then desired by those gentle
> men. The multitude, who were present
J at jackson in January and February,
1888, well knew the anxious soliciiude
/ felt to obtain such favors Two Ex-Gov-
} ernors and the two gentlemen who oppos-
ed me in 1887, were candidates before the
Legislature in 1888, for the Offices of
managers Of The Mississippi Union Bank;
fifiy-fve others were put in nomination.
The ogroling, scheming, mannuverng,
promising, strappng, intriguing. shutting
and managing Of these patriotic Office
hunters, passeth comprehension. look
ed upon the whole scene with feelings of
deep modification, and then regretted that
| had ever entered public life. God for
bid that ever should again witness such
a scramble for bank power and bank ac-
commodations.
| 1t will be seen that the supplemental act
passed the House by a majority of near
three to one, and the Senate by more than
seven to one. My veto could not have
defeated the bill. 1t would have been
promptly overruled by much more than
two-thirds Of each branch of the legisla.
ture. My objections 10 the numerous
bills returned, never induced single
member, SO far as recollect, TO change
his vote and sustain Neon the contrary,
they often gave such high offence as to
cause many members to sustain bills |
which they previously opposed. | never
have had any computations Of con.
sciene for the part have acted in regard |
TO the Mississippi Union Bank. Under
| tbC that tuOil ttCs
| could not have done better. The wings
opposed my course. This expected -
My own friends gave me, generally, but
feeble assistance. The professed leaders
of the party and those seeking the spols
OF office,n we're continually ringing the
cry into my ears, that my radical course
=" would break up the party" consid-
cred that if the party could not be sus.
'ained in the practice Of democratic prin-
dples, it deserved 10 be broken up.
have looked not TO politicians, but the
people Tor support. The former are al
way seeking their own ACKNOWLEDGEMENT;
the latter never desert faithful public
servant. The opposers Of the supple
mental act contend that it destroyed the
mortgage securities, TO which the State
had right to look for indemnity against
any loss which might be sustained BY
having to pay the first five millions Of
bonds, authorized TO be issued and de-
lvered to the managers Of the bank, when
the books should be opened for subscrip-
ton in June 1898. The subscribers for
Stock were authorized to put in both land
and slaves for stock. Lands in Warren
county were valued at from ten TO fifiy
dollars per acre, and slaves at an average
Of one thousand dollars each. Valuations
equally exlravagant were made in the
other counties.
Al that period, but few Of the subscri.
bers had received patents for their lands
numerous judgments, trust and mortgage
liens, covered the properly Of the country.
1t was utterly impossible to ferret out
these incumbrances. Several terms of
the courts were heId--afier certificates I
were given showing The titles to the pro-
perty offered TO secure stock, TO be unin-
cumbered-hefore The stock mortgages
were taken and recorded. Three-fourths 8
Of the bonds sold in 1888, are payable in {
twenty years, and the residue 10 twelve /
years from their dates. Long before the /
bonds became due, The slaves incumbered {
by mortgages 10 1899 Could not be found Z
most OF them would die, be removed o.
be worthless during that period a
Titles 70 land would generally, when suit 7
WAS brought for foreclosure, be found :
worthless. The mortgagors, by assign o
ing their land receipts and suffering their 8
land to be sold for taxes, could, 81 any '
tune, readily cut off the stock liens from I
their real estate. Their slaves could ca i
silly be conveyed to Texas, and placed he. G
yound the reach Of the State aud the Mis- b
sissippi Union Bank. therefore have {
always believed the stock mortgages we're G
worthless as an indemnity % tbe State and ,
surety 10 The bond holders. The capital $
stock alone was exempted, by her charter. /
from taxation. Property mortgaged to i