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

eu. hagSddles LOper ana some OtnerS,
who voted for Trotter for Senator in Con-
gress, were wings. Their votes gave that
party a majority in the Legislature on
joint ballot. The passage of the supple
ment, it was known, would give the wings
the control of the bank. Many of my
particular friends were aware that they
would stand no chance before the Legis-
lature to be elected directors, and were
therefore anxious that should not yield
the power of controlling the bank by
signing the supplemental charter. These
weighty reasons were whispered in my
ear, and passed UNDECIDED. At this late
day, II maybe said that Offices and loans
were not then desired by those gentle
men. The multitude, who were present
at Jackson in January and February,
1888, well knew the anxious solicitude
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 /;
| fifty-fiVe others were put in nomination
The logrolling, scheming, maneuvering,
promising, Swapping, intriguing. shuffling
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 &C.
commodaiions.
Il will be seen that the supplemental act
passed the House by 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 a single
member, so far as recollect, to change
his vote and sustain me-on the contrary
they often gave such high offence as tc
cause many members to sustain bill:
which they previously opposed. neveI
have had any computations of con,
sciene for the part have acted in REGARD
to the Mississippi Union Bank Under
the circumstances that then surrounded me
/ could not have done better. The whiG.
! opposed my course. This | expected
i My own friends gave me, generally;b u
feeble assistance. The professed leader.
of the party and those "seeking the spoil
Of Office" were continually ringing the
cry into my ears, that my radical conrs'
j" would break up the pariy.p ! consid
cred that if the party could not be sus
tanned in the practice of democratic prin
, eiples, it deserved TO be broken up
f have looked not TO politicians, but tn
people for support. The former are al
ways seeking their own ACKNOWLEDGEMENT
the latter never desert a faithful pubi
/ servant. The opposers of the supple
mental act contend that it destroyed tn
{ mortgage securities, to which the Stat
j had right TO look for indemnity agains
E any loss which might be sustained b
D having to pay the first five millions c
2 bonds, authorized to be issued and de
: livered to the managers of the bank, whe
/, the books should be opened for subscriF
: ton in June 1888. The subscribers fo
e Stock were authorized to put in both Ian
i and slaves for stock. Lands in Ware
county were valued at from ten to fit
i dollars per acre, and slaves at an averag
!. of one thousand dollars each. Valuation
If equally extravagant were made IN IN
e other counties.
l. At that period, but few of the subscr
d bers had received patents for their lands
d numerous judgments, trust and mortgae
y liens, covered the property of the countr,
II 1t was utterly impossible TO ferret OF
ie these membranes. Several terms
Is the courts were held--after certificate
of were given showing the titles to the pr
e. perty offered to secure stock, to be unil
i cumhered-hefore the stock mortgage
k were taken and recorded. Three-fourll
IN of the bonds sold in 1888, are payable
T. twenty years, and the residue in twell
$, years from their dates. Long before Il
" bonds became due, the slaves incumber.
t. by mortgages in 1889 could not be four
al most of them would die, be removed
e. become worthless during that PERIOD
le Titles TO land would generally, when 81
or was brought for foreclosure, be four
k, worthless. The mortgagors, by assig
to ing their land receipts and suffering The
Id land to be sold for taxes, could, at al
as time, readily cut off the stock liens fro
II their real estate. Their slaves could e
IN sily be conveyed to Texas, and placed
~ Wound the reach of the Stale and the Nj
lts sissippi Union Bank. therefore ha
Of always believed the stock mortgages we
to worthless as an indemnity 10 the State a
he surety 10 the bond holders. The CAPT
ed stock alone was exempted, by her chart
% from taxation. Property mortgaged
d. the institution, and owned by il, alws
at has been snbjectto taxation. Il i not
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