The Ripley advertiser. [volume] (Ripley, Miss.) 1843-1897, 1846-01-17

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this, And absolutely sutborisiDg their issuance,
the convention implicitly legazed al that NAG
, been done, and rendered the state nrm'y ana
, I6xcdly liable for the one million hve hundfea
Thousand dolars, which il authorised TO DO issu
, ed. Let US deal honestly with ourselves sno
, we shall do no injury 10 others. Our unbiased
judgments toll us that the trainers of our consul
Tuition believed that the first 5O0OOO dollars bad
been well disposed of and they intended TO Oh
tain and invest one million FIVE hundred thous'
and dollars in the same way.
But il is asserted that one generalion can
not bind another to pay apublic debt. Inc az.
gument, If plausible, is not applicable to our
CONDITION We are not the posterty OF men
who lived thirteen years ago but II we were,
should mantaip,' hat 1t we transmit 10 those wno
come after W, our lands and the fulness tnere'
Of, Il will be no grievous hardship, It we trans.
mi, with them such debts as we cannot, without
scriors priyation TO ourselves and our families
pay off and discharge. The fairest way' now
ever, to answer the argument that posterl'y is
not bound to pay our debts, is TO pay them our
selves, and that is Just what | recommend.
The first series six per cent bonds (50OOoO
doars) were issued in 1881, payable IN four
instruments of 125, 600 dollars each. Inc hTsl
was due July LIST, lS4l the second VIII be due
the first Of July of the present year the ihird
July lsf, 1851 and the fourth July LIST, 1906 -
The second series five per cent bonds q 5OO,
600 dolars) were issued in 1883. and are pay
able in three instruments of 500, 600 dollars
each, the first on the first day of March, 1861 !;
the second March LIST, 1866, anothe third March
Isl, 1871. The interest on the first series
was paid to July 1889, and on the second TO
March lst, 1889, since which time nothing has
been pad 1t will be observed that an install
ALL haS hoon dino SIprp In.
lIy lst 1871; and it will be found on calcua-
tiop, that there is interest due on the six per
cent to the first day of The present month lo5'
4 DOC dollars, and on the fves 512O0 dollars,
which two items being added to the l<50OO
dol ars principal makes an aggregate OF $50
90 dollars principal and interest, due on the hfst
day Of this month, Dan, lS46)
i Il will be seen that the bonds draw an aggre.
gate interest Of 100000 dollars annually, which
IS PAYABLE semi annually on the first series IN
july and January and on the second IN March
and September, and that the principal falls due
at periods of FIVE years from one instament 10
another. If the sum now due was paid,lt would
require only 10000 dollars annually, up TO July
LIST, 1885, TO meet both principal and interest
as it falls due in future, and alter that time, 10.
600 dollars annually to March LIST, 1871. 1t
has Already been seen that there has been pa'd
, into the Treasury in Auditors warrants on &C
count Of The sinking fund, ga OOO dollars; tins
sum- il is confidently expected,will be increased
to 1875 900 dollars by the first day OF july 1910
f The Legislature need not be reminded thai
. this fund stands pledged for the payment o.
!. these bonds. Nor do deem it necessary te
admonish YOU that no furthe: delay should &C.
, cur in its payment 10 the bond holders, than Il
J, absolutely required by the embarrassments o
4 the Treasury. hope indeed, it may De fount
: expedient to make an appropriation al TINS ses
q sion, payable in July next, OF sum sutnc'eh
Il To cover the amount Of the sinking fund IN tnt
n Ire asu,y at that date. If this cannot n" an"1
Il there certainly can be no reason why IL shoul'
a not be paid in July, l647. as by that time th'
10 Treasury will have realized the revenues Tor IN
wear lS46 The state has upwards of 22,O O'
!. acres Of land belonging to the sinking fund
4 would be we'll for the Legislature TO make suit
60 able arrangements for selling these lands; AM
az recommend that the State Commissioners. b
~ authorized to sell them for Planters Bark bond
"a. and cupons that are noD due or for Auditor
warran,s. Ii properly managed they will G
q far towards liqu,dating SO much OF the debt q
The is now due and unpaid. If the Legislator
Aid would authorize the commissioner to receiy
O.. bonds and cupons due prior to January lst, Il
ers as, in payment Of any debt due the sinking fun
IRIS. | am persuaded it would facilitate collection
ess and belof great advantage to the fund and
had the State.
IN In view of the present condition of the Stat
of | advise the policy Of paying the principal al
nv nteresto of her bonds as they fall due in future
md aud that she apply only the means which
| in have suggested and such surplus funds as 81
I of may have from time to time, to the payment
nm that portion of the debt now due and unpaid.
ron Being in arrears, it will require ar effort
ck perior to the means of the State, to bring up u
;, If entire account at once but if she sets out WI
,rs. fixed purpose Of meeting the debt hereafter
an. it falls due, il can and will he done. II h
i'm. been shown that the revenue for the prese
, Of year will approximate four hundred thousal
bev dollars. The expenses Of the State Cover
nv. ment will not exceed Us thousand dollars p
aith annum in future, including the interest on Il
hat school fund, admitting that my suggestions
itch that subject are adopted. After paying for u
OK erection of the college buildings at Oxford, 81
sec. fifty thousand dollars, and taking mp the on
ent standing Auditors warrants, and meeting Il
oan economical expenses of the government, the
the will be surplus this year; and next year,wit
,ar. out an alteration in the laws, which shall pr
Mis-. duce reduction of the revenue, there will
a surplus of at least 175,0O0 dollars, and Their
did after that amount annually, deducting fnes fc
,rce textures, licenses and eucn otner items as ma
the already recommended should be given 10 &
,cur school fund.
five 1t will be seen that with these means, we G
,ere pay the bonds as they fall due, and have som
lure Thing left to pay on the account now due.
hev in the end,we receive any considerable amou
hev from the banks, il will come in time to pay
lille portion of the bonds which fall due some yea
who hence.
the The reduction made in the expenditures
4 a the State Government, bv the act of the |;