The Panola lynx. (Panola, Mi. [i.e. Miss.]) 1845-1846, 1846-01-24

!, Of 1880. That they did not intend !!
~ incur an obligation even to pay back
,To zone million five hundred thousand !
jnIIors' which they were thus particu-
lar il reserving to the Legislature the !
no,er to borrow. In short, that they |
ICON, 10 leave the whole mattea when |
thew found it. Such suggestion doe
hnr little credit TO the wisdom or integ !
ri,y Of the men who framed oar constr |
nliou. They Represented the severe
re.gn power of Lthe state. They STOOD
oboye the law and above all contracts
and especially were they above Ihe laws
and contracts which were unconstutiou-
Al. And if the Legislature OF 1901 Ill
is zeal TO obtain money, had Oeeh nu'
Ged over the ramparts OF the conSlliu'
non. it was the duty OF this convention 7
90, ~ leave the matter where they !
nund it: not TO 60 on and obtain more
money by the same unconstitutional
neans: not 10 say you shall have pow
or.to negotiate a further loan," but you
shall have no power TO pay back what
SON borrow-bul il was the duty of the
invention by every sentiment, OF natl
ons faith, by the lolIiest principles of
honesty and fair dealing to have abro-
,2cd the law, and to have forbidden
me issuance Of any more bonds. Fair
ioa TO do this, and absolutely au,horis-
inc their issuance, the convention i'm
oredY legahZed all that had been done,
and rendered the state firmly and fin
civ liable for one million five hundred
thousand dollars, which it authorised 10
he issued. Let Us deaf honestly with
nrseyes, and we shall do no injury to
rhers. Our unbiased judgments tell
III, that the trainers OF our constitution
.sieyed that the first 100000 had
,een we'll disposed OF, and they intend
ed 10 obtain and invest $l,500,OOO in
the aame way.
But it is asserted that one generation
canno, bind another 10 pay public debt.
The argument. il plausible, is not APP
micabIc 10 our condition. We are not
he posterity of the smen who lived thir-
zen years ago, but if we W, re, should
maintain, that If we transmit tOIhoSe
eho come lter US, our lands and the
lIness thereof, it will be. no grievious
ariship. if we transmit with them such
debts as we cannot, withoIt serious prl-
ga,ion TO ourselves and our families.
pay off and discharge. The iaresl
way, however, To- answer the argument
that poSterlty is not bound to pay our
debts, is to pay them ourselves, and that
is Just what recommend.
The first series SIX per cent. bonds
800 600 du!IarS) were issued in 1881
payable four inataImenls Of Sl25,00L
4 each. The first was due July LIST 1871
,he second will be due The first of July
L Of tie present year; The third July Is
\ 1851, and tie loIrtr, July Isl 1856
II The second series i've per cent bond.
Il 81 5OO.OOO) we're ISSUED IN 1888, anC
j Tayub in three ln>ta men o, $1,000,
JdIars each, h. first un-I he la st day
| Of March, 1861; lie second M;frch Is
| 1866; and he tirld March 1871. Th,
interest on the first series was raid 4
MIy 1889, and on the second to Marc
Is. 1889, since " b4clI time no h,ng ha
beensJaid. 1t vii Ice observed rha: "a
m,raImcnr al Sl25 OOQ has been du
since lu .y1st, l&4I ,.tnd II viii be t'un
~ calculation. that there J. interest du
en- Vie six per cent. 80 the first day O
tho presOu!I iron II = 10 600, and orr h
lives S5I2, so N-inch-tNe-l'elHs baln
F.. mIlci to ihc l2j U0D pr nHpil Ulke
III oggrcgatc OF $4,000 dodars prime
nldnd interest, due. 6n.the first oil IN
molch (Jauuury L,4t)
Il viii tie seen that The bonds dra
II maggregatc interesTef te5 90 5duEIa'
4 annually, which is payable sen-an4'
4 nIv on the first series IN July and 'Jal
nrv, and on the second in March an
SepIember, and that the Princlpal fall
ne at periods Of five years from one il
aa}ment to-an oiH6r. 'lft!he sum no
due was paid, it would require only l3C
600 dollars annually, up to July l.
1856, to meet both principal and int
EST as il falls due in future, and All;
1aa, time. $4,000 dollars annually
March LIST. 1871. 1t has alrea edy beG
seen }hJl there has been pad into u
Treasury in Audi tors warrants, on
~. 49,
count Of The sinking fund, S84: 900.
his sum, it is confidently eXpecte
will. be increased to $4,000 by Il
ia day Of July 1916. -,
The Legislature need not be rmlnd,
that this fund stands pledged Tor Il
PAYMENT Of shese bonds. Nor do
deem it necessary to admonish you III
no further delay should occur IN
payment lo1he bond-hoders, than Is'o
souteIy required by the embarra'
menls Of the Treasury. | hope inde
omay be found expedient TO make
appropriation at this session, payat
in July next, of sum sufficient 10 CO
er the amount OF he sinking fund
The Treasury at that date. II this ca
not be done, there certainly can be
5esson why it should not be paid IN
In racIn