Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1846-01-14


Id 1856. The second series five per
cent. bonds Il 100000 dollars) were is
sued in 1888, and are payable in three
instruments Of 100000 dollars each, the
6rst on the first day Of March, 1861; the
second March Isl, 1886, and the third
March lst., 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 paid. III
will be observed that an instalment OF
10000 dollars has been due since July
lst., ls4i; and it will be found on calcu-
lation, there is interest due on the six per
cent. TO the first day Of the present month
10000 dollars, which two items being
added 10 the $4,000 dollars principal
make an aggregate Of 1872 800 dollars
principal and interest, due on The first day
Of this month, January, lS46.)
II will be seen that the bonds draw an
aggregate interest Of 100000 dollars an
nOally, which is payabIy semi-annually
on the first series iii July and January,
and on the second in March and Septem-
Der, and that the principal falls due at pc
RODS Of FIVE years from one nstalment to
another. If the sum now due was paid,
il would require only 10000 dollars an
nually, up toJuly ist, 1855 !; to meet both
principal and interest as it falls due in
future, and after that time, l75,000 dol
lars annually to March 1871. II has al.
ready been seen that there has been paid
into the Treasury in Auditors warrants,
on account of the sinking, fund, $4,000
dollars: this sum, il is confidently expect
ed, will be increased to $4,000 dollars
by the first day of July, 1916.
The Legislature need not be reminded
that this fund stands pledged for the pay
ment Of these bonds Nor do deem ii
necessary TO odmonish you that no further
delay should occur in It's payment to the
bond-holders, than is absolutely required
b, the embarrassment of the Treasury.
Ihope indeed, il may be found expedient
TO make an appropriation at this session,
PAYABLE in July next, of a sum sufficient
10 cover the amount Of the sinking fund
in the Treasury at that date. II this
cannot be done, there'certainly can be no
reason why il should not be paid in July,
l847, as by that time the Treasury will
have realized the revenues for the fiscal
year 1916. The State has upwards Of
$4,000 acres of land belonging to The
sinking fund: i! would be well for the
Legislature tc make suitable arrange.
ments for selling those lands; and re-
commend that the State .nnissioner be
authorized TO sell them for Planters Bank
bonds and cupons that are non due or fol
Auditors warrants. If properly managed
they will 60 far towards liguidatng ST
much OF the debt as is now due and I'M
paid, If the Legislature would authorize
HE Commissioner 10 receive bonds ant
coupons due prior TO January l, lS46, il
payment of any debt due the sinking
fund, am persuaded it would facilitate
collections and be of great advantage tt
the fund and to the State.
10 view of the present condition of thu
State, | advise the policy of paying The
principal and interest Of herbonds asthey
fall due in future; and that she apply onl,
the means which | have suggested AM
such surplus funds as she may have from
time to time, 10 the payment Of that por
ton of the debt which is now due an,
uonpaid.
Being in arrears, II will require an ef
fort superior to the means Of the State, 4
bring up the entiro account at once; bu
il she sets out with fixed purpose 0
meeting the debt hereafter as it falls due
il can and will be done. II has beel
shown that the revenue for the presen
year, will approximate four hundred
thousand dollars. Tie expenses of tn
State Government will not exceed II
thousand dollars per annum in future, in
GLIDING the interest on the school funt
admitting that my suggestions on that sui
Jet are adopted. After paying for III
erection Of the college building at Oxforc
say fifty thousand dollars, and taking U
the outstanding Auditors warrants, an
meeting the economical expenses Of tn
government, there will be surplus thl
year, and next year, without an alteratio
inthe laws, which shall produce reduC
ton in the revenue, there will be SUI
II plus Of al least one hundred and seventy
i've thousand dollars, and thereafter the
amount annually, deductng fines, forfel
ures, licences and such other items as
/ have already recommended, should b
given TO the school fund.
Whine sccn that with these mean
we canp pay The bonds as they fall due, an
have something left TO pay on the accoui
now due. II, 10 the end, we receive an
considerable amount from the banks,
VIII come intime to pay a portion of III
oonds which fall due some years hence
The reduction made in the expenditur
athe State Government by the act