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

tniTu July ISL, 1901, and the t0urtn july
lst 1856. The second series five per
cent, bonds Q,5O0,OOO dolIars) were is
sued in 1888, and are payable in three
instruments of 100000 dollars each, the
first on the first day of March, 1861 the
second March Isl, 1866, 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. 1t
will be observed that an Instalment OF
$4,000 dollars has been due since July
lst.. IS4I; and it will be found on calcu
latio1, there is interest due on the six per
cent. 10 the first day of the present month
I95OO0 dollars, which two items being
added to the l25,0O0 dollars principal
make an aggregate of $50 500 dollars
principal and interest, due on the first day
Of this month, January, 1860
1t will be seen that the bonds draw an
aggregate interest Of 100000 dollars an
nualIy, which is payabIy semi-annualv
on the first series ia July and January,
and on the second in March and Septem-
Der, and that the principal falls due al Pc
RODS of five years from one instalment to
another. If the sum now due was paid,
it would require only 10000 dollars an
nually, up to July LIST 1855; to meet both
principal and interest as it falls due in
future. and after that time. It's, 900 dol.
lars annually to March 1871. 1t 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, it 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 it
necessary to admonish you that no further
delay should occur in It's payment to the
bond-holders, than is absolutely required
by the embarrasSmentS of the Treasury.
hope indeed, 1t may be found expedient
to make an appropriation at this session,
payable In July next, Of sum sufficient
to cover the amount of the sinking fund
in the Treasury at that date If this
cannot be done, There certainly can be no
reason why it shnud not be paid in July,
1847, as by that time the Treasury will
have realized the revenues for the fiSca
year 1916. The State has upwards of
$4,000 acres of land belonging to The
sinking fund: il would be we'll for the
Legislature tc make suitable arrange.
ments for selling those lands; and | re-
commend that the State Co nmissioner lie
authorized to sell them Tor Planters Bank
bonds and cuoons that are no,D due or Tor
Auditors warrants. If properly manag,
they will 60 far towards liquidaiing 50
much OF the debt as is now due and I'm.
paid. If the Legislature would authorize
the Commissioner 10 receive bonds and
coupons tue prior 10 January /, 1916, in
payment of any debt due the sinking
fund. am persuaded it would facilitate
collections and be of great advantage 10
the fund and to the State.
In view of the present condition of the
State, advise the policy of paying The
principal and interest Of herbondA as they
fall due in future and that she apply only
the means which have suggested and
such surplus funds as she may have from
time TO time, TO the payment Of that por-
ton of the debt which is now due and
uonpaid.
Being in arrears, it will require an eff
fort superior TO the means OF the State, io
bring up the entire account at once; but
if she sets out with fixed purpose o
meeting the debt hereafter as it falls due
II can and will be done. Il has beer
shown that the revenue for the present
year, will approximate four hundred
thousand dollars. Tie expenses Of the
State Government will not exceed I7s
thousand dollars per annum in future, in
GLIDING the interest OH the school fund
admitting that my suggestions on that sub
lect are adopted. After paving for III,
erection Of the college building at Oxford
say fifty thousand dollars, and taking "
the outstanding Auditors warrants, an
meeting the economical expenses OF tn
government, there will be surplus thi
year; and next year, without an alteration
in the laws, which shall produce a reduc
ton in the revenue, there will be a sur
plus of at least one hundred and seventy
five thousand dollars, and thereafter tina
amount annually, deducting fines, forfeit
ures, licences and such other items as
have already recommended, should b.
given to the school fund.
1t will he seen that with these means
we can pay The bonds as they fall due, ant
have something left pay on the accoun
now due. If, in the end, we receive any
considerable amount from the banks, i
Will come in time to pay a portion of thu
bonds which fall due some years hence
The reduction made in the expenditure