Holly Springs gazette., 1846-01-17
STATE By the cltarfer Of me Planters Bank
Of the State Of Mississippi"

oT fhe State o. MssSfSsaPPl.
Ii is no " suggested that the convention
did not mean to weaken or 10 give edition
al force to the pre.exisring obligation in
CURED BY the Act Of 1880. That they did
not iotend 10 incur an obligation even to
pay back the zone million five hundred
thousand dollars" which they were thus
particular in reserving 10 The Legislature
The power to borrow. In short. that they
aleaut 10 leave the whole matter where
they found il. Such a suggestion does but
sit:ie credit to the wisdom or integrity oil
the men " no framed our constitution
They represented the sovereign power OF
the State. They stood aboye the law and
aboveal contracts, and especially were
they above laws aud contracts " hIch We're
unconstitutional. Aud If the Legislature
of 1880, In its z zaal To obtain money, had
been hurried over the ramparis.o the con-
s,i,ution il was the duty of this convention,
not 10 leave the matter where they found
i; not 10 say 60 on and obtain more mon
ey by The same unconstitutional means
not tasay you shall have power ito nego-
tate further loan." but you shall have no
power to pay back what you borrow-5ut
1t was the duty of the convention, by every
sentiment Of national iaith by the lofliest
principles of honesty and fair dealing TO
have abrogated he law, and 10 have for
b;den the issuance of any more bonds.
Failing to do this, and absolutely authcri
sing their issuance. the convention implied
ly legaiZed all hat had ben done, and
rendered the State firmly and fxedly liza
bic for the one mill on five hundred thou
sand dollars. which il authorised 10 be
issued. Let US deal honestly with oursel>
YES. and we shall Go no injury TO others
Our unbiased judgments Tell US that the
trainers of our constitution believed that the
first 500 eco dollars had been well disposed
OF, and they intended TO obtain and invest
one million five hundred thousand dollars
! IN ;he same way.
But il is asserted that enc generation
! cannot bind another to pay public deb; =
The argument. # plausible. is not applica
Bile TO our condition We are not the pos
teritv of the men who lived thirteen years
ago, bu; if we were, should maintain that
if we transmit to those who come after US,
our lands and the fulIness thereof, it will
be no grievous hardship, If we transmit
with them such debts as we cannot, without
serious privation TO ourselves and cur fam.
lilies, pay off and discharge. The fairest
way, ho owever.to answer the argument that
posterity is not bound to pay our debts. is
TO pay Them ourselves, and tha; is just what
Irecommend.
The fist series six per cent bonds $500,
O00) were issued in 1881, payable in
staImenis of l25. .000 dollars each. The
first was due July lst.. 1871 the second
will be due the first of July of The present
yeal; the third July lst.. .l85 and the fourth
ofJuty lst., 1856. The second series five
per cent. bonds & 5000 600 dollars) were
issued inlS33, and payable in three
instalments of 100000 dollars each. the
first the frs: day of March. 1861 the
March lst. 1871 The Interest on the
the second to March lst. 1889 since which
time nothing has been paid. 1t will be
observed that an insiament of l25 900 dol.
lars has been due since July lst., lS4l
and il will be found on calculation, that
there is interest due on the six per cent. TO
the first day of the present month 10000
dollars. and on the five's 5l2, 500 dollars.
which tw items being added to the l25 900
dollars principal makes an aggregate of
S32. 500 dollars principle and interest, due
on the first day Of this month, Canrary.
IS46
1t will be seen that the bonds draw an
aggregate interest of los 600 dollars annu
aliy.whch is payable semi annually, on
he first series 10 July and January. and. on
the second in March and September, auG
that the principal falls due at perioGs of
five years from one instalment 10 another.
1.-THE sum now due was paid. il would re-
qnre only 10000 dollars annually, up to
July 1si., 1850 10 meet both principal
and interest as it falls due in future, aud
after that time. Us 900 dollars annually to
March lst.. 1871 1t has already been
paid into the Treasury in AUDITORS war
rants. on ccount of the sinking, fund. S4,>
600 dollars this sum. it is confidently ex-
pecled, will be increased 10 i25 900 dol
lars 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 no further de
lay should occur in its payment to the
bond holders than is absolutely required
by the embarras~ments OF the Treasury
hope 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 ofthe sinking fund in the
Treasury at that date. Ii this cannot be
done, there certainly can be no reason why
n should NOT be paii in July IS47 as hv