The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1848-01-15

discharge the debt as rapidly as possible
That course is respectfully but earnestly Re.
commended. The debt now stands as follows:
Bonds issuedfin March, 1883, 81, 100000
8 Per cent interest from March, 1889,
% January ls4s, 795,oOO
Bonds issued III July, 1881, 100000
s per cent interest from July, 1889,
to January, I84a, 255,O0O
Total, q a 3,O5O.OOO
Subject to deduction Of twenty-four thou
sand three hundred and forty-one dollars, III
bonds and coupons, paid into the treasury by
the State Commissioner, Of now remaining in
his hands, Tor an account Of which, reference
is made to the report Of that officer.
The annual interest on the bonds, it will be
seen, is one hundred and twenty thousand dol
lars. The probable receipts for the present
year, under the existing revenue law as we
have seen, will be three hundred and thirty
thousand dollars; and the expenditures, I'm
GLIDING the legislature) two hundred anI ten.
thousand dollars, 81 that the sum remaining ii
the treasury after defraying the ordinary ex-
penses, will not be sufficient at the present rate
Of taxation to pay more than the interest ac-
cruing; thus leaving the principal and back
interest wholly unprovided for. 1t has been
proposed TO apply the State lands to the pay
ment Of this debt. My solemn protest is il here
by rendered against such a proceeding-irst
because the land having been given for other
purposes, we have no right to use it in this
way. Secondly because we ought not so to
use il If w had the right; if we W the debt
at all, we owe itin money and ought to pay it
in money. Thirdly: because it is just as well
to levy taxes to pay the bonds as to levy them
to pay for the land. Fourthly: because il We
do not intend to pay for the land after using it
in paying the bonds, we mean to violate our
faith with The United States, who gave it fol
purposes Of internal improvement
The relation which the Sinking Fund bears
to these Bonds may be easily explained. The
Bonds were sold and the proceeds invested in
Ai9ASSAS Dahh 0tuVh tHS uiVtu6HuS Oh lntS
stock were pledged for the redemption Of the
interest on the Bonds, and the interest being
paid, the surplus dividends constituted a Sink
ing Fund. The Bank for many years declared
large dividends, and the surplus accumulated
to several hundred thousand dollars. The
President and Cashier of the Bank, and the
A ud;tor ~ p6hIio A ooavnt, nona.4,.n Laal
authorized by law to manage this fund. The
Legislature in 1874, being dissatisfied with thu
management Of this board, elected them, ant
ordered the appointment of a Commissioner tC
take charge Of the fund, The officer has col
lected and paid (mostof i) into the Treasury
about one hundred and nineteen thousand dol.
lars, Of which twenty-four thousand three
hundred and forty-one dollars, is in the Bondi
and Coupons Of the State. The remaining
ninety-fye thousand dollars, belongs of righ
toihe Bond-holders, and its immediate apprs
%priation for their use is earnestly recommended
The State has no earthly CLAIM to It II tn,
principal sum was mt borrowed on the Bond
If the State, she can have no claim to the diyl
bends a%ccruing from its Investments. If !
was borrowed, then she contracted a deb: il
borrowing il for the redemption of which thi
Eund Stands pledged. II cannot be therefor
that any man Of any party will be found t
oppose the Immediate application Of the amour
now in the Treasury, q the credit Of TIL Sink
!, ing Fund, to the payment Of the Bonds as ia
) as it goes. Fasl
The Two per cent Fund amounts to abou
two hundred and ten thousand dollars. @
this sum, one hundred and f~orty-six thousan
! eight bundled and twenty-three dollars wa
Q received by me, under the authority of am &C
a OF the late Legislature, and ono hundred an
e forty-throe thousand eight hundred and thirt,
one dollars and seventy-one cents, paid immt
: diately after its receipt, to wit: February 81
t 1847. The remaining Two thousand nine hui
I bred and ninety-one dollars was retained b
g me to meet certain extraordinary continger
cies, and will be accounted for in another con
9 munication. or the sum received by me an
paid in, one hundred and thirty six thousan
J, seven hundred dollars, was in United state
y Treasury Notes, drawing an interest Of 5 Q
3 per centum PER annum. The interest increai
g ed a fund for which the State had no immed
5 ate use, and the warrants were more conven
q emily kept than specie, for these reasons the
were taken in preference to gold and silver
i In addition 10 the sum in the Treasury to III
e credit or this fund, there is Justly due aboi
thirty-fye thousand dollars on account
Graves defalcation, 1t is not probable thu
!. any considerable part Of this sum will ever /
recovered. The securities once offered to pa
twenty thousand dollars ON the whole defaIci
ton Of forty-four thousand dollars for d fin
discharge-no one was authorized to compr,
i mise for the State, and the proposition was n.
70 therefore accepted. IL is not certain. that ii
offer will be renewed, but power to settle /
~ comnrorniea aehouli4 NJ oiypn ~ ING Ghvarn,