The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1848-02-05
Gov. MaMhg.s al BID PlanleEa -

!. wrote The article We had not seen the message
and from the information we then had, we were
under the impression that IT was his advice thai
the proceeds of the 100000 acres, donated fol
internal improvement should be absolutely and
Internationally devoted to the payment oil
the bonds. We now give that portion Of the
Message which relates to this matter in full.
After long and anxious reflection, nv mind
has come to the conclusion that there is but
one mode by which we can discharge the debt.
without involving the consequences which /
have supposed must attend high taxation; and
90 well satisfied am of the efficiency Of
the plan, that notwithstanding some Of those
foF whose opinions ! entertain the highest res.
Pect, have ridiculed.t, / with confidence, sub
nit ito your superior wisdom and Judgment.
and solicit for il, your serious consideration.
! propose that we Immediately bring into
market the 100000 acres Of land granted BY
Inc General Government to the State; and that
we shall receive in payment for the land, gold
silver, Auditors Warrants ana bonds of the
State issued to take stock in the Planters Bank
and the COUPONS for interest in the same. |
would grant prescriptions to actual settlers 10
the land, at a minimum price fixed by law. the
privileges Of which should be extended for a
given time prior to the lands being. offered for
sale.
From a personal knowledge Of a portion Of
these lands, ! recommend that the minimum
Tor the first year shall not DO less than eight or
ten dollars per acre. Doubtless a large portion
Of The bonds are in the hands Of capitalists, who
have bought them at a great depreciation, and
could afford to dispose of them to purchasers Of
the land at rates by which he could make pro-
htable investments even at ten dollars an acre
Many tracts which | have seen, | consider
cheap at that price.
# It would be objected that a high minimum
would exclude the pre-emtor and men Of mod.
crate fortune from the purchase of lands. be.
cause Of the difficulty Of procuring the bonds
reply, that wherever the land office ia located
there the bonds will naturally flow, aud our cit.
lzens will have no difficulty in procuring them
at moderate prices, provided the minimum es. |
be high. A large amount of the {
bonds is not yet due, and it is very probable
that many, for the sake Of realizing cash upon
hem now, would sell them for moderate prices
would recommend the graduation policy to
adopted, and that each year the minimum be !
educed one dollar per acre, with pre-emptions
'llowed for a given period, after the commence. a
nent Of each year. Should the minimu n be ii
ound too high, future legislation can reduce G
hem In this way, the 100000 acres of land '
pould probably extinguish the bonds, and in a 2!
ew years we should be free from this alarminp
ore ign debt.
The amount for which the lands would sell.
'ould OF course be placed to the debit Of the Y
tate, and to the credit of the tnternalimprove- a,
rent tund' bearing interest or not, as the people G
choose. If we pay the bonds by taxa
on, even should the taxes be raised as high as g.
icy could be, without decreasing the value of R,
ropertI or diminishing our population, the ST
and interest now due, and the contin. =
ally accruing interest, would before the debt
ould De extlnguished, drain fir ON the country T.
ON SIX to ten million Of dollars. Al
It would diminish the aggregate wealth Of If
% State BY that amount; but if we sell the cc
nus and extinguish the de9t by that means. al
'ne lot the wealth now in the State will be N
lthdrawn; no annual drain Of the resources
" Dc going on; we shall have the debt paid
"a not a dollar in increased taxes will be
avn from the pockets Of the people. Il is
NC that our internal improvement fund would @
much larger than il would be, if cash xelu- b
Vely were demanded for the bonds n
II may be said that this scheme only changes i
g debt without extinguishing it. This is adj ed
lttedi but then there is this difference, we can qu
interest or not as we please, without anv Of
rteiture ofobligations. Should we copclud. br
70 touch the principal, but keep it as a per- OBJ
tpal fund, we can SO regulate the interest. as no
u to exceed $l75,OOO per annum, or a sum in,
uaI to our present estimated surplus; and biz
en- without increasing our present taxes one ex
liar, we would have the splendid sum of one del
Indred and seventy-fve thousand dollars. an. Gai
ally at our disposal, to improve our rivers. pr,
axe railroads, and all such other improve SUI
9nis as the people might require. Instead Of cal
ing rendered poorer. as a payment of these
nos BY taxation would make US, our comforts.
'ans Of education, and Of individual and gem
u prosperity and happiness would be in dar
BASED. a.,
! has been contended by some that the sale het
the lands for the bonds would be a divers,on use
the fund from the object contemplated by ant
ngress in making the grant. To this / re- Of
; 'naF the Sinking and Seminary Funds are per
funds, and for yeats we have been re- inf
wing debts ofthe State, in the form Of Az. Of
'E'S warrants for those funds. Does M OF
son suppose that we have diverted the Sem. one
~ Fund from the object ofCongress. bv ael in