The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1848-02-12
Eaf be Alitsissi1n Creole.

F0f me gubSst4&aHN GlbOEs
Ma. E64os--The project nov beEaro the
Legislature 10 pay the Blonde Of tie State sold
IN account Of the Planters Bank With In $780,
600 acres Of land granted by Congress 10 The
State 81 mississippi lev the object of %Eatefaal
Improvement, is a dangerous experiment -
There is now due 81 100000 interest, AZ
81 per acre IRE interest now due would take
i42, 857 acres, leaving 357,IA9 acres, and in less
than twenty tne years the interest due on the
Bonds, and il cannot be expected they will
use any Of the B1Ads d the entry n( land while
the interest il unpaid, which does nnt draw in.
%teresi, and should they tome forward aud use
the ,,ne million Ol Interest nav due IN the par
chase Of land which is mt likely they will do
within the nexl four years) they will then ops
crate ID | te amount Of interest as il falls due.
aud the esuIs will be the principal will still be
afoat aud the people will eventually have q
pay the three million IN gold and ~siIyeror repu.
di tte after the loss Of the 50O,O00, acres Of land.
In providing for the payment Of such a large
debt the Legislature mnsl recOllecl they are
dealing with a class Of distinguished business
men, WIN live by making money, and il they
leave the least loop for an advantage the State
will pay for i'll they will come IN the market
with their interest at value, aud enter all the
hest lands, say SO or rs thousand acres, then
Withdraw and puI the balance Of the interest
due At 80 or 95 cents in the dollar, and 50 the
matter will stand until the meeting Of the Leg
~islature two years hence ;Ihen the price must be
reduced and 50 they will come into market and
taxi . second lot and again leave the market
with The interest Bonds still at or near par val.
ut, aud . il will % on b graduation, and a.
the end i some ten or twelve yenrs, the 500,
900 acres will be exhausted with the interest
aud nota dollar paid On the original debt Of
three million.
When nations b come so deeply in debt that
they cannot pay without a financial operation,
aud We certainly prove a precedent N the case
IL the State Indiana, and | believe, Illinois, u
am correctly informed On the subject; one or
b,,h &c these found themselves, several years
back b. in dtbr,thaI they could'not pay the inter-
eat. and after years Of torl and trying they a.
greed Il sen out their unfinished internal mr.
provsmEnts 10 their creditors, and requiring
them 10 advance money 10 CO plete those
works This was all lair and right, for the
States could not pay, and their creditors was
willing 10 the arrangement as il was the best
for both p%nrIies, and the result is, these stocks
are not worth rs cents in the dollar.
We have a Surplus annually 10 the Treasury
Of some hundred and seyenr,-ive thousand
dollars; let tie legislature raise that surplus 70
10000 by taxation (whica will require q We.
~ small per cent on the present State tax) and
anPnint an agent TO 90 into market. and ho will
find the Bonds can be had al fifty cents in the
dollar and At the end Of ten years tho State will
have paid off every dollar Of the Bonds and in-
teresv; should the State be - liberal as 10
compound the debt ut this time al S3,00O,0 900,
the present holders Of these bonds got them in
market no doubt at what they were worth at
the zine and ! see no reason why the State
|Er H EE N#E F- h.A Fat T
SHOULD not have Them At Their market value.
There ID one thing certain, the State will fail
TO pay them IN tho attempt to do it with land
unless they ofFsr % much land for the Bonds
and close the matter at once.
Should those valuable Mississippi lands once
fall into the hands Of capitalists, the poor man
will never be the owner Of one acre of them,
asst will only require q few years lime to in
crease their value four fold. aat
| am inclined 70 believe the word Bond 10 m
unfortunate compound of letters, and when we
gettid Of aur Preaent bonds we would do we'll
TO rub II from nur Books 4
Your o~bedient servant,
D. w. HALEY.