The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-01-23

Mississlppa Finance.
New YoRx, January ~, 1919.
Plan:0s' Ba~k Bonds, Issssd By the State of

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MississsYpt.
JAS GORDON BENNETT, ESQ.,
Sir-As your valuable paper is widely circulated
all over Europe and ON this continent, It will be
interesting not only to the bond holders in the old
world, but on this continent also, to be informed,
through your journal, how their interest is con-
cerned connected with the State of Mississippi.
Your inserting the following, with the accom-
panied duplicate letters, will much oblge a party
sppsars by the Jackson papers, Of the Sth Inst
sale Of of land took place Ia that
In seoordancs with act passed BY the Last Lsg,sa
a. not more than 600 sold 1t the minimum
price Of Fix dollars per acre fxed by the Legisls
the Planters Bank for its principal, With tho ooueons
due on each could not be supposed for moment,
the holders of these bonds would think Of paying Sc
per acre for land In mississippi when In other States Il
could be purchased ct SIX $l1S the 1t should
be kept in mind the State established the Planters
Bank BY an issue of It's bonds and for the amount
tsusd, became . steokhod-r Of the bsnk-ths premium
which tho bonds were sold for the State rsspsd the
benefit # Asa stoOkholdsr the State received, ss
long the bank solvent the divide nds Of 10 Der
cent per snpum The State paid on its bonds six per
cent per annum, thereby making clear gain OF four
the failure and skpg up of the bank has not bsen
paid by the Legislature since 1885, all this bears very
bard the innocent bond holdsrs The attention Of
these unfortunate sufferers, a. we'll - the public all
throughout the Union and elsewhere, Is called to the
following letters written by gentleman OF this city
to His Exceiency the Governor, the Hon the Score.
tsry Of the Treasury and the Hon. 8ecretry Of State
which carried conviction home as to hisE
lency's and the honorables total silence 20 that It
must y presumed these letters were unanswsrable
They related to moneys In the sinking fund. appro-
Priatsd in part payment Of coupons due on these
the part the Secretary of the Treasury or
from come other quarter, the payment kept back
In defiance Of all reason and justce and though last
net least In defiance Of the act passed by the Lugsa
tsro for that desirable purpose. The bond holders
have every to believe from the disposition made
at their last Legislature, in favor Of these unrspu
dated rlsnters' Bank bonds that provision will be
made at the next meeting Of the Legslsture for the
long arrearsge Of interest due Is we'll as for that co.
cruipg thof course cannot be otherwise than expect
ed from the rich and aourishing State Of Mississippi
and composing no small portion Of this great and pros
porous republic.
New YoRx, O,tobsr 2, 1888.
To HIS EIcELLEscY JOSEPH WIN. MATTHEWS,
Governor of the State Of Mississippi.
Sr-As representative to the holder OF some Of tho
bonds OF the State Of Mississippi issued to the
Bank, am induced to take the liberty Of troubling
your Excellenoy with brief state mont OF what CON
slider just claim under the late law oyour State and
OF the grievance arising from the nonfudlment Of the
PROVISION Of that law, upon the application At my IL
stance made at the State Treasury.
The first section Of the act in passed At thu
aet session Of your legislature appropriatss the amount
OF the sinking fund then in the Treasury and whst.
ever may hereafter como into tho Treasury belonging
to said fund to the payment Of tho coupons issued BY
THO State on account Of the Planters Bank.
The second section enacts that these
are expressly provided for the payment Of Of
intsret said bonds aooordns to their priority Of
maturity
The third section provides that no coupons shall be
paid until tho is presented attached the bona
and cut from the bond by the State treasurer.
eofrepondsnt at Voksburg ave bonds for 81 600 each
with the coupons attached requesting they should be
for the payment Of interest according the
tlenan Of this city, who was at Jsoksonve about the
period Of the Of tho that the Treasurer had
i m ha.
grisved to that by etter Of the l4th inst from
friends 1t vcksbnrg they advised BY their cor
had received the final determination Of the Treasurer
ito pay nothing on the bonds - the Attorney Gene
raj a. they having decided that the sppro
pristion ofths Legislature must be applied to the pay
ment tho bonds according priority Of
date and number, whether they have coupons on
more than enough to take up the appropriation having
priority to those sent; although 1t the Same time
that omcer admitted or was to say he had
no certain means Of knowing the number Of them
having euch priority.
The Treasurer also stated that those coupons which
cording to the act, and paid.
It thus appsar:, according to the decision Of the
ceived on these bonds since September, 1s4o the
party 10 to be deprived Of all relief and Of from
the payment Of all interest for not clearly sx-
planned, NOR easily understood, although having in
CURED the risk Of loss In sending the bonds from hence
to vicksburg, and frem thence Jackson to receive
their portion Of interest in accordance with what IVES
conceived to be the obvious Of the Legisla
turs we'll the plain provisions Of the law
the EsssuV. Of hs St.ta o. spp.ng to
eefned he having been deprived Of the interest on
tnsfs bonds for so many years and after having COM
required 1t seems hard indeed that the pleasing an.
ucpations created BY the act Of Mississippi fer the
restoration Of her own credit should be cruelty dis
appointed.
Allow me now to ask whether the decision Of the
state officers t. pay nothing is to be sustained and
any mode Of relief! whether the holder of
bonds that lost 30 high premium CHEESE ave bonds
in the integrity lthe state is nov TO remain With
out remedy after the liberal efforts of the Leeisature
exerted no less In behalf Of her creditors than in up
character Of the nourishing and rich State of Mssis
sippi! have the honor to remain, SC SO.
New YoRK, October q 1s4s
Hon. X ID. GRIFFITH, Esq
Secretary Of the Treasury Of the
State Of Mississippi
SIR ~ have presumed to forward you enclosed copy
Of setter addressed to his Exceenoy tn. Governor Of
your State who has the wish the heart to
Us dignity BY doing justice to Its unfortunate bond
tents, the justice and proprety thereof and not
persevere, In so determined manner in refusinv n
Peg bondholdsr the amount appropriated BY the last
Were you placed In tho capacity ola ben your
feelings and aetisn would doubt be very disrsnt
remain very respectfully, &c.
New foRx, November eth lsN
Secretary sfstate Mississippi.
Not"ithethhoing tho refusal on the part Of the
omcers OF your State to pay the interest which con
slider due under your late law on the IS 600 bonds
which, representative to the holder caused to be-
presented At your Treasury for that purpose must
ask the favor Of your attention to the following views
Of my case, and that Of others similarly situsted
It's l believe, we'll known, that during the wear
isso Inc u 3. Bank, then holding large amount of
the bonds OF your State, paid the interest on the
certainly the greatest portion the issue Of two
millions to the Planters Bank, with view NO doubt,
the credit Of the State and thereby Co
tain Tor s own interest the market value Of The
and the interest thus paid constitutes claim on the
PAT. ne nsnk TO be arranged between the receiver
OF that institution and the State The inters,t con
pom were OF course given to the Bank by the holders
81 ire bonds on receiving value therefor.
nese coupons, hewsver under the late law Of your
state cannot be paid becsuse the act that the
oonds must be aad the cou pops
Gut on ~ the Treasury The Bank therefore 10 pre-
ciuded oy the law from receiving interest thus
vencsd The question then, very naturally arises.
upon wnat ground can the State officers refuse ma "
nent OF the interest coupons Of such bonds Is