Mississippi palladium. [volume] (Holly Springs, Miss.) 1851-1852, 1852-01-22
HENRY sT1rH. EDITOR 8 PROPRIETOR.
NUMBER 80

into speedy and successful operation
and wherever this has been done. upon
we'll considered and practicable routes
in addition to the advantages derived
from them BY the country, the stock
holders, both Us |, State, and as individ
uals, have realized handsome profit.
from the investment: lands through
which such roads pass, Increase ia val
ne sufficient to pay the costs of The
road. whilst their enhanced value. to
gether with the increased consumption
of every article of luxury furnished by
the road, materially tend to swell the
resources of the State.
But whilst would respectfully urge
upon the Legislature by every consid,
Grafton connected with our interests as
a people, - give the most liberal en-.
couragemeattp 10 railroad enterprizes. b,
Fsubscrib;nG - stocss or ofherm.se
sound policy would dictate the propri
lety OF not making any engagements
beyond the means under our control
nor OF attempting to supply the def
cheney by resortmg to general system
OF taxation. There are at present two
! great enterprises projected within our
/ State, which appeal more powerfully
for assistance from the State than any
tothers, because they are more intimate
|ly connected with the general prosper
Iity OF the country. lrefer to the Mo-
bile aud Ohio Railre ad, which passes
/ through ten OF more counties of the
State. and as many more contiguous
] thereto and almost equally interested
in its construction, containing a white
1 population OF over 100000; and the
/ New Orleans and Jackson Road, which
it is at present contemplated TO extend
to Nashville, in the State OF Tennessee.
S hould this latter road be extended, it
will pass through the entire State, from
SouiE to North, penetrating the heart
OF the most fertile region of the State.
j that has heretofore found no outlet for
its marketable products, except at an
immense cost, and placing the same in
almost daily communication with New
Orleans. These two great roads are
/ designed, as trunk roads, connecting
! The northern lakes with Mobile and
New Orleans, and will, doubtless, at
some future day, have many branches,
connecting them with the various por-
tons of the country, and thereby con-
tributing essentially to the convenience
OF towns and neighborhoods. Would
il not be sound policy to conline our
| assistance to those great roads until
/ they shall be completed, and then con-
! tribute the Inesrus ieft at our disposal,
to aid in the construction of other
roads, less important in their effects
upon the interests of the countrva [
would suggest the propriety of the
S tate becoming stockholder in each
OF these roads, to the extent of its abil-
ity. The dividends arising from the
stock may be used in lessening the tax
es imposed upon her citizens, and
should she at any time think proper TO
Withdraw the capital to aid ia the con-
struction OF other enterprises of a SIM
liar character, the stock may be placed
in market, and probably disposed of at
a premium.
The means. at the disposal of the
State, beyond the amount of surplus
money in the treasury, consists OF the
five hundred thousand acres of land
donated to the State for the purposes
of internal Improvement, less I0,77S-
56-lO0 acres which have been sold in
pursuance OF the act of Odd February,
1913, as appears by the report of the
Secretary OF State, accompanying this
communication 1t was intended on
the part of the general government, in
making this donation to the State, to
enable her to carry on system of in
ternai Improvements TO deyelope her
resources, and increase the prosperity
of her citizens.
The State having accepted the dona-
Iion according TO the terms thereof, it
is matter OF serious doubt with many
intelligent persons, whether the bonds
of the State, sold on account of the
Planters Bank, should be received in
payment for these lands, without the
consent of the donor Be that, how
ever, as it may, the experience of four
years duration. has proven that the
bonds are not TO be discharged upon
the terms prescribed by the Legislature,
as there has only been paid of these
bonds and coupons, from the sale of
the lands. the sum of ss53, ,o49 6l, for
which amount the State stands indebt-
ed to the Internal improvement Fund,
which is more than counterbalanced
by appropriations for locating these
lands. internal improvement purposes,
taxes, DC.
If these bonds constitute valid debt
against the State, of which | have no
doubt, {and have as yet heard no valid
argument to prove the contrary,) eve-
~ principle of honor, integrity, and
fair dealing, which, if possible, is more
obligatory upon communities than up
on individuals. imperatise'v demand
that they should be paid, and the means
of payment should be promptly proyi-
ded. Itis equally obligatory upon the
State to apply the trust funds held by
her to the purposes for which they
were intended. II it should be the in
tention of the Legislature TO apply these
lands to aid in the construction of the
two great schemes of Improvement
herein referred to, or any Others, ii will
b-x,, Tho 10 dc n