Southern standard. [volume] (Columbus, Miss.) 1851-1856, 1853-04-23


have been promptly met by the purchaser of the
bonds, and the March instalment, with alike prof.
it on the exchange drawn against it. In the face
of these results, doubt cannot be entertained but
that the sale of the bonds has been made in strict
conformity with the letter of instructions from the
board of managers to the commissioners. and in
accordance with the injunctions the bank char
ter"
Now, in view of the premises, the following pro-
positions appear to be reasonably plain-lndeed,
they do appear to me as sequences flowing with
a sort Of logical invincbty from the postulates
assumed
1st. That the Commissioners were authorized
to fix the place of payment abroad, no matter
where they might sell, and that the place OF pay
ment and the place of sale, have neither neces-
Isary nor reasonable dependence upon each 9TH
err.
end That the commissioners were authorized
to contract that the bonds should be paid in Ster-
ling money of Great Britain, provided this sterling
money of Great Britain was also current money Of
the United States.
Sd. That the pound sterling is current money
of the United States. Congress having made it
4th 1t is undeniable that joint committee of
the next Legislature that set after the sale of the
Bonds, full investigation having been first made
and at a time when the public mind was not agi-
tated and pre-occupied by the purpose of repudi-
alton solemnly pronounced that the bonds had
been sold at even more than their par value, and
60 in accordance with the injunctions of the Bank
charter
And now beg to enlarge a little upon what has
already been submitted in my last publication, to
show that by making the bonds payable in ster-
ling money of Great Britain there violation
of the charter of the Bank. By the contract the
Bond holders agree to take four shiings six pence
in payment of dollar. Now | will state an old
fashioned arthmetcal sum for the editors of the
Missssippian. If is cd, will pay one dollar, h ow
many dollars will f45O pay? If the editors can
educe any other quotient than $4,000, they are
more expert at figures than | am. Well, $4,000
is the amount Of each bond and as the bonds
stand now $4,000 and E45O both mean as respect
them) the very same thing. Where is the harm
then ?-What now becomes of this loss which is
SO much complained of, and which the editors of
the Mississippan, in their first piece set down at
81 ,084, 781 80 but which in their last piece, they
are considerable enough to reduce to $407, 43O ?
The Mississippian makes parade of Gov. Run
nells having paid f28, 1876 sterling in liquidation
of $l25OO0 Well gentlemen what loss resulted
from it? Condescend to cypher a little again ;
and allow me to state another sum for you. If
Is Cd. will pay one dollar, how many dollars will
| E28, 1875, pay? protest that do not find the
answer any thing but $125OOO Yet you say
with Mr. Mathews) that E28.125 sterling (the
amount drawn for by the Bank to pay each sum
of s 1875, 600 is worth $136, 875. A queer process
of arithmetic truly
You may vary the statement of the problem il
you choose, and put it in this wise. If one dollar
will pay Is 3D., how many pounds will $4,000
/ pay and you will find it E450, which is the a
mount fxd by the contract of sale. True it is it
would have cost the Bank something to send her
to 7 DON To hasa hut iC pott bo
9th Section of the charter explicit that all erpen-
ses consequent upon fixing the place of payment
abroad, shall be ''defrayed from the funds of the
Bank?" The 9th Section is already copied into
this communication, look at it and see if it is
ceptible of any other meaning.
Let us notice now in manner somewhat de-
sutory, some of the other objections raised by
the Mssissippian to the sale of the bonds.
1t is urged again with much earnestness, that
the sale was not for par. Admit for moment
(but forthe sake of argument only that they were
not; what part of the charter provides that they
shall be? The Supplemental act is no part ofthe
charter. 1t is pronounced void by all who con-
tend for reputation While they admit the valid
ity of the two original laws which together consti
tute the charter Of the Bank they contend land
with much reason) that the Supplemental act is
void. because it materially varies the charter in
making the state Stakeholder and in other i'm
portant particulars. And this l understand to be
the doctrine of our Court Of Errors as expounded
in the of Campbell vs. the Union Bank, (6th
Howard 671.) Now the Supplemental act is the
only law which directs sale for par value The
charter proper has no such restrictions and the
fMssissippian cannot deny the validity of the Sup
Elemental act, when it attacks the constitutional
obligation of the State to pay, and assert the va
lidity of it when it attacks the sale. The Supple
mental act must either be valid or void If valid,
the bonds are valid, considered with reference to
the constitutional obligation of them and if it is
void, then there was no legal requirement to sell
at par value. But this, l have already said,
is for the sake of argument only. have attempt
ed to show in my previous paper, that they were
sold at par value and in this paper have shown
from very high authority, to wite-the report of
the committee in 1839-that they were in fact sold
for more than their par value.
In treating this part of the subject, the Missss-
ippian borrows another leaf from the book of Mr..
Matthews, Notwithstanding the other SO signally
failed it. 'Suppose the bonds had been sold for
goods quoth this distinguished gentlemen, ''or
lands or negroes, would it have been such sale
as the charter required 90 No; because land
and negroes are not money, while exchange is
money. 1t is money at one place ptuS Its value
at another pace-the difference in its value at the
two given points or Places constitute the exchange.
This distinguished gentleman, Mr.. James Math-
gave evidence in sreport to the Legislature,
from which the Mississippian has SO largely bor-
rowed, ofthattruly extraordinary talent at finance,
for which he afterwards became celebrated, in
the bureau Of Auditor of public accounts. The