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

Know all men by these presents, that the state
of Mississippi acknowledges to be indebted to
the Mississippi Union Bank, in the sum of two
thousand dollars, which sum the said State of
Mississippi promises TO pay in current money of
of the United States to the order of the president,
directors and company, in the year with
interest at the rate Of five per cent. per annum,
payable half yearly at the place named in the en-
dorsement hereto viz:
On the of every year until the payment
of the said principal sum in testimony whereof,
the governor of the State of Mississippi has sign
ed and the treasurer of the State has countersign
sd, these presents, and caused the seal of the
State to be affixed thereto at Jackson, this
in the year of our Lord
governor,
treasurer
6. Be 1t further enacted, That the said bonds
may be transferable by the endorsement of the
president, and of the cashier of said bank to the
order of any person whomsoever, or to the bearer;
and the said endorsement shall fix the place the
said principal and interest shall be betrayed from
And Section 8 of the Supplemental Act is in
the words following
g. Be 1t further enacted, That the president and
directors of the said Mississippi Union Bank, or
the managers thereof, shall have ample power to
appoint three commissioners to negotiate and sell
the state bonds, provided for in the fifth section
of the act incorporating the subscribers to the
Mississippi Union Bank, in any market within the
United States, or in any foreign market, under
such rules and regulations as may be adopted by
said president and directors or managers, not in
consistent with the provisions of the charter of said
bank: Provided, Said bonds shall not be sold un
ter their par value, and that said commissioners
shall not accept of any commission agency from
any other banking or railroad company whatsoever
for the disposal of any bonds for the raising of
money, or act as agents for the procuring of loans
upon the pledge of real estate for the benefit of any
other corporation.
In connection with the above, reference is also
made to the following extract from the letter of in
Structions of the Bank to the Commissioners:
"You are authorised to make the payment of
the principal and interest of the bonds at such place
or places as will best enable you to make an ad-
vantageous sale
With regard to the dispositions of such funds
as you may be enabled to procure, tohaye shipped
in specie, to be placed in the vaults of the bank,
such portion as you may be enabled to procure and
deem necessary for the establishment, and the
balance place in the deposit at such place may
be most advantageous to the bank in checking for
the same"
If there is any thing else in the shape of evil
dence of authority to the Commissioners, which Ell
Their adds to, or contradicts the above, which
has material bearing in relation to it, have not
been able to find it. For the manner in which this
authority was followed by the Commissioners, the
public is referred to the contract of sale:
This agreement witnesseth, That we, the I'M
dersigned, Commissioners of the State of Mississ-
ippi, and attorneys in fact, of the Mississippi I'm
ion Bank, for and in consideration of the amount
and payments herein after specified of five million
of dollars, by Nicholas Bddle, of the city of Phil
adelphia, to be made to US at the several times
and places mentioned below, and by virtue of the
power and authority in vested by the statutes of
the Legislature of the State of Mississippi, and
the letters of attorney of the said Union Bank,
which said statutes and power of attorney are
taken part of this agreement if therein inter
ested have sold and delivered to the said Nicho-
las Biddle, two thousand five hundred bonds of
of the State of Mississippi, for the of two thou
sand dollars each, amounting together to the sum
of FIVE millions of dollars, as enumerated and des-
cribed in the said power of attorney; which said
bonds are made payable at the agency of the bank
of the United States in London, and sterling mon
ey of Great Britain, at the rate of four shillings
and six pence to the dollar, with interest payable
semi annually at the same place and rate. And
this agreement further witnesseth, that the said
Nicholas Biddle, in consideration to said sale
and delivery to him of the said two thousand five
by does agree, to pay us, the said commissioners
and attorneys, or to our successors, or to our or
their order the sum of five million of dollars, law
full money Of the United States, in five equal in
stallments of one million of dollars each, the
first day of November one thousand eighth hundred
and thirty eight and on the first day of January,
March, May, and July, which will be in the year
one thousand eigth hundred and thirty nine, res
Pectivey, which said payments of one million OF
dollars each of November, January, March, and
May shall be made in the city of New Orleans,
and the last payment of the like summon the first
day of July, next, shall be made at Natchez in
the said State of Mississippi. In witness whereof,
we, the said commissioners and attorneys, and the
said Nicholas Biddle, have executed and exchang-
ed this agreement this eighteenth day of August,
in the year of our Lord eighteen hundred and
thirty eight" N BIDDLE.
! For the manner in which the sale was received
by the next Legislature that sat after it was made
reference is made to the following extract from the
report of a joint committee of the two houses
which was appointed to examine, and which it ap-
pears did thoroughly explore the whole subject
1t will be perceived that the purchaser of the
first series of the bonds, was Nicholas Bidde,
Esq, of Philadelphia, and the payment on the
same are in installments of one million each, on
the first day of November 1888, and on January,
March, May and July, 1899. The four first in
staments at the city of New Orleans, and the
last at the city of Natchez in gold or silver, OIL
their equivalent. The trade of our State general
ly ruling in favor Of New Orleans, where the -four
first instalments are made payable, and there
being large balances against State in that city
the bank, by receiving moderate premium on