The weekly Mississippian. [volume] (Jackson, Miss.) 1859-1864, 1860-02-15
[MEON OLIVER,
Minority Report.

Minority Report.
e The undersigned, minority of the joint
select committee to whom was referred the
message of the late Governor in relation to the
Planters Bank bonds with the accompanying
cannot agree with the report Of the
majority of that committee and they will
now proceed TO state their objections to the
same, as well as to give the views which they
entertain and think ought to prevail.
The report Of the majority asks that the
committee be discharged from any further con-
sideration of the subject, upon the ground that
in the present aspect of our political affairs,
when the institutions and safety OF the South
are imperilled by the fanatical acts Of the
Northern people, the attention of our own
citizens ought not to be diverted and distract
cd by the introduction of any other agitating
topic This we think is the position taken by
the majority of the committee, and we proceed
TO answer it. .----
We Will premise by the declaration that no
citizens of the State feel more sensibly than
we DO the aggressive spirit and action of those
citizens of the free States who assume to sit
in Judgment upon the people Of the South and
their domestic institutions and pronounce their
condemnation upon them; or who, by any
conduct whether it be through the press, ON
the stump, from the pulpit or in the halls OF
legislation, would interfere with the Consti-
tutional rights Of the Southern people, either
in the States or Territories of this Union, in
the least degree. No citizens of the State
condemn more cmpha;ically, than we do, the
evil spirit of sectionalism which has prompted
a portion of the people of the North to array
themselves on a sectional issue against the
people of the South, and attempt to elect, by
an organization based upon opposition to slave
nv. President of the United States, in the
expectation that. he should be President of the
whole Nation and not of the section which
elected him. We recognize and admit the
danger to our institutions and to the perma-
nence of the present Government which grows
out of such state of things; and we do
not hesitate to say that if persisted in and
acted on by the Northern people it must in
evitably lead to dissolution Of the National
compact. is4
But we cannot see that this condition Of our
Federal relations, which we admit to be gloomy
enough and to presage great danger in the fu-
ture, and, perhaps, not distant future, is any
answer to the earnest entreaty of cur patient
and long forbearing creditors tIat the State
should paw to them or make some provision
for what she justly owes them. Whatever
may be our political condition, whatever dan
gers may environ us, however dark the pros
pect ahead may be, it is no reason that the
State should not make provision for her hon.
est debts; is no excuse for her turning dea
ear to her entreating creditor. who for nineteen
years has, without any eXtenuatiOn for it, been
kept out of his Just dues, by State amply
able to pay the debt during the whole time
without depressing one of her people, and al
most without their being conscious Of the fact
1t is not necessary for usto state here at length
the history Of these Planters Bank Bends
They were. issued by the State under laws
past in due form BY the Legislature, author,
ling the Governor of the State to subscribe
for two millions ofcapital stock of the Planters
Bank, and issue and sell the bonds of the State
to that amount, and out of the proceeds o
sale pay for the stock thus subScribedE Tor
These acts of the Legislature were passed il
the years 1880, 1881 and 1888. They viii
be found in Hutehinson's Code, p. 310-314
and BY these acts the g faith of the State i
expressly pledged I" for the payment Of thu
principal aud interest of the bonds.''
At that time no State in the Union enjoye5
the State of Mississippi. The honor of none
was more exalted sr freer from stain. The
bonds were sold readily in the market at {
premium, and with the proceeds of sale the
State paid for the two millions of stock which
by the original charter of the Bank, she haG
expressly reserved for herself Banking al
that time was profitable; and the stock of the
Planters Bank was sought for as an invest
1 1 ~ a,oF. =
the market until in few years after its estab
lishment it was worth one hundred and thirty
dollars for one hundred dollars paid in. And
had the State at that time, sold out her entire
interest in the Bank she would have realized
a clear profit of six hundred thousand dollars
upon her investment But unfortunately she
did not do so. She, however, did sell part O
her stock which she had taken in the Bank
BIZ the investment Of portion of her trust
funds and realized for those funds handsome
profit. The Bank steadily paid dividends on
its stock, out of which the interest on the
State bonds was regularly paid and the sur
plus Of dividends paid into the State Treasury
to the credit of the State, until the Bank was
overtaken with financial reverses which in
yolved nearly all the Commercial world in the
three or four years sueceedieg the great crisis
of 1887, and about the year 1910, the Bank
ceased to paw the interest on the bonds of the
State The State made no provision for it
and so the interest remained unpaid and the
State was,discredited and dishonered. From
that day to this the State has failed to pay the
semi-annual interest on, these bonds or the
principal as it has matured and has allowed
its plighted faith to be broken, its solemn
promise to be disregarded its honest, Just
unimpeached and unimpeachable debt to &c
unpaid. -...-... .......-
"a. This is the simple and indisputable history
of the Planters Bank Bonds. They were
issued and sold by the State to take stock in
the Planters Bank. The stock was taken,
and SO long as it was profitable and a making
business, the State reaped the advantages and
profit, but when it proved failure and loss,
the State wholly failed to stand up to her OBJ
legations and bear the loss and discharge her
obligation as she is upnn every principle of le-
gal and moral obligation bound to do. There
is no room for casuistry or discussion. These
bonds are the debt of the State, contracted in
strict conformity to her constitution and laws,
and, indeed recognized in express words by
the present Constitution of the State and no
good reason or justification has, to the know
ledge of the undersigned, ever been offered, or
ever can be offered to excuse the State for hav-
interest of these bonds as they matured. Does
the State mean to pay her debts Or does
she intend to set to her citizens the corr, pting
example of refusing to pay her just anl Non-
est obligations .
We say these bonds are constitutional and
binding Obligations on the State. The MAORI
ty of the committee have not ventured to sug-
cest otherwise Not one member of the COM
mittee would declare or express his opinion
that these bonds were not legal and valid
obligations upon the State. No person
who has ever been authorized to speak for
the State, with one single exception, the late
Governor McNutt-and his opinions may be
found in the public archives of the State, both
for and against the validity of these bonds
has ever expressed the opinion that these bonds
were not lust and legal and binding On the
State. Governor after Governor who has
filed the Executive Chair has proclaimed the
liability OF the State and urged their payment
or adjustment. The. Legislature has arain
and again recognized the liability of the State
upon them, and the courts have adjudicated
eirsalidity. Every department of the Gov
eminent is committed to their payment; and
yet, the great State of Mississippi, proud of
her achievements on the battle field, jealous
Of her constitutional rights. and boastful of her
sovereignty, allows herself to be dishonored
and discredited in the face of the world by
failing to pay a just and admitted debt; an
honest and nndisputed obligation, which for
years has been due, and in the hands of her
injured and long suffering creditors, many of
whom are citizens of the United States, of dis
inetion and character, others widows and or
phans, and still others citizens of foreign Gov
srnments, all of whom cannot but look upon
he State as laithless and discrsdited.
: tits Notifying to becompelled to speak thus
If the condition of the State. But it is true,
md the truth on this subject must be told, let
t fall heavily where it may. Not member
f the committee was prepared to say, either
n committee or in their report, that these
,onds were not just and legal; and we do not /
resume that there is solitary member of the |
legislature who viii so assert, or if he do, can
maintain his assertion by any respectable ar
ument.
Is then, we ask. the reason given by the
any justification for refusing to
Ike this subject into consideration, and giving
ne memorialists, who are honest creditors Of
4