The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1871-05-25
ISSUES OF THE CANVASS


The BOND Question
Among other schemes that were pro-
jected during the late session of the Leg
islature, and were not passed but remain
suspended for action by the next Legis-
lature should the Mongrels obtain con-
troll of that body-and which necessarily
becomes an issue in the choice of men,
bers-is the scheme of making provision
for the payment of the Bonds which the
past generations of this people have re-
fused to honor for the sufficient reason
that they were fraudulent and unconsti-
tutional.
The serious attempt which was made to
accomplish this object, at the late session,
failed from considerations of expediency.
The Mongrels feared the consequences
of such step on their prospects, in the
elections. Remove this obstacle by a
new election, and an apparent endorsement
of their course by a continuation of their
rule by popular consent, and the deed
will be done.
Proofs have accumulated that the spe-
eulators in these Bonds are laying their
plans for securing a recognition of the
pretended claim-the creation of g a new
obligation a special tax for its
liquidation.
The use of money to procure the pass
age of a scheme of the kind is notorious,
and the agents of the spectators are in
the market with hundreds of thousands
of dollars for the bribery of members
Nothing but the timely warning of the
Democratic press which discovered the
plot, and the precipitate movement of
Morgan in the interest of the sharpers,
caused the miscarriage of the scheme at
the last session. Postponed then, it will
come up again, and its consummation
will be assured if the same elements COM
pose the next Legislature.
To prove that there is real occasion for
this statement, we will cite the following
letter addressed by an authorized agent
of the BondhOlders to the Hon. II. l..
Duncan, Senator from Yalobusha coun-
ty,. Copies of the letter were also sent
to other members who united with him in
resisting the scheme at the threshold
1913, 1874, 1875, GREsHAM.HOUsE,
Old Broad Street,
LONDON, March, 1871.
HoN. SIR: / address this letter to you be-
cause l fine. your name in the list of those
who voted on the 9TH February. on the
question for the Resolution of Enquiry into
the Status of the Repudiated Debt of Mis-
sissippi.
It's to be regretted that this Resolution Of
Enquiry 1odS ae1Gti0ed; because, if | may
| Judge by the speech of the Lt.-Gov. r. c.
| Powers, very erroneous ideas are entertain
ed in the State of these debts, which this
enquiry would have rectified.
He asserts that - The Repudiated Debt of
Mississippi is debt in principal and inter-
est amounting to over $30,000,000." Where
| as the truth is that the $2.000(00 issued
through the Planters Bank, with thirty
| years of interest at per cent. added there
to, makes only total of $5.600OO0; and So,
! 100000 issued through the Union Bank with
| 30 years interest at per cent. added thereto
makes only l2,5OOOO0. Altogether the two
debts are ISIS 100000 eighteen million one
| hundred thousand dollars.
He then goes on to say. " that the paw
meht of which, $3.50, 000,000) it made at once,
would amount to the confiscation of the
entire property of the State To this beg
to reply, that no one ever contemplated ask
ing the State to do such an unreasonable
| thing as to pay this debt all at once.
L venture to place before you that the
question of the amount of the debt is of
very small Importance; the real point is.
tchdt amount Of (aet1) Bonds the State should
issue, lotich .cOuLd be a fair and just cOBlpro-
mise, eptdIky to the honor OF the State and to
its ability to fulfil the NEW OBLIG ALTON. 1t
must be borne in mind that the $2,000O00,
issued through the Planters Bank, never
had the legality denied with regard TO those
issued through the Union Bank, their legal
ity was in nOwise questioned until they had
passed for full value into the hands of innO-
cent third parties, for the most part Foreign
ers.
But l repeat, the question is not of the
past, but Of the future, and OF the compro-
mise, which the State can afford to make. to
make, to restore her to her true position
among her sister States.
This Committee was formally appointed
at public meeting of boGdhOlders, duly
convened by public advertisement, held in
London, Tuesday, 10th October, 1865, and
tcith special reference to MiSSissippi State
Bonds, and to supercede the former Com
mittee.
The members of the Committee have had
experience in compromising and settling
nearly f70,000.O00 sterling of the South
American States, and other duties and ar
rears; and they loiU be ready to entertain any
fair and reasonable compromise, aoithin the
ability OF the State to fuifH. acheneuer the Leg
iSldture or E1ecatiUe are VilliRg 10 negotiate.
| beg to subscribe myself.
Your most Ob't SerV't