The weekly Panola star. [volume] (Panola, Miss.) 1857-1881, 1872-03-16
The Cotton Money Speculation.

The Cotton Money Speculation.
As there nre a good many holder
OF Cotton Money in this count,
we give place to the following ex
tract from the V~icksburg Herai
and the opinion of Attorney Geners
Morris:
The spectators who bought q
cotton money for n song, have bee
exceedingly anxious that Gov. Pow
ers AID the Legislature should. II
some manner, recognize the validit,
OF their spurious contracts. Tn,
Governor having requested ATTORNEY
General Morris to furnish him a le.
gal opinion in the matter, that func.
tlonary proceeds to give the specu.
lators 10 cotton money a remarkably
black eye. Aher reading the able
and conclusive opiniol OF the At,or.
ney General, We fancy that these
enterprising spectators will conclude
to act on the advice we gave them
some time since aud file their cotton
notes In the same pigeon hole In
which their Confederate bonds aud
Treasury notes are quietly resting.
We present nearly the entire letter
Of the Attorney General.
ATTORNEY GENERALS OFFICE, |
Jackson, Miss, March 5, 1872.
Sir: ! have had under con sidcra>
ton for several weeks the petition of
certain persons to your Excellency,
alleging that they are the holders Of
q large amount of tho so-called "cot.
ton money" issued, us they assert
by this State under M act approved
December 10, 1861. Ihave carefully
examined the petition, and also tho
bill accompanying it, and which, it
is proposed, shall be introduced ~,
and passed by thepresent Legislature,
having for its object the recognition
Of the validity OF this issue of money
BY the State as a valid transaction,
binding, it not on the State, who It
g said issued it, at least, and certain.
y 40, on the persons who are said to
have borrowed 1t from the State, and
pledged their cotton for It's repay
ment within ninety days after the
date OF a proclamation of the Gov.
ernor Of tho State, etc, The petition
alleges that there are $2,351,0TO of
the bonds given by these borrowers
still in the treasury, and prays, in
substance, that these bonds be put
IN train for collection; that the par.
ties who borrowed the "money," and
they who became principles and Sc
curitles on these bonds, be at once
made liable for the repayment of the
"morey" they borrowed, or for the
delivery Of the cotton they pledged;
and that the State, in thus lending
her aid, aud the,sanction OF her Leg.
islative, Executive andJ Judicial pow.
or In the revival and fulGllment Of
the purposes Of the "act" referred to,
shall consider herself as only faith
fully executing a trust"
Upon the case thus presented, and
compliance with the directions of
your Excellency, l deem II necessary
10 submit only a brief statement Of
my opinion, without attempting any
extended argument upon any branch
If the subject.
In the first place, the "act" under
authority of which,this cotton money
vas issued and loaned and security
or Its redemption taken, was not an
'ct of any of the United States. It
vas an act OF one OF the so-called
Confederate States. 1t were idle,
i this distance of time, after the
historical events which separated
Mississippi, for a time, from the
amily Of States, to indulge in hair
plittlng reinements and impracti-
al theories about the divisibility Of
he Republic, however patriotic and
nd clevating such exercises might
Q to such as may have . taste for
hem. You and both know-one
t us from the Federal and the other
the Confederate standpoint
the whole world knows-that
he government Of Mississippi was,
a proportion to her weight and ca
as much a hostile power to.
Yards the United States at the time
I the passage Of that 1act,' as was
ne Confederate government, Of
which the State was an organized
nd integral part. If proof were