The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1873-07-03
From the vicksburg Times.
ea7O.sIa aO--.XYhere isit:

An act of the Legislature, approved April
4th, 1872, authorized the Governor, upon
| certain conditions, to settle with railroads.
/ and under the provisions of this law, nego-
| tiatiOns were opened between MeSsrS Muir
I dock, Humphreys and Smith. on the one
| part, and Governor Powers on the other
| having In view the transfer of the debt due
to the State by the NO. j. * e. \. X. IL
| Co. amounting, after making the very lib
eral deductions provided for by law. 10 the
| enormous sum which heads this article
| The law referred to authorized the Govern
| or to deduct the accumulated interest upon
the principal for four years. and TO receive
payment from any parties of the balance
| due. in Auditors Warrants and Certificates
| of Indebtedness, commonly known as
1 AlcOrn money. Section OF said act reads
/ as follows: Be it further enacted, That
1 this act shall take effect and be in force from
and after its passage, and shall cease and
determine on the FIRST day Of the merit session o.
| this Legislature.
! Inasmuch as the Legislature met in reg
/ ular session on the 2lst dav of January, 1873
/ and ia view of the limit prescribed TO the
| oparations of this most extraordinary law,
| IL would seem not to have been unTeasona-
| BILE for the people, with whose sacred fund
1 the Governor had been entrusted, without
/ even the requirement of a bond for the faith
| full performance of the duty imposed, TO
| have expected full and complete settlement
| Immediately upon the assembling of the
| Legislature, when the law would expire by
| limitation. More particularly did such an
| expectation seem reasonable, after peruSal
! of his eXcellenry's annual message, bearing
| date January u, 1873, wherein he says, re-
ferring IL this subject that ''under the pro-
visions of this Act, Messrs. Murdoch, Hmm
| pIlreys and Smith. OF Columbus, Miss, came
| forward and paid the debt due the State
| from the n. .. j.. and q. n Rrilroad com
| tElIiy, by placing in my hand> an accepted
| draft on NV York. for the full amount OF
the debt" The following letter. which we
extract from tue House Jaurnal of 1873.
| shows that this was accomplished a. early
as July l, 1922
| OFFICE WALSH, SMITH. CRAWFORD & Col
No. So WALL STREET,}
New YORK, July l, 1872.
To HIS Ercellency Il. c. P0aoers, Governor
| Of Mississippi. Jackson, Miss:
DEAR SIR-Messrs J. T. Smith and A.
Murdoch have deposited with us TO your
credit and subject TO your disposal, the sum
of three hundred and seventy thousand
eight hundred aud thirteen dollars and
| twenty nine cents. We await your in
structions AS to its disposition
Respectfully,
WALSH, SMITH, CRAWFORD Il Co.
370,sl3 20.
But Notwithstanding this, we find His
Excellency, as late March q, 1873, in an
swer to queries suggested by a special com
mittee, appointed by the House OF Repre-
sentatiVes TO Investigate his conduct in the
premises. attempting 10 explain by message
aud documents, why the amount had not, at
that late day been pad.
Surprising as this evidence may be to
some of our readers, the truly startling in
telligence is yet To come. We have recently
made INQUIRIES Of Hon. w. III. Vasser State
Treasurer, and learned from him that not
one dollar of this fund has ever been paid
into the Treasury, Notwithstanding the
Governor, when referring to this debt, in
formed the Legislature on the 2l-t day of
January, 1873, in his annual message that,
(UO quote his own words) Prior TO the first
day of January there WAS turned over to
me and deposited in the treasury, State
warrants amounting to $l5l,S97 90 On
the 18th day of March 1873. MessrS. Muir
dock d Smith informed His EXcellency by
letter FROM Mobile, as shown 10y House
journal of 1873, chat they were then ready
TO pay up the balance due ON their purchase.
Did they pay? If so, lchen? aud where are
the funds? The people have right to
know, and the Governor owes it TO himself
AS well as To those whom lie has undertaken
to serve in such high capacity, To furnish
the information and that too speedily
When iC is understood that this debt was
a Just and honorable one, and that 1t was
acknowledged to be legal and bindIag by
the debtors themselves, and amply secured
by a deposit in the State Treasury of first
mortgage bonds OF RAILROAD already in
operation and able 10 pay, considerable eX-
planation will, we imagine, be required to
satisfy a business man of the necessity or
propriety OF surrendeTing the collateral
securities prior To payment in accordance
with law, thus gripping the State at the
outset OF the transaction, and placing
sacred public trust fund at the mercy of
heartless spectators. 1t will not be denied
that this money was due according TO the
law under which the purchasers and Ills
ExceIlency acted, on or before the 2l>t day
of January, lS73-at least five months ago.
Will the reader please estimate the inter
est upon the sum named for the time which
has already elapseCh? Money is understood
to be worth in this country, at least one
per cent. per month, and at this rate, our
art hmetic teaches Us. that the interest
would amount to something over Sis, 800 |
Who las in the meantime being reapiug
this benefit?
But we have reckOned only five months |
interests, o-wiI: From January II, 1873 |
whereas, the letter which we have already |
copied, shows that The entire amount was |
at the dis pOsal OF the Governor on the lst |
day OF July, 1872 which more than doubles |
the loss, Ii we estimate interest from that
date.
Again we demand, in the name Of the |
people. where are these fur ds, and who has |
been using them. for now nearly Il year |