The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1873-10-16
THE soND-pAylNa RING.
TAe Conspiracy against tlae Labor
and Property of the State.

installed Morgan, Senator from Yazoo,
and candidate of the Ames faction for
Sheriff, opened the question of the
Repudiated Bonds in the Legislature.
From considerations of expediency, the
subject was laid aside soon after its pre-
mature introduction, in spite of the OPP
position to such disposal of il from Gibbs,
the present candidate for Auditor on the
Ames ticket, Morgan and other conspic-
uous members of the Ring. But the
matter was not permitted to slumber. 1t
was not long before letter, of which the
following is copy, was sent to sundry
members of the Legislature in the inter-
est of the Bondholders:
1873 1914. 195. GRESHAM HorsE,l
OLD BRoAD STREET,
LONDON, March, lss1.(
Hox. SIR address this letter to you be-
/ cause | fud your name In the list Of those
who voted on the 18th February. on the
question for the Resolution of Inquiry into
the status OF the Repudiated Debt of Mis-
sissippi.
| 1t is to be regretted that this Resolution Of
| Inquiry qoas aegatfred; because, if / may
| huge BY the speech OF the Lieutenant-G Gov
crnor K. c. Powers, very erroneous ideas
| are entertained in the State of these debts,
which this inquiry would have rectified,
He asserts that . the Re2udiated Debt of
| Mississippi is debt in principal and inter-
est amounting TO over $50, 100000" Where
| as the truth is that the $2,0000eO issued
| through the Planters Bank, with thirty
years of interest at per cent. added there
to, makes only total OF F0,60O,000; and So
100000 issued through the Union Bank, with
80 years interest al per cent. added thereto
makes only $l2,5Co.000 Altogether the two
debts are $lS, 100000.
He then goes on TO say, "that the pay
ment of which $50 0OO00o), if made at once,
would amount TO the coniScation of the en-
tire property OF the State To this beg
TO reply, that no one ever contemplated
| asking the State to do SI,ch an unreasonable
thing as to pay this debt all at once.
| | venture TO place before You that the
question OF the amount OF the debt is OF
very small iInportanceS the real point is
| what amount (ueW) Bonds the State should
Issue, which would be fair and just COM
, promise, equally TO the honor of the State
and to its ability TO fulfil the new obliga-
| ton. 1t must be borne in mind that the
$2,000,000 Issued through the Planters Bank
; never had the legality denied; with regard
10 those issued through the Union Bank
their leg atty was ia nOWiee questioned until
they had passed for full value into the hands
of innocent third parties. for the most part
foreigners.
But | repeat, the question is not of thu
past, but OF the future, and Of the compro-
mise, which the State can afford To MAKE t.
? restore her 10 hcu true position among heI
sister States.
2 This Committee was formally appointed
-. at public meeting vi bondhOiders, duly
convened by public advertisement, held il
Iondon, Tuesday, 10Th October, 1856, auC
with special reference to Mississippi Stat,
Bonds, aud to superccde the former CON-
nittee.
5 Tie members OF the Committee have hat
experience III compromising aud settling
nearly EG0,UV0uO0 of the South American
States, aud other duties and arrears; ant
they will be ready to entertain any fair ant
: reasonable compromise within the ability
OF the State to fulfill, whenever the Legis
2 lature or Executive are willing to Dego
tate. ours most Obedicntly,
5 EDWARD LAKEWOOD.
2 There IL no misunderstanding thi,
+ letter. 1t is , link in the chain Of evi
dence establishing the plot. The hold
ers of the Repudiated Bonds modestly
disclaimed collecting all the money al
once. They wanted to enjoy the flesh Of
their victims piecemeal. They proposed
to effect an arrangement for the issue Of
other bonds and the creation of new
Obligation" with the imposition of tax
to pay the interest and part of the prin
cipal right away; and to mortgage the
labor and property of the present and
future generations for the balance. TC
obtain " new obligation" and tax fol
its redemption, the agents of these parties
were prepared to make large investments
, They came with money in their hands tc
buy up votes, and nothing but the near
f approach OF the election when the parties
to the contract would be put upon trial,
rage.
The plot thickened. Powers, who had
declared against the measure when it was
, first brought up, was cast aside by the
Ring. Ames was adopted as their candi-
date, with his father-in-law, Butler, in
the background as the moving spirit and
chief wire-puller. In an unguarded mo-
/. ment Butler addressed the following let
ter to Gov. Powers:
, Boston, MASS, August Is 1873.
DEAR SIR: Please Oblige me by stating as
near as you can what Is the debt OF Your
State bearing interest and at what average
rate, say on the first Of July last.
Ifyou will ohligc me with an answer,
will ramain, Gratefully yours.
BENZ. L. BUTLFR.
Meantime, the Pilot, the chief organ of
the Ring. had not been idle. Several ar
ticles. the purport of which could not
have escaped observation, appeared in its
columns, and among the rest an editorial
on the 10th of February Of the present
year, from which the following extracts
are taken
That this Gcni will ultimately be paid by
tic State, proyi.'rd The Republican, Edrty re-
main IL l.o,rsr, th"r- cannot exist the shadow
of = iout.
Aid again
Ii i. Il stain upon the escutcheon OF Mis-
sissippi that n.lst 5e tctpe{ out before we look
/ the world firmly, sqnarely aud honestly in
| the flce or tx ect recognition of our claims
tn front rank among the commercially
and financially trustworthy people OF the
common national family.
And still again
! Reputation has brought tue blush OF
shame to the checks of MississippianS times
+ without number, and there is not an honest
citizen in the State who does not in his in
most soul ssjSh the foul blot erddicGted. we
care not What he may say to the contrary.
| We can have no credit at home or abroad,
willie this debt. achich re honestly 0s1e, re-
mains unpaid
/ And still more:
The land of the Regulators" is the ig-
! nomini0us tile by which our State is known !;
and Heorea speed the day when we can throw
j - -: IL L