The clarion. [volume] (Jackson, Miss.) 1883-1888, 1883-12-19

j. i. u. Curry, General Agsut o. the
Peabody Education Fund, for pamph-
let copy Of the proceeding Of the truS-
tsss 1t their twenty second meeting IN
New York, in Octobsr Last. OF the diF
esntlsmsn composing the
Boatd Of Trustees, there were pressnt:
Hon. Robeu:C. Winthrop, Of 1aaaachu.
sstts; Hon. Hamilton .Fish, Of New
York; Ex-Presidsnts o. 8. Grant and
3. B. Hayes, Hon. VIM. Aiken, Of South
Carolina; sam1 Wetmore. Esq, Of New
York Hon. A. II. b. Stuart, Of Virginia:
Chief Justice Waite, Of Washington;
Rt. Rev. Il. B. Whipple. Of Minnesota;
Hon. Henry r. Jackson. of Georgian
Col. Theodore Lyman, Of Massachusetts,;
Hon. Thos. C. Manning. Of Louisiana;
Anthony J. Drexel, Esq, of Pennsylya-
nia; and Rev. Dr.. J. [. M- Curry, the
General Agent.
The report shows careful and ju-
dicious administration of the trust.
The sum of 71,175.00 was distributed
10 the several Southern States during
the past year, of which Mississippi re-
ceived 100000, in aid Of public schools
at Iuka, Ripley, Corin,h, Yazoo City
and Summit; 100000 to pay expense
of Teachers Institutes, and $24O0.0O for
scholarships in the Normal College, at
Nashville.
The principal of the trust fund
amounts to q, 00o, 900, included in which
are the following. classed as inactive
464 State Of Mississippi (PlanterS9
Bank per cent. Bonds, 100000 each.
143 Florida 6 per cent. Bonds, $1,000
90 each.
These items are brought forward from
year to year, and the State of Mississip-
pi is especially criticised and censured
because she does. not recognize and
ply what Mr. Winthrop is pleased
to cal ian honest debt" In thirteen
or fourteen more years, it will be the
duty of the trustees to distribute not
less than two-thirds of the entire fund
to the educational and literary institu-
tons in the States to whose benefit the
income ia now applied; and Mr. Win
throp does not despair that, before that
day arrives, any States now in default
will have been aroused to sense OF
what their interest and honor demand;
and thus be able ito assert a reasonable
and just claim to be considered in the
distribution then 10 be made" Mr.
Winthrop further SAYS:
"The Reputation of an honest debt, IN
| der any circumstances. is q step IRON
which State having any care for its char
acter viii shrink But when such repudia-
| ton involves an immediate wrong to the
best interests of her own children, and en-.
| dangers the future endowment Of her own
educational institutions, it Is an almost
| inconceivahle act. | recall the emphatic
words addressed by the excellent Judge
William L. Sharkey 10 Mr. Peabody and
myself, when We we're arranging together
some of the details oil thls Trust, Ut Wash.
ington, in 1867 Those Mississippi bonds
of yours, said he, are as good as gold.
| They are a just debt OF my State, and
know all about them. They cannot be
provided for now, while the State is in such
| confusion and embarrassment; but they
will be paid in full as coon as we recover
from the depression oil the war. They
must be paid. Mississippi cannot afford
to leave them unpaid. ,"
Governor Stone, on January 9th, 1882,
submitted 10 the House of Representa-
tives among other papers letter from
Hon. Thos c. Manning, dated February
81, 1881, urging in behalf OF the Pea
body Fund some action on the part of
the Legislature looking to their payment.
The Governor made no recommendation
in reference TO the matter. Again dur
ing the sitting Of the Legislature DR..
]. L II. Curry and Mr.. Manning called
upon Gov. Lowry and urged him to
make recommendation urging the same
point. But Gov. Lowry, like Gov. Stone,
did not feel called upon to interfere. By
permission of the Legislature DR.. Curry
delivered an address urging that the
honor and interest Of the State de-
manded action upon the subject. So far
no action has been taken. Each year
when the report Of the Trustees Of the
Peabody Fund is made, these bonds are
alluded to and special appeal made for
their payment. Thus year after year
the State of Mississippi is exhibited as
wanting in honor and stigmatiSed
as a defaulter and repudiator. The
matter is Of such Importance that it
should, II possible, be set forever
at rest. II the claim should be
found entirely worthless, it should
be so pronounced, and a decent re-
spect to the opiRions of mankind" re-
quires that they should declare the
causes which impel them to take this
course; on the other hand, II the claims
have merit in them all possible relief
should be afforded. The Union Bank
Bonds are generally regarded as invalid
and their reputation by the State Is
considered very just and proper thing,
Notwithstanding the highest judicial
decisions to the contrary. We call
special attention to the documents
published on our frst page relative to
this matter, and particularly to the letter
Of Gov. McNutt, which is regarded as
full expose of the Union Bank bonds,
and of the Unauthorized and nnlaw-
full manner of their issuance and sale. I
The bonds whose payment il asked by
the Trustees OF the Peabody fund are
those of the Planters Bank, the valid
ity of which is conceded by many who
have most carefully investigated the
subject. The State Constitution adopt
ed in 1882, Article VII, section 3, says:
'sNo law shall ever be passed to raise
loan of money upon the credit OF the State,
Or to pledge the faith of the State for the
of any loan or debt, unless such
law be proposed in the Senate or House of
and be agreed to BY 3
majority of the members Of each House,
and entered on the journals, with the yeas
md nays taken thereon, and be referred 70
he next succeeding Legislature, and pub
ished for three months previous 10 the s
lext regular election, in three newspapers |
# this State; and unless majority Of each
branch of the Legislature 30 elected, after !
uch publication, shall agree to and pass /
neh Law; and in such case, the yeas and !