The clarion., 1884-12-10
FoR The CLARIos.l
The Planters Bank Bonds and the
Peabody Fund.

EDITOR CLARION. / have just read
your editorial headed a Mistaken
Sense of Duty" in your issue of Sd
inst. VIII you allow me space in your
valuable paper for few words on the
subject of the payment of the Planters
Bank Bonds?
just after the close of the war, wrcte
Mr.. Peabody letter suggesting to him
to donate the Mississippi bonds plant
ers' Bank held by him, to the State of
Mississippi for educational purposes,
and yentured the opinion that the bonds
would be recognized and the interest
paid by the State to the public school
/ fund do not know that the letter
ever reached him, or if it did, that he
1 ever read 1t. | mention this that you
may see that have felt an interest in
the payment of the bonds and the ad-
vancemont of public education for many
4 years past.
The opinion that the bonds would
be recognized and interest paid to the
public school fund was ventured, be-
cause:
!. Some prominent men, who had
been repudiators, deplored the fact of
reputation, during the war, on account
of its effect upon our finances; and one
very prominent man, the Hon. d. c.
Glenn, said in a speech, that when the
war ended he would favor the payment
of the bonds.
} . The legal and moral obligation on
) the State OF Mississippi to pay the
? Planters Bank bonds was never brought
: into question. 50 lar as had ever heard.
; g. Governor Brown had said in his
message to the Legislature, or in some
deliverance, that the State would show
its integrity by paying the Planters
: Bank bonds, and as the State had suf
. fered during the war on account of re
. pudiation, it occurred to the writer that
/. the State would take measures to wipe
5 out the stain of repudiation as soon as
e practicable, especially if thereby the
r state could promote public education.
{ The Planters Bank bonds were recog
n nized and in part authorized by the con
n stitution of the State, adopted in 1882
T This is the language: Provided tina
h nothing in this section (Sec. 8 of Art
r VIII shall be construed as to proven
e the Legislature from negotiating a fur
It ther loan of one and a half millions o
r dollars and vesting the same in stool
reserved to the State by the charter o
the Planters Bank of the State of Mis-
sissippi" The Legislature of 1852 sub
mitted to the voters of the State tn
question, care you willing to submit t
direct tax the payment of the Planter:
e Bank bonds? 1 quote from memory
If not having read the Act for thirt
- vears.) The people voted No, which wa
2 repudiation in fact, though the validit
Of the debt was not brought into que
: ton. 1t was charged at the time b
{ those fayoring the payment of the bond
as an act of demagoglsm.
" During the reign of Radicalism i
y this State it was charged that there Wa
ID a scheme on foot by the Radical party t
3 pay the Union Bank and the Planter
1T Bank bonds. This may have been s,
or it may not have been. 1t was stron
~ move against Radicalism, if true. BIT
te the Radical Legislature proposed til
ne amendment to Section 5, Art XII
d which was adopted by the people, pr,
Is hibiting in words the payment of tf
III Union Bank bonds and Planters Ban
III bonds. 1t occurred to some that tt
lis object of the Radical party was to g
nc out of the way what seemed to be
9e damaging charge against it. But ii
10 constitution of the United States pr
~ hibits the passage of law impairir
II the obligation of contracts. SO If tt
re State was legally bound to pay the bond
" the amendment to the constitution do
oi not affect the obligation. The on
Ne thing it can accomplish is to seal tt
~ lips of Governors and Legislators as
iT, this subject, but not necessarily so.
~ The Trustees of the Peabody Fur
-, have said that they will appropriate 1
of more money to educational purposes
" Mississippi. They may have done wrOl
e, in this, and you, Mr. Editor, may
.or right in your editorial But how can
f, Mississippian complain of this actor
he Are we not estopped? To speak plaint
no Are not our mouths shut? No reft
og tion on you, if you please, for your at
* editorial
What is the true policy of the Sta
in this matter2 ] venture another OPT
=. ion. The Legislature should appoint
e'' committee to confer with the PeaboC
Trustees to find out the very best col
promise that can be made. Of possit
secure the bonds as public school ful
for the State.} When this has be
accomplished, submit the proposition
,.o the voters of the State, which should
roc referred 10.
,os 1t may be objected that this will OPP
in. the way as to the other Planters Bal
" bonds. So it may, or it may not, but
oo+ person never suffers finally for dol
'bc right, neither will State, | belle
- - that all the bonds can he adjusted wit
M out e4t 5Issrrassing the State, and that L
1se State viii gain iuy4s than the bond hol
I. ersj 1t may take a hund1ea years
. - hundred, rs to that matter, to p,
nix n ,ho omopn' a"feed upon, but it is f
"a better for us as people to - IKE IA.
to equitable adjustment, such as will
;cs satisfactory to the trustees and to US
oS a State, than to have this incubus, f
on incubus it is, ever pressing upon us.
-. H. f. JOHNSON.
~ H.; December s, 1884.