The Brookhaven leader., 1885-01-01
The Planters BANK Bonds and the
Peabody Fund.

few words on the subject OF the
payment of the Planters Bank
Bonds I?
just after the close of the war, ]
wrote Mr.. Peabody a letter suggest.
ing TO him to donate the Mississippi
bonds planters Bank held by him.
10 the State OF Mississippi for edu-
cational purposes, and ventured the
opinion that the bonds would he
recognized and the interest paid by
the State to the public school fund.
| do not know that the letter ever
reached him, or IL it did, that he
ever read IL. l mention this that
you may see that l have felt an in
terest in the payment of the bonds
and the advancement Of public edu-
cation for many years past.
Tue opinion that the bonds would
be recognized and interest paid to
the public school fund was ventured,
because:
l. Some prominent men, who
had been regulators, deplorcd the
fact of reputation, dnring the war,
on account OF its effect upon our
finances; and one very prominent
man, the Hon. ID. c. Glenn, said in
a speech, that when the war ended
he would favor the payment of the
bonds.
2. The legal and moral obligation
on the State OF Mississippi to pay
the Planters Bank bonds was never
brought into question, so for as
had ever heard.
3. 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 rs
the State had suffered during the
war on account of reputation, it
occurred to the writer that the
State would take measures to wipe
out the stain of reputation rs soon
as practicable, especially if thereby
the State could promote public edu-
cation.
The planters Bank bonds were
recognized and in part authorized
by the constitution of the State
adopted in 1882. This is the Ian.
guage: provided that nothing in
this section (Sec. 8 of Art. VII
shall fbe construed as to prevent
the Legislature from negotiating g
further loan of one and u half mil
lions Of dollars and vesting TIL,
same in stock reserved to the State
by the charter of the Planters Bank
of the State of Mssissippi.' Tn,
Legislature Of 1852 submitted t.
the voters of the State the question
Are YOU willing to submit to &
direct tax the payment of the Plant
ers' Bank bonds? I quote from
memory, not having read the Act fnl
thirty years. The people voted No
which was reputation in fact
though the validity OF the debt was
not brought into question. 1t was
charged at the time by those favor
ing the payment of the b 'nds as al
act Of demagogism.
During the reign Of Radicalism in
this State it was charged that ther,
was a scheme on foot by the RaAica
party to pay the Union Bank ant
the Planters Bank bonds. This
may have been so, or it may not
have been. 1t was a strong move
against Radicalism, if true. But
the Radical Legislature proposed
the amendment TO Section 5, Art
XII, which was adopted by the PEG
pie, prohibiting in words the pay
ment of the Union Bank bonds and
Planters Bank bonds. 1t occurred
to some that the object of the Radi-
Cal party was to get out of the way
what seemed to be a damaging
charge against it. But the consti
tuition of the United States prohibits
the passage OF law impairing the
obligation of contracts. So if the
State was legally bound to pay the
bonds, the amendment to the consti-
tuition does not affect the obligation.
The only thing it can accomplish is
to seal the lips of Governors and
Legislators as to this subject, but not
necessarily so.
The Trustees of the Peabody
Fund have said that they will appro
pirate no more money for educa-
tional purposes in Mississippi.
They may have done wrong in this.
and you, Mr.. Editor, may be right
in your editorial. But how can a
Mississippian complain of this ac-
ton Are we not estopped To
speak palmer, are not our mouths
shut :? No reflection on you, il you
please. for your able editorial.
What is the true policy pf the
State in this matter =? venture
another opinion. The Legislature
should appoint committee 10 con
fer with the Peabody Trustees to
find out the very best compromise
that can be made. If possible Sc
cure the bonds as public school fund
for the State.) When this has been
accomplished, submit the PROPOSE
tion To the voters of the State, which
should be done in Difference to the
last amendment referred to.
1t may be objected that this will
open the way as. To the other Plant