Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1901-07-27
HERE ARE THE FACTS.
History OF tho Union and Planters sanl
Bonds.

Hat.. uIFNVRH
Ihe MISSISSIPPI nassau ,,..sod on act
January 2lst OF that year Pu'', ~
incorporating the Mississippi Union n a',i
,,5 rrovldinr for Il loan Of fifteen million
-. AZ tba slate 70 the bank and
u"i'"'S " A.. t,syopre If that
providing also ioI luo ~, ,,,--
amount Of bonds OF the STATE ioI 'Ho Pu'
mise of eIecting the loan,
,r,,. stato constitution at that time re-
rug o'S.9 sa,.t, - no Stote sbould
qured mat the Iailll VI Wv Ia,
NOT be pledged for the payment Oh loaI
s,rent by a bill passed at two inherent
s...i,rs NJ Tho legislature This charter Of
~ KARI was PASSED again By the legIsla-
lure at us sssIi0" Of 1915 the legislature
~ ' s,'n,,iementol. charter approved
Rehrparv 4 1S3S. for the Union Bank, pro,
ri5in% fhef five million dollars of the
canItsl stock of the bank should be pur-
CI1sed far the State. and that five millions
~ tbo State bonds authorized and provided
ylr Nv nv, t6e ori@in8I Charter should be APP
nIind 20 the nnyment of said stock
q McNntt. then governor of the
-, v,ln suhseouentIy initiated move
,,,',,t far tho renudlntlon of these bonds, ap.
,'rn,cd hoth thr original and supplemental
charters Of the Union Bank.
,rhc bonds 10 the amount Of FIVE million
dollars r D wrrS issued under the seal Of the
Statn stoned Inv Governor McNutt, and
nIoCed in tbe hands Of II. &. Wilkinson
lanes q Wilkins and VIM. NJ. pinckard, as
' oH,'I ssionrrs to Scll these bonds and ap
NV The proceeds TO the payment of the
E5pk Stock subscribed bv the state These
Observation-Disclosures held also a written power
of attorney issued by the Union Bank au
thorigIng them TO sell the bonds.
'"2 S'r,cr"r56rlV these ' gentlemen, acting thus
for The State as well as for the Union
Rank proceeded TO Philadelphia, and there
snId mi tbe bonds to Ne Nicholas Bldde
IIr Fiddle paid TO the Union Bank five
millions in cold for said bonds, and also
exchange that amounted to S2lO,OOO In all
$40 600 ms The price Of the bonds. The
Stgte received In the transaction five
millions of dollars In the Capita stock Of
fbp Union Bank.
Within fine terms Of the net of February
r 1S3S the bonds might have been issued
and delivered direct to the Union Bank in
payment for the stock, for they were pay
able 10 tLe bank or order on their face
However the sale of the bonds by the
commissioners of the State, who were also
the authorized agents of the bank, was
only a detail In the transaction and not an
improper method Of diSposing Of the bonds
and paving for the bank stock The legal
INV Of mis- mode of carving out the direc-
lions Of the apt of February g. 1888, adopt
ed by Governor McNutt was never queS
toned
few wears LATER McNutt became opposed
to the bank as well as to other banks In
the state and he assailed them vigorously
His attacks were directed especially against
the Union Bank This attitude Of the
rou t r,,o vi at a ,3sn bv ths
nooncS mf n Statc bon,S his mp5sure
ppItPr1otoiy ANA m"dnr I5tar admInietra
~ tt,r''i ,,,o,S9 az" "''"''
w ," ,,i,t tett c,ror,or NT,Nrt+ mazda
nm ne ilg ,|t t1fr n ba nion anp in
his oo, @ ,sso'o 70 tho InisIatmra at
w s"ss T,a3 o ~ nr-nd ronnda
~" ho VI liza a tho 7N Ham
t,Um ~ ,HJ i Ioo iUt,,o5 tba Gtatn
~ Tvs MI, l"W |y'" nv ~ otailod a'
.o,,+ rd 70 tho roi,r5 man
n r,.,d M ~ bn
hm' dm ,i,u ~ ~, " ,',i III
UunuS' u.s. 'uC ieS", UoJCCCionS ~ unG , ,,,,.
foyr, W ,n i iT9 T Gioa
to,no, "uo "U'Il ~ a. IN "a"
~, VI ,,e dft ~ l9b" mmGg
NV quG9telum " tHr ,al,n,t' ~ t"e po1 tba
SS@ tmto s or'"IT HE uPreule court Vi Tue
6o iIa ,, IT, frstood - octr
ne III a., Instetu Oh ,autlS
1',' LUZ tlomn ~ LtC"'l i W.
aup I'Nr,mV' ,o ivi,uu'"tt ~ ~ U St, W.
g , 'n il lit n"l'or 1 Ti lle Hlate ue
alHm 'i lIcl' ''Amt"l a, = nv senalt PdSSqu
a. ieSTTilHl,Uu lS S WILL rHgCI aS ~ stateu III
~ mnsloff ui MISS'SSl Ppt "lLttSn ny *
S,oNermUL IioWiy unu Nol, w H. NC alqle
ug uha l.i Ho'e, every lngiIoer Deiiis