The leader., 1902-01-15

Cash on hand Jan. 1, 1902. $4,000 OF
Making a grand total for
the two years .... .S4900.OO0 OF
1t will be borne in mind that these
amounts are estimated, but are be
lieved to be approximately correct
and | beg to admonish that should the
appropriations made at this session ex
coed the above amount, serious embar
rassment might result to the State.
PAYMEA, OF BONDS.
The legislature at its session In 1896
(Chapter 34), for the purpose of rails
ing revenue to carry on the State gov.
eminent for the fiscal years 1896 and
1897, authorized the issuance of $400,
10000 Of per cent bonds, payable in
ten years, with the option given the
State to redeem or pay off same in five
years from their issuance, and in per
suance thereof and in accordance with
the provision of said Act, there were
issued and sold on the first day OF
July, 1896, said $400, 100000 of bonds.
By section Of the Act, the credit OF
the State of Mississippi was pledged
to the punctual payment both OF
principal and interest, of said bonds
and at the expiration of, five years the
State was given the option to pay of
and retire any or all of them.
On July LIST, 1901. when the said OPP.
ton matured, as the agent and repre-
sentative of the State in the premises,
| published a proclamation giving mo-
tice to all holders Of said Mississippi
State Bonds, series 3D." numbered
from l to 500, to present same on July
LIST. A. d. 1901, to the treasurer of the
State of Mississippi at his Office in the
Capitol, in the City of Jackson, Missis-
sippi, for payment in iull, with &C.
crued interest.
Under this call, have the honor to
report that up to the LIST of October,
1901, $338, 100000 of said bonds we're
presented to and cashed by the treas
urer, and that $3.500.00 thereof have
been paid off and cancelled since Octo.
Der list, aforesaid, including all &C
crued interest on the bonds thus taken
up.
The law governing the whole subject
matter relative to said bonds Is con-
tanned in the said Act of 1896, and be-
ing of opinion that there was no con-
stitutional or statutory inhibition to
prevent the States exercise of the op-
ton through its agents or fiscal CT
ficers, deemed it wise and to the best
interest of the State to pay them of
annum. Especially did this course
seem proper in view of the fact that
there was ample idle money in the
treasury to cover said bonds, not 9th
erwise appropriated by the legislature
or needed for present use.
STATE HOUSE PONDS.
Chapter 81 of the Acts of the legis-
lature of A. d. 1900 authorized the Gov
ernor to have prepared series OF
thirty year, four per cent interest
bonds of the State of Mississippi to the
amount of $1,000,0O0.00. TO be sold by
him to the highest bidder for cash, at
such times and in such amounts as he
might elect. The further additional
sum of $2.500.00 was appropriated by
said act for engraving the said bonds
and advertising the same for sale. By
section of the said act sac. 100000 was
appropriated with which to pay inter-
est on the State-house bonds aforesaid
for 1900.
l confess to much pleasure in being
able to report that no part of said
bonds has been prepared or sold, and
consequently there has been no occa-
sion to use the money appropriated for
interest, or for lithographing. and that
the State has thus been saved four
per cent interest, or $4,000, for the
two years since the passage of the act.
NEW STATE FARM.
IynIar bo nvoufusanc IF Ia
passed by the last legislature author
izing the Board of Control to purchase
lands in the Yazoo- Mississippi delta
for additional penitentiary farm (see
Chapter Sc, Acts Of 1900). beg to re-
port that, acting in strict conformity
to said law. the board purchased Ia
1892 acres lying in the northern part
Of Sunfiower County, Mississippi. ira
versed by the Yazoo Delta Railroad, at
and for the price of $5.7S per acre. l
am pleased to report that Of the many
thousands of acres which were offered
and personally inspected by the Board
of Control, the tract selected was, in
my opinion, wisely purchased. 1t is
fertile, well located. and well drained
by means of permanent streams and
bayous; the vast majority Of 1t Is first
class delta land. susceptible of being
put into profitable cultivation. and
was purchased at remarkably low
figure. 1t is being rapidly cleared and
furnished with necessary and suitable
stockades for the safety and care OF
the convict labor and ! confidently
predict that within the next two years
sufiicient land will be cleared and ae-
commodations provided for the con
centration and work thereon Of all the
convicts, except such as will be needed
for the cultivation Of the other convict
farm properties owned by the State.