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-J V o 1 4 t I i. ... u i"! it I j mil :i Lvi - MISSISSIPPI BANKING. History ot" Three Famous State , mese oonus were issuen ami pui 1$ -inlvs j on the market. All were bold at j par through Nicholas Ihddle. pres- j idem of the Bank of the United WHAT I.K1) TO Itl.ll MATION. I j t;UoS) tun operating UIhUt U ! Pennsylvania charter. The pro- Keikn- M;mnein-iii r the virion Hunk j coeds were paid in installments of --lite Million Loot in Eighteen i SI, 000,000 Cadi at intervals of tVO Months. months. The other hanks of the country at the time not being on a f . i, 1 snecie basis, the hank decided for We take the following article on , . n . j the present to issue onlv post Mississippi banking ironi an m-noto8. 0n September r7, 1S:S, tercsting little pamphlet on State j Hoard of Managers eommcneed dis Banks as thev forniallv existed: j counting, issuing post notes pnya In 11S an" act was passed reor-! able August 1st. IS!'.. T,y Ja.uia-nvmn- a State institution, the i ry 17. LS!', the notes discounted Bank of Mississippi, which was on persona! security alone, or up- thereafter known as the Hank ot the State of Mississippi. Its cap' it.,1 was limited to ,000.000, of j which one-liftli was to he suhscrih- cd hv Ifro State, which was to ap. i point one-third tiie directors. 1 he notes of the bank were made re ceivable for all payments to the State; and the hank was given a monopoly. Its authorized capital was never all paid in, but the man agement of the bank seems to have been satisfactory. In 1827 a State loan of $2"0,000 was authorized, with which to pay all debts due from the State to the hank. In ISoO, disregarding the pledge given in ISIS, that no other bank should he established, the Legisla ture chartered, for a term of 25 years, the Planters' Bank, with a capital of f."),000,000, and made it the fiscal agent of the State. The preamble of the charter leads: "Whereaii the cstablish ajient of a hank in the State of Mis Mss;ppi for the purposes of general convenience and public revenue would :j: :;; by a creation of reve nue relieve the citizens of the State from an oppressive bin den of t '.es and enable them tr realize ihe blessings of a correct system of internal improvement, therefore," etc. Of the total capital, increased to 84.000,000, the State subscribed $2,000,000, for the payment of which it issued bonds bearing ( per cent interest. The bonds were sold at a premium of $250,000 which was deposited in the hank as a sinking fund lioni wh:ch, to gether with dividends declaied on its bank stock, the interest was to he paid. The State stock in the Hank of the State of Mississippi was also sold at this time, and the proceds turned into the new bank. At first the State was to select sev en director" to a(,t with six chosen by the stockholders; but three years later, the numbers were le velled , so a-- to give the individu al stockholders the selection of the majority of the board. The State was pled -led to make good .ill loss es arising from deficiency of the funds of the hank, in proportion to the stock owned by the StaU. Notes under $5 were prohibited, and the aggregate circulation was limited to three times the capita) stock. The bank paid annual dh idends yf 10 per cent until September, Ih.T.i, when the sinking hind amounted to $800,000. The State, j however, shortly after this trans-! lerred its interest to the Mississip- j pi Railroad Co , and the most of the inking fund was subsi ipiently , lost. Its notes m 1812 were Worth i but 70 cents on the dollar. ! i unog m..,i oi i ca.eer ine , iii'TiK operait'U e:gni oranem-s. J lie followinir table !i ve the a in on n I of capital, ciiculation and 1 I ans and discounts, respectively, : Seii:.'.. to-mty, and he at, once gave at yarmus uate, throughout the 1Kr.ice, calling the House and Sen period of its e.-cisiencr: !U(! tl) lm.(.t j j0jnt convention in Capital Circulation l.oe.ns j the hall of the House at 11 o'clock siao dim: ,iis i .1 :ia. .l.o:. ' Nov. .! .,11. .1 ane J ).:(. y-X'i i. :;(i.) ;i..-ii.4i2 : .!:'...; !.. 0.1 :o ;o 1. -i ". -ai I.-! V'-! i, -no, -i. ii iiii .-is; l,7'i--',i7o 'i.N7ii.!:;, 77.:;7 Jo,:;i'L'.iiSf) l.'.'LT.S-.-) ! l.l".:'.ii!i") s 7 1 1 ! ,":;i .mi :;iij ;S2 1 i.-MlV'!.-,:.,-K) nI,M,:i 't l.:r,!,ss:: vi-ntnre of the State o! Dee. Tl '-ii Missi.-.-inpi in the business of ban kin: the Mi:. was in ciumcetiuii with "'Hi' O'.oll Hank. Its charter, ranii-ii 1:1 is Jil'oVliled or a caoital ot . 0.1 ii ;(),()()(), "to : be rai.ed oy means , t loans to he j obtained hy U,e din. tors.' These Joans were to he ne-otiuled tin ou-h ! bonds o! tlie Mate tor the security j olv hich the credit oi the State was h;d-ed The stock, however, j was to oe subscribed by real estate owneys alone, who were to give J mortgages to secure their subscrip tions. InlSSSthc first- 5,000,000 of l'1'"" ". XV. amounted to more than 84,000,000; 1 r-t notes m "reunion at the same ante aggregated s2 . '' 'lnano rmtossol ,000. A report of a legislative investigating committee in April, 1840, makes the total issue of parent bank and six branches outstanding on that date, $',oo7.C(',.". Iiy December, IS 11, this had been reduced to 1,872,1)00. The resources at this latter date included $4,80S,858 of "suspended' debt. The management of the institu tion seems to have been not only visionary, but grossly negligent in scrutinizing the chaiaeter of the paper offered for discount, and ma ny loans were made where it after wards transpired nothing could be collected. The proceeds of the $5,000,000 of State bonds, disposed of in 18'JS, had all been wasted in less than eighteen months after the bank commenced discounting in September of 18.'!8. Nearly a mill ion dollars was lost by advances on cotton alone. Py 1842 the condi tion of the bank had become so hopeless that an assignment was had and preparations made to wind up the institution. In setting forth the situation to the Legislature in 1842, the Gov ernor said: "Theintereston those bonds have not been paid during the past year. The Mississippi Union Dank will not be aloe here after to pay any portion of the in terest or principal of those bonds. With good management the bank may possibly, under favorable cir cumstances, be enabled, at a day far distant, to take up all her cir culation Ol,S72,'i()0;." The paper of the bank was then selling at 35 cents on the dollar. As early as 1841 the interest on all ot the State bonds both those issued in behalf of the Planters' Bank, amounting to $2,000,000, and the $5,000,000 which had act ually been issued and sold for the Mississippi Union Bank was in default. The State, after a. pro tracted discussion, then denied all obligations to pay the bonds, for Ihe reason that they were not is sued in accordance with the con stitutional requirements, and, fin ally, axonstitiitbnnl amendment was passed forbidding tho pay ment of any of them." GIVES TUKXKY A PLURAL ITY. .Majority ltcport of the Tennes see Legislative Committee. Xa-hville, Term April 27. The majority report ot the Committee ,)u (i 0Ve Tior's Election, which is signed hv the seven DpmorvHtb. hieiohevs or' tlw mmoiiH,.!. ,.,.. .,-esented to Smoker I'iOm- ';,f iiw. T... lav inoniinti- The report is very lergthv and -hows that the e unnmttee decided tl,.,! o. ;.v( ,..i;.lts ni.M.,.1 ti, , Hi 1 . l u,. 1 1 ,x7 .1 .. ... tiiiwji ui.n. ei wiese "')'' were cast for Tiiniey aiel i-,o..u r avails. JeoucMie' tiiese miiiihers from the total vote as of lieially returnrd to the Secretary of 8tate.i urncy will have a plu rality of lis.jiis against the plu ;ality shown for Kva"s hy the cor rected ollicial returns. It iS exiiectcd that the creater part of next w ek will he consumed in arcuin tlie case hv ineinhtr Mr. 'hvans' attorneys desire to make arguments before ihe joint conventi md the .juration of al- lowing them to doso will be brouoht np. The live Republican members of the committee are preparing a minority report, attacking the con. stitutionality of the poll-tax law, protesting against the committee's ruling in regard to refusing to in vestigate certain counties, because the charges were decided not spe ci lie, and arraigning the investiga tion as unfair and incomplete. They also dissent from, the com mittee's ruling as to the law and the fact. This report will probah ly be presented Monday. Old Southern Mansions. No.v York Tribune. The old mansions in Richmond, j Charleston, Savannah, Montgom ery, Mobile and New Orleans have an air of distil c ion about them which the newer architecture can never acquire. They were built by nien who desired to live in comfort and to entertain their friends, in an open-handed way, I but did not. find it necessary to at-1 tract attention and to advertise their wealth and social position. The exteriors are still massive and stately, with their unbroken and rectangular sides, their done col umns and colonial porches, and the interiors are unrivalled for comfort and convenience ot home life and social entertainment. With these fine models of classic simplic ity in town and country, it is to be regretted that the new houses on fashionable driveways r.nd streets are not designed by archi tects cont'int to follow the old lines. The colonial architecture was not without its effect upon the character and tastes ofthe people who lived in the houses. It taught them to be simple in their social pleasures, to he natural ani unaffected in manner, and to avoid meretricious display of wealth and dignity, There has been a rever sion to colonial lines m Northern hciiH'S. Perhaps there will be a similar movement in the direction of Hirer taste and more refined feeling in Southern towns. There are many things to be said about the Southern houses, but the choicest tribute must be reserved for the lovely old ladies who are to he found in most of them. The young ladies and the middle-aged wives and mothers are charming too, with their sensitive high bred laws and their soft, melodious voi ces, but the old ladies are excep tionally well preserved in figure and feature and delightful in con versation Montaigne said of Cic ero's "I)e Senacute," "it gives one a good appetite for .growing old," and tl e same impression is produc ed by the chee-fn), genial, yet calm and serious talk of the best representatives of the passing sjen eration of Southern women. Thev do not ailect to be young, yet have not lost their animation ol manntrr nor. their interest in life. Thev are entertaining, womanly and bright, and quick as their grand daughters to perceive a good point in a story ami as fine as choice old lace in the thread and texture of their homely simplicity and cheer fulness. There are good portraits of famous ancestors in some of the old houses, hut there are no heUer studies ofthe lights and shades of advancing age and of the compen sations attending increasing infirm ity in the evening of life than are to be found in the charming old ladies of the Candidas, Georgia and Ten nessee Legal Decisions. In reply to si letter fiom J. Ilolniis U.-iker, of Sui;llower conn, ty. the attorney eiiei.r. says when a sherii'I' siniiiiiciis je.rels in a cor roner'H ini)Uejt, he act? as sheriff, not constable, and i.-i entitled to sheiill's fees. To Cochran it lioi'irnm. of riuian, tl:o attornev '-enoral writi . 1 ' mat when county convicts are ing wdrked on the roads the cers are entiiled to their coi-ts ; tho county ailcr the convict pel for. ned the labor, and not fore, lie thinks sheiill's who cai tore escaped convicts and bring tiieni from other counties entitled to pay for such services. Attorney (ieiier.il Johnston rules that those dealers who eell tobacco to which is attached the package of cigarette papers lire violators of the law unless they have paid the privilege tax of $10. HOTEL TROLIO SALOON. CANT0N nis XlVrK OR8I, Proprietor, Murry Hill Club, bottled by distillery, pert .. ..$1 .'0 per g:! $(; p0 W. II. McBraver " " 1 25 - (() O. F. C. Wlii?k v " " " ' I -" " ' 5r0 Old Oscar Pepper " " 1 25 .-( Old Kentucky Taylor" " . 1 00 " " Maryland Club-Bourbon " ' - ( l) James E Pepper ' li .,-..) Old Crow " 4 Belle of Anderson " ' ;j ,J Beech Fork, sour nnsh ' " ()() Rookwood, sour mash ' ' -j Lincoln Coun'y " " '-() Ky. Jack, bo'hon or rye '. " ' -j ( ,j Pure white com whisky " " o,,j Blackberry. Sweet Catawba. Seuppernong , -,, Bock and live, Peach ami Honey " ' 17- llolland Gin per gal $ 75 to 5 :m Br.uidies of all kinds " - 1 75 to 5 TO Imported Ale and Porter $2 25 ppy donr, Budw cirer and SchlOz Beer 150 ' Tl X .1 '..! 4.,49.... 4.. .- 1 1 1 'ompi, iinu caifiiii iiiicianiu i;ncii iw iiia miier.s. i-ir No extra charges for j:;gs or boxes. G-eneral JLil-vezy 3-usiness. Hacks, Buggies, and Drays Kosciusko. Mississippi. "ISIacls fcr 3Dr"ammers a Specialty-. tfifSinv that garden time has come, I furnish all kinds uf ,',, sti.rk an.! ,ia experienced hand to u'o with it. No tronole ub:vit p'o.vin yoar jjtar.le:;. Stable Next to Atkinson's S!io). AVOID BulK Soda ! Bad soda spoils good flour. Pure soda the best soda, only in packages. bearing this trade It costs no more than inferior never spoils, the flour always Beware of imitation trade marks and insist on packages bearing these words kWi AND HAMMER SODA Made only by CHURCH & CO., New York. Sold "by grocers everywhere. Write for Arm and Hammer Book of valuable Rsclpes-FREE. ,i.S m CiTB GIVES SSEZjIE. ake no mistake Sl-.M Wi J. Canton Fine Wines, Liquors, Holm-, etc. Many years experience and huyin,' in larire niMiuities ov,- then; ;n alvantare of which you get the hen'etit. 'Ve always semi the he.-t, goods that can he had for the least mm ev. X charge for hoxin-. J0UKXEY&KIM3IEK DfumniorVrf iile a Spocially. ! I.''ing ' i 2j ! T 1 ' VI 11 (0 J i I Vtnh n ; uiiwj 1 mm.: 1 1 j Kosciusko, "Miss. j 1 ! t' , Mm? ! he- Hf-rtrn-J-Jt'-i ri-- -. . . vi'". v ' - : ". K ."'"'Hynip, Tu-ieSiiZl. Use H comes mark g 0 , n m 0 0 9 package soda keeps soft. and labels, :..3. ll OKfllLKSTO LivElar & Co., UMMEfiIGN0filH 1 wj At t!:e ri'sorts readied ly T"EfjEV ORLEAN8o Cssscagc Limited ! Hiicli is the title of an attractive pnniphK "iiiiuuinit n usi 01 resorts 111 w ."vonii, Rlvini; hotels, rates, etc., Issued hy tho liLlllSGENTRALR.il. l or a free com-, anil for time si'liedule of tho Ccntrars Fast Vcstlhulwl Train, "Tim Limited" best train out of the South for reaehinu tha Northern ilusorls Hsk your loj'nl nillroad ticket uiit. . He wal aii" advise as to tourist rut unci connections, A. H, HANSON, a. P.A., Chicago, I'.B.BOWKS,A.o.r.i., Urieum. A. M 0 :Subs(Tibc now. Mt1 Ml