Newspaper Page Text
SANDY CREEK LETTERS. No. 2.
Sandy Creek, August 3, 18 11. Dear Sir: -In ray letter of yesterday, I enJeavored to answer the 2d ancHtli objections of the Governor to the pay ment of the state bends. I omitted to notice the 3d objection, because I deemed it wholly unworthy of consideration; and because 1 believed when the Governor made it, he knew it was both frivolous and false. The character of the commissioners who nego tiated the sale, is above suspicion, and very far above the in fluence of attack from sucii a source. They are known to ycu, and I need only add, that you know as I know them to be incapable uf fraud, or a connivance at fraud for any pecuni ary advantage to themselves or others; for any hope of per sonal aggrandizement, or any expectation of political distinc tion; or for any purpose whatever I therefore dismiss the third objection of the Governor, as wholly undeserving of your or ray notice; and proceed to consider the 1st and 5th objections. It is admitted the bonds were sold on a nominal credit, so far as the bank was concerned, but in regard to the state, I think there was no credit, for she realized the full amount of the proceeds at once, in becoming a stock holder to the full extent of the five millions before the 1st of January, 1839. Out whether or not, it cannot militate against the liability of the state for the payment of the bonds; for no possible incon venience or disadvantage resulted, either to the state or to the bank, from the nominal credit granted. If they had been sold lor cash, could the proceeds have been realized at Jack son, on any better terms or with greater advantage to the bank? I ft he whole sum had been checked for at once, or Jn any short space of time, the rate of checks wold have fallen fir below the cost of the transportation of specie, Indeed it is probable that thebank could not have checked more advanta geously for the proceeds of the bonds, than she was permitted to do, by the terms of the sale. If the sale had been made for cash, it (the cash) would have remained idle and without benefit to the bank, in the vaults of the United States Bank, until it suited the convenience of interest of the Union Bank to check for it. Shecould not force a sale of her cheeks without depreciating the value, and shecould only dispose of them advantageously, as the dem.ind for no. them funds in creased or abated. To have pursued a contrary course; would or might have subjected her to a loss of one or two per cent, in withdrawing the fund, instead of realizing as she actually did, 3 to 3 2-3 per cent premium, (orJ5 per cent, as she might have done, if the financial department of the bank had been judiciously managed.) As neither the state nor the bank lost by the nominal (for I repeat again, it was but nomi nal) credit given to the purchaser, it is idle to contend that this would be a justifiable pretext for refusing to pay the bonds. The 5th assumption, to wit: that the bonds were not sold at their par value is susceptible of direct contradiction. It is presumed that the Legislature contemplated Jackson p.s the place where the par was to be realized. Now, it is true, that some six or seven months interest were due at the time the bonds were sold, which ensured to the purchaser, but it is also true, that all this interest and more was regained by the bank in the premium obtained for her checks. If the bonds had been sold for cash, and the commissioners had attempted to have the same transported to Jackson, in gold and silver, could the state have realized par for the bonds at Jackson? Certainly not. In the first place, much time would have been consumed in the transportation of the funds, for it would have been impracticable, and impolitic if practicable, to nave shipped more than 8200,000 by any one vessel. To have shipped the five -millions, would have required twenty-five vessels, and that number of safe vessels could not have been procured in Philadelphia in less than four or five months for it is rare to find more than one vessel a week leaving that port for New Orleans. The insurance to New Orleans would not have been less than 2 1-2 per cen and no office would have taken a greater risk in one vessel than 810,000, so that every shipment of 8200,000 would necessarily have to be covered in twenty different offices. In this, there would have been risk of loss, even under the best management. Again, the commissioners could not have remained in Phil adelphia, to have superintended the various shipments, and the employment of an agent would have been, not less than 1-4 per cent Thus, 2 3-4 per cent, would have been expended in getting the specie to New Orleans. To remove it from thence to Vicksburg, would have required the intervention of another agent, and the insurance from New Orleans to Vicks burg, would have been at least, 1-2 per cent, making the whole cost, including the charge of the agent at New Orleans, not less than 3 1-2 three and one half per cent ! Weill To transport 5 millions from Vicksburg to Jackson, would have cost, in freight alone, (for it must be remembered the Railroad cars were not then in operation to Jackson,) at least 1-4 per cent. So that, by the time the money was lodged in the bank at Jackson, the state would have expended 3 3-4 per cent, or the sum of 8187,500 one hundred and eighty thou sand and Jive hundred dollars or 84,161 70 more than the Governor says was lost in interest! Now, is it not idie to talk about par? The commissioners believed and hon estly believed, that they were' receiving par for the bonds, when, the sum of 5 millions of dollors was deposited, subject to the control of thebank, at a point where she could realize from three to five per cent, on her checks, drawn against the deposite. This is too plain to require furthei elu cidation. But is it not strange, that they should be condemn ed for their very best exertions to save the state and the bank ? They could not by any other course have realized thenar for the bonds. I think therefore, you will agree with me, that this 5th objection of the Governor, rests on too flmsey a foun dation to be sustained by honest and intelligent men. I said in my first letter, that the question to be decided, was oue purely of ethics, that in as much as the state could not be sued, her legal liability could never be tested When a man is beyond the reach of legal process he is under no legal restraint H has no guide, and nothing to regulate or govern his actions but the dictates of his inward monitor, conscience. So also with the state. As shells beyond the reach of legal process, it is 'folly to talk of her legal obliga tions. But the state is but a mass of individuals acting in i community, and her decisions will be guided, governed and directed by the consciences of the people. I am not willing to believe so badly of the moral sense of the people of this state, as to doubt their decision on this all important bond ques tion. I am not willing to biiicve, that we arc disposed to en tail infamy on out posterity, by refusing to do what reason, conscience, common sense and common honesty dictate. I am therefore persuaded, the November election will result in the choice of the bond paying ticket I will address you one more letter on the subject of taxa tion .md the Governor's arret? of figures. SANDY CREEK o. A SANDY CREEK PLANTER. LETTERS. No. August 4th, 1841 my last a Dear Sir: I promised in mv last a few words more, on "Taxation and the Governor's array of figures" I now pro ceed to fulfil my pledge, and then I will drop this subject for ever. The Governor, by a most conspicuous display of his arith metical fjenius. of the endorsement on the bonds, says the State wih have to Dav for semi-annual interest the sum of 8422,093,00 more than she contracted to pay, and 8478,750, in principle, more than the face of the Bond calls for. This is palpably designed for political effect and mtended to alarm the fear of those who aresensative on the subject of Taxation. The utmost farthing that the State is legally or morally bound for. is five million of dollars, with the semi-anual inter est at 5 per centum per anum, payable in the legal currency of the United States, at the agency of the Bank ot ttie united States in London. The charter has expressly authorized the place of payment, to be designated by the endorsement on the Bonds. It is therefore clear, that the money that is, 82000 American dollars for each Bond, must be paid in London at the maturity of the Bonds. To place this amount in London, may cost the State one per cent, or she may do it at a,gain of two per cent The price of Sterling fluctuates from week to week and month to month, and no human foresight can predict what will be the rate at the maturity of the Bonds. It may be 7 per cent, or it may be three per cent If we continue to import more than we export, it may vary from G to 8 1-2 per cent . But assu ming it to be at 7 per cent as a medium, the State may pur chase Sterling and remit, and with the proceeds purchase dol lars at 4s. I 1-2., and thus realize on the remittance 2 to 2 1-2 per cent; for the average value of American dollars in Lon don is 4s. Id. to 4s, 2d. She may thus pay the five millions, with four millions nine hundred thousand dollars, invested in Exchange in the city of New York. But if she chooses to transmit thedollar?,it will cost her the expense of transporta tion, in freight and 'insurance. Thisis evident to every man who understands arithmetic, or who is at all aquainted with the subject of Exchange. - But I ha,ve a word or two to say on the subject of Taxation, for this is the' raw head and bloody bones" that is calcula ted to frighten the timid and the cautious into a refusal to ac knowledge the obligation of the State to pay her Bonds. It is my firm persuasion that neither you nor I, will ever be assessed one dollar for the payment of the principle and interest of the state bonds, and on this point, I think your fears may be put at rest for tever. But I know there are some who entertain a contraiy opinion, and they reason thus, on the hardships of their case. " I never had a dollar from the Union Bank I never speculated in their paper I have never been benefited to the value of a cent, by the money bor rowed, and why should I be taxed to pay the bonds ?" Now my dear sir, by the same process of reasoning, there is scar cely a tax imposed, that might root be considered a hardship. Every bridge tax that has ever been assessed operates un equally, and injuriously on some, for it 13 a hardship for the people of one section of the country, who need no bridges, to be taxed for the bridges built in another section, over which they never travel, and from which they derive no benefit But again. Let us suppose that one of our remote northern counties is invaded by a savage foe, and by no possibility, 'could his hostile steps reach the county of Adams, that to all intents and purposes we were as secure as the people beyond the mountains, could we or would we refuse to march to the relief of the county attacked? or would we refuse to be taxed to pay the expenses of the war ? We derive no benefit from the money expended, on the contrary it is all expended at a point remote from us, and yet, where 13 the marf who would refuse to pay his twenty or his forty dollars for such an ob ject? No citizen of Mississippi is so destitute of patriotism and stale pride as not to be willing to shed his bipod andspespd his money in the defence of the soil of his state; no one could bear that it should bepoluted by the steps of a foreign foe. And can we, for the sake of dollars and cents, compro mit pur honor? You are told you will be taxed 840 a head to pay the State bonds, and will you for the paltry sum of 840, allow the plighted faith of the State to be violated ? I will not believe it. But you will not be taxed to pay this debt The assets of the Union Bank will pay at least three millions, and surely the next legislature will not be so remiss as not to secure it. The whole assets of the bank, ought to be assigned in trust for the payment, first of her notes and deposites, and next of the State bonds. I have it from the best authority, that not less than 2 1-2 or 3 millions may be relied on for the dis charge of the bonds from this source. And the distribution bill now before Congress, and which must pass at this or the next session, will give us the means of paying the semi-anual interest and the balance of the principal of the bonds. This, I think you may rely on. The discussion of this" subject has been premature, and got up for party purposes. The bonds are not due untill 1850 and 1858, and many changes may take place before then. But suppose the next legislature resolves, that the State is neither leirallv nor morallv bound for the bonds, and that j j - j ----- she will not pay them:" and that just befoie the maturity of ui u iirsi. series 01 oonus, me legislature men in session, re solves, that we are "morally and legally bound for the principal and interest of the bonds." Which of these re solves are to be binding on the people? There may be this connection. We have a right to expect it; for the last legislature resolved, that we were bound for the payment of the bonds and would pay them. I foresee that we are to haVe nothing but conflicting legislation on thiasubject for years; and that much angry excitement will be produced by it, and I thin much advantage will result from the post ponement of the whole subject, until after the assets of the Union Bank are secured. Let each county exact pledges from their members, that they will use their best endeavors to have the assetsof that bank assigned to commissioners se lected by the Chancellor in behalf of the state, whose duty it shall be to collect the same and apply the proceeds to the payment, first of her circulation, and next of the bonds, and that until this is done, no action shall be had on the bond question. For until we know how much we have to pay, it is both morally and legally wrong to resolve that we -will pay nothing. But suppose that it is resolved by our legislature next win ter, that we aie not bound to nay the bonds, will this at once exempt the debtors of the Union from their liabilities to the bank ? If the State is not bound to refund the money borrowed from Hope & Co., the people who borrowed the same money from the Union Bank cannot be bound to refund it to her. An act then ofthe next legislature, releasing the state from her obli gations, would at the same time release the debtors of the Un ion Bank forever. But a succeeding legislature maw resolve that the bonds must be paid, and in the mean time the debtors oi tne union anu are all released, the books ofthe bank de stroyed, andthe institution itself blotted forever from our mem ories! ! What is our condition then? Why we have won- tonly sacrificed three millions of dohars, which should haye been held sacred for the payment ofthe bonds, we must resort to onerous taxation, to make up this deftciency. But 1 may be told that a resolution to release the state, will not necessa rily exempt the debtors of the Union Bank. I would ask if this be not so, what will you do with the money collected from the debtors ofthe Union Bank after you have reduced the cir culation? You have resolved not to refund it to the parties from which you borrowed it, and what will you do with it? Will you use it? What! ! 1 Use money thus obtained for State purposes? Why highway robbery would be rriore dig nified and respectable than this. But to conclude these letters. Let us in the language of the poet, "Beware how we establish a precedent, "Lest many errors, by the same example "Creep into thestate." Let us not perpetrate a permanent evil for the sake of a temporary good. Let us be true to ourselves, and especially, let us be true to those who are to come after us I have now done, and I hope my good sir. you are satisfi ed that the state is morally bound to pay the bonds, and what is morally right, can scarcely be legally wrong. A SANDY CHEEK PLANTEIt. AUTHENTIC FROM FLORIDA. Bv a communication dated the 8th inst, received at the De partment of War. from Colonoi Worth, commanding the array in Florida, it appears that the number of Indian cap tures continues to increase. On the Pth of last month. Serjeant Nash, ofthe 8th Infant ry rnntnrftd the. remainder of Coosa Coacoohee's band, five M J f mmmv in number. From these the position of twenty-five of Hal lerb' kind wnm ascertained, of which Capt G WYNNE succeed ed. without bloodshed, in securing the chief and two warriors. The rest had abandoned their camp Deiore captain Ur. suc nttAf( in nenetmti'nir to their hidinsr-Diace. Their crons. the -.x - - - t O tJ A A mnt fruitful vet discovered, and covennr thirty acres, were destroyed. Two of these confessed having participated in the murder ot an express in April xasi, unuer me suo-cniei Wa mhadio. who was secured at the time and executed. The alternative having been submitted to them, ot securing the presence oi the rest oi tneir people or oi snaring me iaic oi their lender, thev immediately despatched a meascntrer to them for that purpose, and no doubt is entertained of a uc . . , ... . .it 1 1 cessful result 1 his capture win proDaoiy serve to operate Upon Wieir CUlcl, XJ.aliUl.ti., unu uiuci uuuuj mv oamu uiiigik' borhood. The chief ofthe Seminole Indians, who, with the Mick- asukies, are in the southern part ofthe peninsula, had prom ised to meet Oolonel VV. at a place appomed, next moon. 1 he latter manifest, as yet, no disposition to yield, but strong hopes are entertained that this will before long be brought about. Two hundred and one Indians, in all, aie now in at Tampa, and there is every prospect of a speedy pacification ofthe country west of that place. The effect of this would be to facilitate the operations south. Very considerable re duction has been made in the expenditures, and every thing promises welL National Intelligencer. Books or Fiction andthe Bible. Tho Bible contains the literature of heaven of eternity. It is destined to survive in human hearts every other book, and command the ultimate veneration and-obedience ofthe world When Sir Walter Scott returned a trembling invalid from Italy, to die in his native land, the sight of his "sweet home" en invirrnrated his snirits that some hone was cherished rh.tr lm might recover. But he soon relapsed. He found that he' must die.' Addressing his son-in-law; he said, "Bring me a book!" "What book?" replied Lockhart. "Can you ask what book? there is but one." The Washington correspondent ofthe Baltimore Patriot writes as follow : The dispositon among the Whigs seems to be, universally, to apply themselves immediately to the preparation of another bill, which, it is belfevecf, will meet the sanction ofthe Presi dent. A bank of exchange, deposite, and circulation, without the power of making local discounts of promisory notes, will most prpbably be established, which will be found to be pre ferable, in many respects, to the one which has failed to be established. The branching pon'er of such a bank will be independent of the assent ofthe State. It seems to mo every purpose of a well regulated natidnal bank may be thus ac complished, as the discounts, as far as they may prove to be necessary, may take the shape of bills of exchange instead of promisory notes. The President is most anxious for it He sent for the Hon. Mr. Sergeant on Monday, so as to give him his views fully, and we shall not be surprised if a bill is reported to day in the House. He also gave his views fully on the subject to Mr. Jaudon, receiving at the same time many valuable hints from Mr. J. as to perfecting such an institution. Mr. Webster and Bell, and the other members of the cabinet, are decidedly in favor of it. New'York Times. The lion. Jacob Thompson, Can.li.lair lor C Putting off work for to morrow which should be done to day, is the worst of habits. Many persons get in the practic e very early, of dreading to move, or perform the most pleas ant office. Whoever wakes in the morning, and lingers, and "hates to get up," is in emminent danger of contracting a del eterious habit; he that neglects setting down what he owes, or what is coming to him, atthepropei time, is liable to make mistakes, incur losses, and get into serious difficulties with his neighbors. The Blacksmith, Shoemaker, or Plougbma ker, who puts off this duty for a moie favorable season, should not be employed. The man who puts off paying his debts at the right time, and waits as long as he dare before paying, should not be trusted. It is no jnore strange than true, that debts are much more willingly paid when they first become due, than when put off only a short time. In many instances if they be put off a year or two, the debtor will either think it has run so long it ought to be forgiven, or complain outra geously if compelled to pay up. A man who will put off paying for a newspaper after the money is due, will be likely to "fall out with the paper," and avoid, if possible, the pay ment Nashville Agriculturist. m A Despotism. "That government is a despotism wherein the King or President can say, such may be the will and opinion ofthe Legislature of tho people, but mine is contrary, and mine shall prevail." Mirabeau. Aim . ck a ves, vaiui maie ior Male I re.iMinr, win vS , ' fellow citizens at the following time-sand pi nts' xz , ,r' n ! Tuesday 14th September Wyutt, llafayaws Cf.... . Wednesday, 15th " Cliulahoma.'M.ir li,' Friday. 17th Saturday, 18th Monday, 20th Tuesday, 21 st Wednesday, 22, Hernando, btsotrf " McMahon's, MtPcasant, Martha r.. Hudson vie, " Sacin, Tippah cor- WM. It. HAItLEY, one of the Whig Can for Congress, will address his fellow citizens at the f ing places and time: Belmontc, Panola conty. Saturday, Auu Panola, " " Monday, Pharsalia. " " Tuesday, Charleston, Tallahatchie c'ty, Wednesday Sept. Oakland, Yallobusha Thursday, Coffecville, " " Friday, Grenada, M .Saturday, Carrollton, Carroll county Monday, Greensboro, Chocktaw co. Wednesday " Stewart's P. O. Thursday, Koskiusko, Attalla, county, Saturday, Louisville, Winston county, Monday, Mocon, Noxubee county, Wednesday " Brooklin, Noxubee county, Thmslay " Decalo, Kemper county, Friday, Okaloosa " Saturday, 44 Marion, Lauderdale county Monday, Decatur, Newton county, Wednesday, " Philadelphia, Neshoba c'ty, Friday Carthage, Leak county, Monday, Hillsboro, Scott county Wednesday, ll CHICKASAW BAPTIST ASSOCIATION. The Chickasaw Uapiist Association will hold its m v nual session in this place, commencing on Friday the i: September. Brethren in the ministry are requested to atten 1. Holly Springs, August the 21th. 1811. LIST OF CANDIDATES. LEGISLATURE. rVO. D. WATSON has authorized us to say, that lie h a didate for the next leRilature he lias not uVUM inim-il w i, it,. : will run for the lower or upper liou.se, but will du so m im, other aspirants. CIRCUIT JUDGE rrWe are authorized to announce ISAAC N. DA VIS ( i nola County, ns a candidate for Judjjeof the hi h Judicial li -election in November next. DISTRICT ATTORNEY. rr GEORGE . WILSON, f the present incuiiuVnt.) h a C didate for re-election to the otlice ul ' Uisli ict Aitoi n ot U f Judicial District. rVWe are authorized to announce UOIU'.IIT jnsKl.Y.N ; candidate for District Attorney for the bth Judicial Dim i ict. CIRCUIT CLERK. We a re authorized and reuueird to hiiimhiim e I A M I ".S ( DEUSON, as a cadidaie loi Circuit Clci k o I Mui.il " in Election i November next. IP.iid ,..J SHERIFF. fyr-We arc authorized to announceCol.nANNlHAI.il; RIS, asa candidate for t he ollice of Shenil, of Marshall ('..,. CrSAMUEL II. THOMAS presents Mmcll rVluie i!, zen of Marshall conniy, as a candidate for the ullu e i t ihe next November election. ffWc are authorized i nnnoince WASHINGTON J MORRIS, as a Candidate for the bhcnilaliy id 'Maiha!l V Election to lake place in November next. PRORATE JUDGE -S A. A. STITH, is a candidate lor Judf;e of the IV Court of Marshall County. TAX COLLECTOR. 5j-PETER ll. JONES, is n candidate for Tax (M, of Marshall County. TJ- ROBERT J IIOLHROOK.i a candidate for Tax C lor of Marshall county. y We'are authorised to armounc R. G. KYLE, as a ( date for Tax Collector of Marshall county, COUNTY TREASURER. O-WOODSON PUCKETT, i a candidate foi Ti a Marshall county. RANGER. ICjrWeare authorized to announce Maj. J. 11. CIH.! asa Candidate for Ranger of Marshall County. THOMAS A. FALCONER, U a caudi late for R ;n Marshall County. fC-We are authorized and requested to announce Mr. FOWLER, as a candidate for Ranger)!' Marshall count yl in November next. CORONER. 23We are authorized to announce Wm. II. STILL, -didate for Coroner of Marshall county Election in S next. 07-Weare authorized to announce W. W. MOURE, (;! smith) as a candidate for Coroner of Marshall county in November next. 1-OR ASSESSOR We are authorized to announce JOHN S. WARD, 8 didate for Assessor ofthe Taxes of Marshall County. Ei:i November net. CHARLES O'lXIIf AW, Dentil. Resides at Holly Springs, Missp. HE is prepared to perform all operations belon-in to D -Surgery. lie feels assured alter two years uniform m-' tnal e will realize a liberal patronage. He would jut 'v ! public that they cannot be too careful who they unploy .r-, a August 4 2 ly. O A. A. STITH, Attorney mid Connsellor at Law, Holly Springs, Mississippi. FF ICE -The one formerly occupied by Ani & IV S. W. corner ofthe Square. tau'- 1 jroix ritiTiNc; Of every variety executed at the (Jazotte office, with r ness, accuracy and en terms to correspond with tb In: of tho times. July 23, IP i I