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Inc managers OF the bank selected from their body


president and entered the duties required by
charer The requisite amount of stock having been subscr
bed demand made governor of the state for the
states bonds for five millions ofdoiIars which were
signed ana delivered to the managers Commissioners


en appointed to negotiate the bonds This duty
sioners performed The sale made on the sth of
gust 1888 to Mr. Nicholas Bdde OF Philadelphia He was
pay million the first of November 1888 one million
on the first OF January 1885, million onthe LIST of March,
1889 one million the ls of May 1899 the city New
Orleans and one million in gold and silver their equivalent
Ia he city OF Natchez the st of JULY 1899 The bonds
Were put at interest from the date othe SALE No
stipulated for on the insalments of purchase money.


Tour committee refer the House for greater certainty
10 the terms OF the sae to the documents marked
and which attached hereto a part of this report


At the session of the saure of 1882 Joint commit
tee composed of members of the and House of Rep
resentatIves appointed and report upon the
affairs OF the Mississippi Union Bank whose report
this language,


1.-The examination commenced with journal contain
ing all the proceedings deliberations and ordinances of the
board OF managers from the first meeting of board the


I'D teby 1888 up the time of the Of the
lnVesgaon And your committee refrain from ap-
plaudng the zeal and spirit cando that board
the difficult and tedious task organizing the institution
and which manifested itself all of their subsequent and
mutIfarous duties and feel pride being able testify,
that the board of managers have shown every attitude
which they were placed painful anxiety pursue the
charter of the bank the letter. and perform their duties
with the most scrupulous fidelity


AFTER the Governor of the State had made the subscrp


ton required of him by the supplement the charter of the


i've millions OF the capital allotted the State and executed
thereof the State bonds favor of the banks the
Bond Managers took immediate steps have the bonds brot
market and that proceeded to the appointment
of three gentlemen of known ability, commissioners.
dispose of them In any foreign home market The gen.


emen selected for this responsible and high Mess
James 4. Wilkins, William NJ Pnckard and Edward &.
Williamson. These gentlemen. duly authorized make
negotiation of the bonds purpose left early
IN July last But little hopes entertained at the
time ftheir being successful In their mission; for will be
remembered at that time the whole circulating medium of the
United States greatly derange in the nan
cal abilities of the country prosrate-and disposition
whatever of he
such heavy investments State Stocks Even the securities
of those States known unembarrased and whose charac
ter for credit and puncuay well established for years
bad sought the disposal of their Con-
trary however the expectation othe stock market nego
tlatlon OF five millions of the bonds effected by the
msIoners highly advantageous to the state and the bank
and In accordance with the nuncons of the charter requir
them to be sold par value sale rejecting the high
credit the themselves and bringing
timely aid 10 embarrassed community


THE disposal of the five millions of the bonds thus effected
Will elevate State credit abroad and introduce favoraby
State securities market where they have been here
tofore but limited known and pave the way, most
aspicousy, future sales of the remaining millions


T will be perceived that thepurc of the first OF
the bonds Nicholas Bidde Esq of Philadelphia and
the payments the in nstamens of million
EACH the st days of November 1885, and of January
March, May and July 1880 The four first nstamens at
the of New Orleans and the last the city of Nat hez
in god silver their equivalents The trade Of State
generally ruling in favor of New Orleans where the four


first inaments made payable and being large balances
against State that city the bank by receiving moder
ate premium the checks drawn against these nstamens
have enabled citizens at low rate of exchange to qui
date great portion of their foreign debt and the same
time has realized herself profit the Transaction greater
than the difference of interest the bonds (pad by the
bank while the instaiments without the interest ma
turing the result following that the proceeds of the sale OF
the State bonds in reality than their par
value Already of their nstaments have been prompt
y the purchaser ohe bonds and the bank has been
permitted draw largely the March insalment, with
like profit the exchange drawn against it. In the face OF
these results doubt be entertained but that the sale
bonds has been made conformity with the let
instructions from the board of managers the commits
sioners and accordance with the njuncons of the bank
charter


This report received by the Senate and House of Rep
resenatves concurred in and ordered to be printed.


Atthe mehis report made by two OF the nstamens
purchase money the bonds had been paid the three
remaining Instalments had matured Since that
time every instament has been promptly paid matured
AT the Legislature of 1889 there not the
slightest manifestation dapprobaon on the part OF the
the people the of the sale was
there any indication of wish rescnd the contract because
ofegaty the negotiation of the bonds In l840 the Le-
gsaure again assembled and gave evidence OF dissent
to the SALE From session of 1885 up the present ses
son the Legislature have had full cognizanee OF the
whole ealing upon the negotiation of the bonds without
evincng the least disposition to avoid the States responsibility
upon the


that advantages derived by the bank by being able TO draw