SANDY CREEK LETTERs.-No. 5.

August 4th, lS4l
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l"1axatOn
ceed fulfil my pledge and then will drop this subject for
ever.


The Governor by conspicuous display of his ah
metcal genius of the endorsement the bonds the
State will have pay for semi-annua interest the OF
693 90 than she contracted pay and
principle than the face of the Bond calls for This
papabIy designed for political effect and intended to alarm
fear of those who sensitive the subject of Taxation
The farhing that the State legally morally
bound for ve million Of dollars with the semanual inter-
est per per payable the legal currency OF
the United States the agency OF the Bank OF the United


States in London. The charter has expressly authorized
place of payment be designated by the endorsement
on the Bonds therefore clear that the money-that s
$4,000 american dollars for each Bond must be paid In
London at the maturity of the Bonds.


To place this in London, may cost the State one
per cent she may do at again of TWO per cent The
price of Sterling uctuates from week week and month to
month"; and human foresight predict what will be the
rate at the maturity OF the Bonds be per cent or


may be three per live continue import more than
export may vary from to 1-2 per But assu-
ming to be at per a medium the State may pur
chase Sterling and remit and with the proceeds purchase dol
lars As l2 and thus realize the remittance to 2
per for the value of American dollars in Lon
don is As Id As Cd She may thus pay the five millions
with four millions hundred thousand dollars INFESTED
Exchange IN The city Of Ne York But if she chooses
transmit thedoars will cost her the expense ofuansporta


freight and insurance Thss evident to every man
who understands arithmetic, who at all aquained with
the subject of Exchange.


But have word two say on the subject of Taxation,
for this is the head and bloody bone that calcua
ted the tmd and the refusal to
knowledge the obligation ofthe State to pay her Bonds
L,
be assessed dollar for the payment of the principle and
interest of the bonds and this point think your
fears may be put for ever. But know there
on the hadships of their case Il never had dollar from
the Union Bank-I specuated in their paper-I have
never been benefited of cent by the money Dor
rowed and why should be taxed pay the bonds p Now
dear by the process reasoning there is
cely imposed that might be considered hardship
Every bridge that has been assessed operates
equally and njuriously for it's hardship for the
people of section othe country who need bridges to
be taxed for the bridges built another secor which
they travel and from which they derive benefit
But again Let suppose that of northern
counties invaded by savage foe and by possibility
could his hostile steps reach the county of Adams that all
and PURPOSES the people beyond
the mountains could would refuse to march to the
relief of the county aacked2 would refuse to be taxed
pay the expenses of the ware We derive benefit from
the money expended the contrary all expended at
point from and yet where is the man who would
refuse pay his twenty or his forty dollars for such an OBJ
ect2 No citizen of Mississippi destitute of patriotism
and pride be wngt shed his blood and spend
his money the defence of the soil of his state
could bear that should be polluted by the steps OF foreign
foe And we for the sake of dollars and cents compro
honor2 You told you will be taxed $40 head
pay the State bonds, and will you for the pary of
$40 allow the pghed faith of the State to be volated2
will not believe it.


But you will be taxed pay this debt The of
the Union Bank will pay at least three millions and surely
the Legislature will be remiss
The whole of the bank ought be assigned
for the payment first of her and depose and of
the State bondsI have from the best authority, that
less than g millions may be relied on for the dis
charge of the bonds from this And the distribution
bill now before Congress- and which pass this the
session. will give the of paying the emianua
and the balance of the principal of the bonds This
think you may rely


The discussion this subject has been premature and
up for party purposes The bonds due until 1850
and 1853 and many changes may take place before then
But suppose the legislature resolves that the State
neither legally morally bound for bonds and that
she will pay them and that just before the maturity of
the first series of bonds the legislature session. re-
oves that morally and legally bound for the
principal and interest of the bonds" Which of these re-
solves to be binding the people? There may be
this confiction. We have right expect it for the last
Legislature resolved that bound for the payment of
the bonds and would pay them. l foresee that
have nothing but conflicting Legislation this subject for
years. and that much angry excitement will be produced
by 1t, and thnH much advantage will result from the post
ponement of the whole subject until after the of the
Union Bank secured. Let each county pledges


from their members that they will their endeavors
to have the that bank assigned commissioners
ected by the Chancellor in behalf state whose dutv
shall be collect the and apply the proceeds the
payment first of her circulation and of the bonds and
that until this DONE action shall be had on the bond
question For until we know how much have to pay
both morally and legally wrong resolve that aciH
pay Nothing.


But suppose that resolved BY Legislature next
ter that bound pay the bonds will this at once
exempt the debtors of the Union from Liabilities the
bank he State is bound refund the money borrowed
Hone neopIe oro,,