Southern Argus

MISCELLANEOUS.

'THE RAIL ROAD BANK.—As much
has recently been said of the assignment
just made by this institution, and
as our citizens generally are either remotely
or directly interested in its proper
management, we have been at
some pains to ascertain the true state
of the case, and the precise nature of
the assignment. From what we can
learn then, the bank has made an
assignment of the road, its bills receivable,
and all other assets of whatever
kind or character, to Wm. S. Bodley,
Thomas E. Robins, and Frazier,
to be held by them in trust for the benefit
of all the creditors. The Bank
of the United States being one of the
largest creditors of the institution, in
consideration of this assignment, advances
to the trustees a sum of money
sufficient to complete the Rail Road
from this city to the capitol of the state
and under their direction the work is
to be vigorously prosecuted, so as
to have it finished by the first day of October
next, if not sooner. The trustees
will commence immediately to
wind up the affairs of the institution by
securing the debts and placing them
in train for collection. Those who are
indebted to the Bank by securing their
debts satisfactorily, will be allowed as
long time almost as can be desired, as
it is the object of the Bank to make its
bills receivable ultimately good, and
those who desire to pay will have no
cause of complaint as to the time allowed
them to do so. The notes and
bills of the bank will of course be received
in all cases from its debtors, in
liquidation of their liabilities. The
trustees will have the entire control of
the bank and the road and all monies
received by them, whether from the
proceeds of the road or from the collection
of debts, will be by them paid
out at stated periods to all the creditors,
each one of whom will receive an
amount proportioned to his claim.

These payments will probably be made
twice a year, or oftener, in the same
manner that stock holders in banks receive
their dividends. The first object
with the directory is to complete the
road and pay the debts of the bank, and
to this end they have surrendered up
every thing they possess to be appropriated
in that way.

Such we believe, is a correct, though
brief outline of the arrangement, which
whatever may be said of it by those
interested in a different policy, we
think must be satisfactory to all parties
and highly advantageous to this city
and this section of the State. The
first and most important point gained
by this arrangement, is one which cannot
fail to strike every one as of immense
advantage to this city. We
mean the immediate completion of the
road. Complete this road, give us free
and uninterrupted communication
with Jackson—open to the planters of
Hinds, Madison, and other counties
adjacent, a cheap, rapid and easy mode
of transporting the products of the soil
to our city, and it places Vicksburg
at once upon high ground as a commercial
and shipping point, it will
give advantages which nothing can deprive
her of, and which will make her
in despite of fate, the second city on
the Mississippi river. But these advantages
are so manifest, that the most
obtuse mind cannot fail to perceive
them, and it is useless for us to attempt
an enforcement of views which must
strike the mind of every reader. Under
this arrangement, when the creditors
of the bank are all satisfied, when every
claim shall have been paid, then
and not till then, will the stockholders
receive a dollar. Every cent for which
the bank is liable, must be paid before
any further dividend, as the proceeds
of the bank may enable them to declare.

Of the gentlemen appointed as trustees
we need say nothing. Judge
Bodley, and Mr. Robins are both too
well known in this community to need
any commendation at our hands. Mr.
Frazier is the cashier of the Merchants
Bank of New Orleans, and well known
as a gentleman of high character and
respectability.—Vicksburg Whig.