$2,000 State of Mississippi dated 1838 Bond (Uncanceled) signed by Governor Alexander G. McNutt - $2,000 5% State Loan Bond
Inv# GB5201 Bond
1838 5% Loan, $2,000 UNCANCELED Bond signed by Governor Alexander G. McNutt. An extraordinary Engraved bond with 4 great vignettes by Draper, Toppan, Longacre-Phila & N.Y. Paper attached seal. Several rows of coupons. Exceptionally Nice Condition. So Rare and in strong demand. Truly a Classic!!!
Alexander Gallatin McNutt (January 3, 1802 – October 22, 1848) was an attorney and politician from Mississippi who held the position of Governor from 1838 to 1842. Born into a prominent landowning family in Rockbridge County, Virginia on January 3, 1802, Alexander G. McNutt graduated from Washington College (now known as Washington and Lee University) in 1821. He pursued a legal education and relocated to Jackson, Mississippi in the early 1820s. Later, he moved to Vicksburg, where he entered into a legal partnership with Joel Cameron. Following Cameron's murder by his slaves in 1833, McNutt married Cameron's widow, Elizabeth Lewis Cameron. (Prior to the execution of the implicated slaves, a free black man accused McNutt of orchestrating the murder to gain from Cameron's demise.)
A member of the Democratic Party, McNutt served as a Selectman in Vicksburg in 1829. He was elected to the Mississippi State Senate in 1835 and became President of the Senate in 1837. McNutt successfully ran for governor in 1837, serving two consecutive terms from 1838 to 1842. During his administration, Mississippi established its state library, acquired land for a state university, and completed the construction of the state penitentiary. The northern boundary with Tennessee was resurveyed, but this did not yield additional territory for Mississippi, and the new city of Memphis was found to be outside the limits of the survey, which had been a goal for some proponents of the resurvey.
While serving as governor, McNutt was an opponent of central banking, including the Planters and Union Banks in which the state held significant ownership, contending that the stockholders and managers were corrupt. The banks attempted to sell bonds to generate revenue, which the state ultimately rejected under McNutt's guidance, resulting in a substantial debt for the state. After his tenure in office, he returned to practicing law. In 1847, he made an unsuccessful bid for the United States Senate, losing to Henry S. Foote.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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