,000 Mississippi Central Railroad Company Gold Bond – 1873

Description

,000 Mississippi Central Railroad Company Gold Bond – 1873
Offered for your consideration is a very attractive coupon bond, issued by a multi-state railroad line and payable in gold coin. The central vignette features three period scenes combined into one. The top of this scene depicts a reasonably large body of water, with several paddlewheel steamers passing an island at the center (there is what appears to be a ferry heading toward the end of the island). Below and to the right of this scene is a period steam locomotive, with what appear to be passenger cars behind, rounding a curve in a rural setting. To the left of this, and appearing much larger than the others, is a scene depicting several slaves loading baskets with cotton, a cotton press in use in the background. In an arc above this vignette is printed “
THE Mississippi Central Railroad Company
”, with “
UNITED STATES OF AMERICA
” to the left, and “
STATES OF KENTUCKY, TENNESSEE AND MISSISSIPPI.
”. Below this is “
Seven per cent. Income and Equipment Mortgage Bonds for ,000,000 Gold
”, with “
,000 Gold.
” at left and right. The body of the document is composed of a lengthy financial obligation, stating (in part), that “
The Mississippi Central Rail Road Company acknowledges itself indebted unto the bearer in the sum of ONE THOUSAND DOLLARS and promises to pay the same, in gold coin of the United States of America … on the first day of December, Anno Domini one thousand eight hundred and eighty-four, and to pay interest thereon at the rate of Seven per cent. per annum, in like gold coin …
”. It further states that “
… This Bond is one of a series of five thousand bonds … each of a like amount, tenor and date … will be entitled to the security of the
mortgage, bearing even date herewith, executed by the Company to Samuel H. Edgar and George H. Bates, In trust, to secure the payment of the principal and interest of the said five thousand bonds …
”. The bond was signed and sealed “
… this fifteenth day of December, A. D. 1873.
”, with the signatures of “
R. P. Neely
” and “
A M West
” added in their capacities as “
Secretary
” and “
President
”, respectively. These signatures are neatly separated by a small vignette depicting a period steam locomotive, with associated rolling stock, leaving a tunnel. The foregoing elements are enclosed in an intricate border, neatly separating them from the 20 remaining coupons. Each of these coupons is valued at “
THIRTY FIVE DOLLARS
” and bears the engraved signature of “
R. P. Neely
”. The back of the document bears a printed recapitulation of the contents of the document, with the statement that “
This bond is one of those secured by a mortgage, duly recorded, of the railroads, rolling-stock, and equipment, estates real and personal, and franchises therein mentioned, of the Mississippi Central Railroad Company, dated the fifteenth day of December, A. D. 1873, duly authorized, and executed and delivered by the said Company to Samuel H. Edgar and George H. Bates, the trustees therein named, to secure the payment of the principal and interest of bonds of the said Company.
”, followed by the signatures of the two named individuals. An additional statement indicates that “
for a Valuable Consideration, The Southern Railroad Association guarantees to the holder of the within bond the punctual payment of the principal and interest thereof, when and as the same shall fall due, according to the terms of the said bond …
”, with this transaction being accomplished “…
this twenty-sixth day of January, 1874
.” and guaranteed by the signature of two officers. A very attractive and historic bond, signed by two ex-Confederate officers. This piece would look great if framed and displayed in an office or den.
Rufus Polk Neely
was born near Spring Hill, in Maury County, Tennessee, on November 26, 1808. He received a good academic education, and after relocating to Hardeman County, he held the offices of register, county court clerk, and several other clerkships. He served in in the state legislature from 1839 to 1840. He served as a brigadier general in the militia. In 1861, he enlisted as a captain of Company B, 4
th
Tennessee Infantry, and in May of that same year, became colonel of his unit. During the battle of Shiloh, fought April 6-7, 1862, Neely’s regiment was part of General Stewart’s Brigade and was heavily engaged (in the two days of fighting they lost almost half of their effective force). One source states that during the war, Neely was captured and imprisoned three times, though another only mentions one. After the war, he was actively engaged in the railroads, especially in the South, serving as president of several roads. He is also listed as a newspaper editor. Rufus P. Neely died on August 10, 1901 in Bolivar, Tennessee, and was buried in that city’s Polk Cemetery.
Absolom Madden West
was born in Alabama sometime in 1818, though he moved to Holmes County, Mississippi to become a planter in 1837. He was elected to the state house in 1847, and was subsequently elected to the state senate, serving from 1854 to 1861. At the outbreak of the Civil War, West was appointed as a brigadier general in the Mississippi State Militia. He was instrumental in raising a regiment, though he later served as quartermaster-general, paymaster-general, and commissary-general of the Mississippi militia. In 1863, West ran for governor of the state, but was defeated. In 1864 he resigned his posts to become president of the Mississippi Central Railroad (he remained in this position until 1874, and as a director of its successor until 1886). After the war, West returned to farming, though in 1865 he was elected to the United States Congress (they were refused seating by the radical Republicans). He was an elector for the Democratic presidential ticket in 1876, and a vice-presidential nominee of the Anti-Monopoly party and Greenback-Labor party in 1884 (his running mate was none other than ex-Union general Benjamin Butler). He was elected to the state senate in both 1878 and 1880. Absolom Madden West died on September 30, 1894, in Holly Springs, Mississippi, and was buried in that city’s Hill Crest Cemetery.
The presently offered specimen exhibits signs of only minor period wear, as well as very few storage issues. Light toning is present across the entire surface, imparting to the paper an off-white hue. This toning is somewhat darker and more noticeable on the folds that are present from the bonds time in storage (these folds occurred when the bonds were placed in safes or the cubbyholes of desks). A few foxing spots are noted for accuracy, as these are light and do not adversely affect the overall eye appeal of the piece. The contrast is fantastic, with only West’s signature being a little light (the signatures on the back are equally light, though all are fully visible). The bottom edge is slightly ragged, as if the first coupons were torn from the bond with a ruler as a straight edge. This wonderful piece measures approximately 16½ x 18⅛ inches, and, as noted, it would make a great item to frame and display is a home or office. This is a great opportunity to add one of these rarely seem pieces to your collection. This is the first of these piece that we have ever handled.
A charge of .95 will be added to the winning bid for postage and insurance.
If you have any questions concerning this item, please ask before purchasing.
Buy or Bid with Confidence – American Coins & Collectibles President Richie Self has worked 6 years as a paper money grader/authenticator. He has contributed to numerous reference books within the industry, as well as being a co-author of “The Comprehensive Catalog and History of Confederate Bonds, 2
nd
Edition” with Douglas B. Ball, Ph.D., Henry F. Simmons, M.D., Ph.D. and James R. Desabaye. Mr. Self is a life member of the American Numismatic Association, the Society of Paper Money Collectors, as well as numerous regional numismatic associations. He is an authorized submitter to NGC, PCGS, and PMG, a diamond founding member of Coin Dealers Helping Coin Dealers and a supporter of the Industry Council for Tangible Assets. American Coins and Collectibles can be found at many of the state and local coin shows.
American Coins & Collectibles
Shreveport, La.