Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-07-17

Vice Presidency. It is doubtful who viii sue
coed.
MISSISSIPPI UNION BANK.
1t is, we think, high time for the press
throughoutthe State to speak out on the SUBJ
ject of this mammoth institution. Its provi-
sions are not well understood, and we much
fear many of our planters have made arrange
meuts to pledge their property for FORTY
YEARS, without looking much into the matter,
or thinking of the immense injury that may
accne to themselves and their posterity. We
have not the time at present to look into the
constitutionahty of the charter as it now
stands, but viii simply remark, that before the
credit Of the State can be pledged, by the
Constitution two Legislatures must act upon
the subject. We all know that two succeed
ing Legislatures approved Of the project, but
the last Legislature pinned long tail to it in
the shape of Supplemental Gct," which In
our opinion, without particularly examining
it and the Constitution of the State,) also re-
Quires the alton Of another Legislature. The
Bank, however, is to go into operation, and
Governor McNutt has already been signing
in behalf of the people, $5,OO0,0OO o.
State Bonds which when due are TO be col
lected out Of the profits of the Bank, or from
the purses of the people, who are, all knows
in debt Sufficiently, by their own transactions
There S another important fact, which, it is
high time all should be aware of who have
not examined closely the Goth section Of the
original charter. AS we understand it, il
opens to those who choose to take adv an,
tage Of lit, chance offraud never before heard
Of The latter clause Of the section to which
we refer reads thus:
"The Mississippi Union Bank shall
have the right to cause to be seized anc
sold, according to the laws of this State
the property so mortgaged, III whose
hands soever it may be found, in the same
was found in the hands Of the mortgager
Notwithstanding any change of title by
inheritance or otherwise.
The plan as We understood it viii worI
thus:
A has property valued at $4,000, to pun.
chase which he borrowed of c and ID i s.
600. A takes stock in the Union Bank anC
mortgages all his property to pay for it. G. anG
d. remain unpaid and cannot possibly attach
A'sproperty in consequence of the law ere.
ating the charter. and are obliged either tc
lose their money, wait forty years, or trust tc
the honesty and good luck of A for the ulti.
mate payment of the money. The Bank in
this instance makesan enormous inroad upon
the rights Of individualswhich, in our opinion,
is unjust AID dangerous. The 18th section
contains the same principle az the 18th, and
we insert It to invite examination:
Sec. %. Be it further enacted, That
if any individual who shall have obtained
from said bank loan, secured by mort
gage, as herein provided for, shall maks
a voluntary or forced surrender of his
property TO his creditors, the said surren-
der shall not impair the right of the bank
to ary moftgaged properly that shall not be
comprised in any cesSion or estate, until
the full payment is previously made of
the sum due the bank, and secured by
mortgage; and the bank may proceed, by
order Of the sale, in the same manner as
if 10 surrender had been made; and any
surplus Of the proceeds Of such sale, after
paying tie debt due the bank, shall be paid
over to the PERSONS legal representatives;
in no case shall the applying for, or OBJ.
taininga respite from his creditors, in any
mannef impair or effect the right of the
bank, To recover all loans secured on the
properly of such persons; nor shall any
act of seizure, or the execution of pro.
tJoEts 1ss ia any ss.-~lol,.yvys,,5 10
fiuerced thereby"
Here again the bank is supreme, having
the night to collect to the injury of individu-
ais. In fraa. We slrink the Union Bank i wen
-4'Culated to make great many roOues
who wOuldnot otherwise be 50, and that It
VIII lntilct bpOn posterity blow that win be
severely Jet and for which we much fear the
curses OF or children wiz be heaped upOn our
memories we have spread our thoughts be-
1ofe the public N hasty and imperfect
MANNER with no other view than to invite IN.
veshgahOnfnto the matter before it il too