The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-03-02

saie of tho remaining bones, and alter the |
op1t IS made the bonds could be issucd
ID accordance herewith dnd deliverod.
This would ohyiatc the necessity Of leaving
the places where the bonds are made payu-
bic blank, and keep the commissioners under
the strict control and supervision Of the man.
ayers. IL the graduation Of the stock is de-
layed until alter the spring terms Of our
courts other certificates will be requisite to
show that no judgment liens exist on the
property offered by the Stockholders. This
would cause considerable delay IND expense.
But IT il contended tina: the branches can
not be established because us yet there are
no persons qualified to act as directors. -
A reference to the 17lh and Bath sections
of the charter will convince any unpreju-
diced mind that the qualification Of the d.
rectors Of the parent hank and Of the Off
GERS of discount and deposite are widely
different. The first are elected by the
Stockholders and required to own at least
thirty shares of stock : The latter are elect
ed by the directors of the parent bank, and
the sole qualifications prescribed are that
they shrll be sscitizens Of this state residing
and domiciliated within tbs counties for
which said Offices shall be established"
The twenty FIVE per cent which the bank
is now calling in, with her other resources,
would enable the institution at once to es--
tabi;sh the branches, and thus equalize its
benefits believe that tho sixth district,
and the one in which the parent bank Is To-.
Gated, has obtained four-filihs of the loans
already made. The issue of six million of
dollars in post notes would rebound to the
benefit Of the present debtors Of the bank
and operate most injuriously to the other
DISTRICTS
It may we'll be questioned whether the
Legislature has the constitutional right to
direct the Executive to sign and deliver the
bonds before the state is Unidentified by
mortgages on the property of the stockhol-
ders.. If this can be done, may not SUBJ
sequent Legislature-enactth a. all the mort
gages be cancelled and the security of the
state destroyed? "'rhe act to extend addi-
tional privileges to the Mississippi Union
Bank, and for other purposes requires the
Governor of the state to execute and deliv-
| er the Union Bank bonds to the amour, Of
ten million FIVE hundred thousand dplla:s;
the faithof the state is pledged for fifteen
million FIVE hundred thousand dolarss but
the Executive is only authorized to execute
| seven thousand FIVE hundred bonds of two
thousand. dollars ca CHI. No provision is
| made for the issuance of bonds for FIVE hun
bred thousand dollars of the stock, and nc
time specified 1t which they should be made
PAYABLE. Is it intended that the Executive
or the managers of the bank shall designate
!. at whet periods said bonds shall be made
! payable?
The Cd section Of the bill authorizes tn,
1 directors of the bank to establish agencie,
at such points in the. United States as they
. may think proper. A bank chartered b,
this state cannot make contracts out of III,
limits Of the state, and am at a loss to con
ceive the object of such agencies-perhap
they may be intended to aid the bank in mo
nopolizing and carrying on the cotton bust
mess, and it is possible they may be employ
ed - protect the issues Of the bank in tn
manner some of our banking companie
have protected theirs. Such powers may b
perverted to purposes detrimental to til
best Interests Of the state, and can ncvc
consent to give my official sanction to an
measure ca!culaiedt TO facilitate a baak i
dealing in cotton or specializing in any art
Gle whatever. The spirit of the age Is OF
posed to all monopolies. The merchants {
4 the country will never tolerate syster
whichSwil make them bankrupts, and tn
4 planters will soon fnd out that individual
can do their business on better terms an
more to their advantage than any chartere
company whatever.
The bill and resolutions under considers
ton were presented last night about min
o'clock
+ Bbth houses have agreed to adjourn thi
day. Having numerous other bills to cor
4 slider, cannot dwell upon various other oh
s iections which could be urged against th
!, measures under consideration.
i The grave. questions Involved in the bl
and resolution before me, were not discus
! or even known to the great mass OF the pee
pie previous to the meeting of the Legisla
lure. l am well aware Of the great re
sponsibility incur in coming in conflie
with the opinions of a large majority
!, each branch Of the Legislature. If al
not sustained by more than one-third of on
! or both branches Of the Legislature, tn
: disastrous effects of these measures wi
hereafter, l feel confident, convince th
: people of the state of the soundncss of m
views. Should they fail, through my ager
CIV, 1 may for time have to bear the odiul
!, Of their defeat. II approve Of the bill an
: resolution before me, should feel guilty
2 signing the death warrant Of the credit