Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-03-09

hhhs 81 tn loans already made. The issue Of
six million OF dollars IN post notes wosld rebound
to the benefit Of The present debts Of he bank and
operate most injunonsly 10 the other districts.
Il may sell be questioned whether the Leglsla-
tire has the constitutional right to direct the Exee-
tive TO sign and deliver the bonds before The state
Is iGdemnihrd by mortgages on The property Of
Ihe stockholders. lfihis can be done. may not
subsequent Legislature enact that Ill the mort.
CAGES ne cancelled aud the security Of the state
destroyed THE &C, TO extend additional pFiVi
leres 10 the mississippi Unien Bank, and foI
other purposes" requires tho Governor Of the
stale 10 execute and oliver The Union Bank
bonds TO the amount Of len million i've hundred
thousand dollars; the faith Of the state Is pledged
for fifteen million five hundred thousand dollars;
but tho Executive is only authorized 10 execute
seven thousand tive bundled bonds Of two Ihous-
and dollars. each. No provision is made for The
issuance at bends for Eve hundred thousand dol
lars e die stock. and no time specified a, which
they sheuld be made payable Is II intended
that the Executive ar the managers Of the bank
shall designate NJ what periods said bonds shall
be made payable.
The ID section the bill authorizes the direc-
tors of the bank 10 establish agencies a. such
points in The United States as they may think
proper. A hank chaflercd BY this stuie carnot
make contacts oul Of the limits Of The state. and
nm at a loss 10 conceive tic object Of sHch
agenciss--perhaps they may be intended 10 aid
the bank ia monopolizing and carrying on tho
cotton business and i is possible they may be
employed TO protect the issues Of the bank N lee
,naaaer some Of our banking companies have
protected theirs. Such powers may be pet,er-
ted to purposes detrimental TO the best Ineres'y
Of the state, and can never consent 10 give otil
cal sanction To any measure calculated TO 'aci-
tate bank in dealing in cotton or sPecullting q
any article whate,er, The fpitit Of Tie aee 4
opposed 10 all monopelIes The merchants q
The country viii mover tolerate system Which
alll make them hankrupis and the planters WI.
soon find Out lhn, individuals can do their huat-
ness on better terms ard mote 10 their advantage
lbun any chartered company whatever.
The bill and resolution under consIderal.en
we're presented IOstuighl about nlre o'clock.
Both houses have agreed to adjourn this DAY.
Having numerous other bills to consider, caunoi
dwell upon various other objections which could
lie urged against the measure under CONSIDERS
ton.
The grave questions invoked IN tie bill and
resolution belute me, were net discussed 81 e,oi
known to the great mass Of the people rrese"s
the meeting Of the Legislature. an, we'll avnrr
Of the great responsibility | incnr IN coming II
conflict with the eNnons Of large majority Of
tach branch OF the Legislature. III am no, sus.
| tanned by inorc linn one.ihird Of one on both
branches Of Inc Legislature, TIE dfasuous effects
Of these measure. will hereafter, feel confident,
convince the people Of the state Of tie soundress
of my views. Should they fail, through my agen-
cy. may for time have 20 bear he odpm or
their defeat. lfl approve Of the biz and resolu.
ton before ne should feel guilty Of signing iho
death warrant oflhe credit Of he state aud 81 tho
Mississippi Union Bank
A. G. McNuTT.