Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-01-22

i .lua8luuCu Is the D0u48 were Golo Oh GtIll
and interest accrued from their date, ii &
certain that they were sold Cor less thtf
their par valUe. The bank has sIe lolots
paid interest on the sum of Ave b. iod d
dollars FOR the use Of one million, and VII
have to pay interest on more money llIsln
Il has rocsiged until the first day of JULY
next. The Commissioners Ia tie sails 81
the bonds exceeded their Instructions bit
no doubt obtained as om6eh for ll61S s
could have been bad at tie tiins 81 he
sale. An anxious desire 20 place atlI,y
sbank into speedy operation, was celuill5F
comDendable, bur a tie sqf1o tins n0
violation Of the charter should have bssa
sanctioned. U bas isE1a
The report of the Auditor Of Public
Accounts on the Planters Bank. Of the
special commissioner on the Agricultural
Bank, Of the bank commissioners of (He
State Of Mississippi, together with tilS
statement furnished by the Mississippi
Union Bank, are herewith transmitted,
These documents viii challenges your en-
ly and deliberate attention~-thev show ths
whole Bank movement of the State. The
evidence reported proves that all tie,
banks have exceeded their powers--thaE
several of them were established in.faud.
and that the prosperity and welfare Of the
State demand the passage Of such laws Is
will IN future cOn6ne them 70 the legitis
mate purposes Of their creation. am
not opposed to well regulated and hones,.
ly conducted Stale Banks: IN many ~
spects they are highly useful--thsy facili.
tate exchange operations, enable the IN
dustrious and entepTising merchant 20
carry on his business, and adVance the
planting interest, By furnishing means %
bring greater quantity of land into cub
tivation, by the anticipation Of the crop3
of the producers. They, also, afos6 4
safe and profitable Investment for the mo-
ney of the capitalist, and, ifiPrudenflg
managed, are highly useful fOthe c0nnma-
nifty. II cannot, however, be denied, that
monied associations ofwealth, are anii.res
publican in their tendency, and when per-
Verted to the purposes of speculaiiou5
have a whitening influence, both on the
planting and commercial interest segerz
al of our banks are by their charters ara
empt from taxation--otheFs are limited 60
one quarter Of one percent, and fhevan
deny to the Legislature the right Of taking.
away their charters, or taxing them, exs
eeptas provided in their acts of incoru6g
ration. To arrive at Just conclusions, on
these questions, it is, perhaps, necessary
to inquire into the extent Of our own polia
ers, and how far the existing instilniiens
are placed beyond our control The Oh
jeet and end of all government IS 10 proa
mote the happiness and prosperity of the
community, by Bhich,it is established<-
and it can never be presumed that Il ever
intended TO diminish its powers of accom-
plishing the end for which Il was created.
Every act of public functionarY s n1sre.
ly an exercise Of delegated power enfrtisfss
ed TO him by the people for specific p5r.s
pose. The limits Of power delegated e.
the Legislature are to be sought, notlOnly
in the Constitution, but, in the nature a11
ends Of the power itself, and the objects
OF government and ofciVil society," The
acts of the Legislature are the acis of tie
peoples only while within the powers cen
ferred upon them. Il is indisDe1rible
that each Legislature should assemble With
the same sovereign powers that were helal
by their predecessors-anyf of their acts
disabling them from the future exercisa 90
their trust, for the public good, ara void
being in substance a covenant q desert
their paramount duty TO the people. The
power of taxation is essential 10 lie co-,-.
stitution and well being of society, and ne.-
cessity requires that the right should =.
main unimpaFed. Il is entrusted "a. the
Legislature to be exercised, not bartersd
away. 1t is inherent and inalienable. and
need not be reserved expressly "a. any
grant of property to. indiYiduals, OF frsS-.
chises to corporations. IT IS, neveFthelaeq
true, that when a corporation paws q ls,Ii.i;;.
Gent bonus to The State, for the ffanchisg
granted, in consideration Of being exsrsns
from taxation, shat i cannot Be Justly -.
ken away wlhOut return of tie bon.is.
nor can taxes be required without viola.
ton Of public faith. The payment of 3
bonus to the State IS a liquidation of 5 DR..
in advance, which would Be annually Dr.
ia taxes. None Of our banks have I'D
a bones TO the Slate--their charters were
granted solely on considerations 81 nubs.
lie policy and convenience. and Dos
none Of the ingredients Of CONTRACTS sss
principle which prohibits the rssu
of ones own grant, does net apply - d.
exercise Of the eminent domain which lie
State possesses IN the property of 81 sr.
citizens. The whole Of i may be iaiEe1
for public purposes. and Il IS not rer
thai payment should Be made II al ancs.
nor can it be exacted unless the nm,
direct. Should the lands, teIes',,-, a.
effects Of corporation Be taken for pub.
lie purposes, the constitution guaTsri's
payment but when the Injury = cons
qusnilal. no claim can % preieTle
lhs State for damages. The rspea = =
charter does not deprive he conns1V. a.
their banking house their cain, a. ilsiir
notes and bills taking away Their p-;;ss.
leges 8 damage without injury.
settled principle that State law Tsar -
retrospective IL its character. suS 49,
vested rights. and yof nol riolS,s ~
constitution Of the Uniied ,rs- - -
this State unless i sle1 inpaiTS tie Z,
gatiop 81 9 contract. Ihe cISr',l. = =
bank s. not infits character
where 10 bonus IS paid. Non ~ ~
banks. except those required IA Is j.
roads, have any bnrfhen inn
/ them, nor can the inre7I1l,s..iS 81 ,.--,-5s-