Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-01-26
Governors Message.
lcoNcLupED.A

ITO iNiSAb VI tpC9 {AuultBf vi LuUlit
Accounts on the Planters Rank, Of tlis
special Commissioners onsthe Agricullu
raj Bank, of the bank commissioners O
the State of Mississippi, together with
the statement furnished BY the Missis.
sippi Union Bank, are herewith trans
mitted. These documents will chal.
lenge your early and deliberate atten-
tion-they showathc whole bank move
ment ofthe State. The evidence re-
ported proves that all the banks have
exceeded their powers-that several Of
them were established in fraud, and
that the prosperity and welfare Of the
State demand the passage Of such laws
as will in future conGne them to the le-
climate purposes Of their creation.
amnot opposed to well regulated and
honestly conducted State banks: in
\ many respects they are highly useful
they facilitate exchange operations,
enable the industrious and enterprising
merchant to carry on bis business, and
advance the planting interest by furn-
N fishing means to bringsa greater guam
thy of land into cultivation, by the an
ticipation of the crops Of the produ-
GERS. They, also, afford safe and
profitable investment for the money Of
the;capitalist, and il prudently mana
ged, are highly useful to the communi-
ty. 1t cannot, however, be denied
that monied associations OF wealth are
anti-republican in their tendency, and
when perverted tospurposes Of spccu-l
lation, have whitening influence,
both on the planting and commercial
interest: several of our banks are by
their charters exempt from taxation
Others are limited to one quarter Of
one per cent. and they all deny to the
legislature the right of takingsaway
their charters or taxing them except as
provided in their acts ofincofporation.
To arrive at just conelusio9ss on these
questions, it Is, perhaps, necessary to
inquire into the extent Of our ownspow-
ers, and how far the existing instit1-
lions are placed beyond our control.
The object and end Of all government
is to promote the happiness and pros
perity Of the community, by which 1t
is established 1t can never Be
presumed that it ever intended to di- |
minish its powers ofaccomplishing the
end for which it was created. Every
act Of a public functionary is merclYl
an exercise OF delegated power cntrus-
ted to him by the people for a speci6cl
purpose. The limits Of power delega-
ted to the Legislature are TO be sought,
not only in the Constitution, But, id the
nature and ends Of the power itself and
the object of government and civil So
ciety. The acts Of the Legislature
arc the acts of the people, only while |
within the powers conieTredupon them.
1t is Indispensable that each i.cgisIa-
ture should assemble with the same
sovereign powers that were held byl
their predecesscrs-any Of their acts
them from Che future exer-
else Of their trust, orthe public good,
are void~-being ia substance i COZ en-
ant to desert their paramount duty to
the people. Thcpower Of taxation II
essential to the constitution and well I
being of society, and necessity reqairesl !
that the right should remain unimpair- !
ed. II is entrusted to the Legislature /
to be exercised, not bartercd away. IL {
is inherent and inalienabIe, and need /
not be reserved expressly III any grant !
of property to individuals or franchisesl
10 Corporations. 1t is, neverthc less \
true, that when corporation pays a
bonus 10 the State, for fheI i
franchise granted. in consideration ofIt
being exempt from taxation, chat i can 3
rot be Justly taken away without VI res ks
urn of the bonus, NOR can taxes be re- 4
luired without d violation of the pub- d
ic faith. The payment of a bonus to- 0
The State isa liquidationof a debt inl q
,dvance, which would BE- annually due 81
n taxes. None Of our banks have 81
,aid bonus to the State tbeir char VI
crs were granted solely on considera- u
ions ofpubIic policy and convenience, HI
md possess none Of the ingredients oil u
.ontracts. The principle which prohi= a
tits the resumption OF ope'y own grant, FIJI
locs not apply to che exercise of che 4
,minent domain whichthn State pos u
esses in the property Of all her citi-I fl
ems. The whole Of it may be taken Al
or public purposes, anditisnot requir- in