Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-01-19
NO. IS.


Il has received until the FIRST day Of July Bext.
The Commissioners in The sale OF the bonds ex-
eeeded their instructions, bat no doubt obtained as
much ior them as could have been had at ihe
time Of the sale. An ANXIOUS desire 10 place
the bank into speedy operation was certainly com
| mendable, but s, the same time no violation of
! the charter should have been sanctioned.
| The report Of the Auditor Of Public Account.
ON the Planters Bank, Of the special commission
efs on the Agricultural Bank OF the bank com.
Inissloners OF the State of Mississippi. together
with the statement furnished by the NJ ssissippi
Union Bank, are herewith transmitted. These
documents vii challenge your early and d,hbcr.
ate atenuon-lhey show the whole bank move.
mcnt Of the State. The evidence reported proves
that all tho banks have exceeded their powers--
that several Of them were established ia fraud.
and that the prosperity and welfare Of the State
demand the pussage Of such laws a. will ia future
couhnc them to the legitimate purposes Of their
creation. am not opposed to well regulated
and honestly conducted State banks in many re.
spects they ave highly useiul--they facilitate ex-
change operations, enable the industrious and en-.
terpusIng merchant to carry on Els business, and
advance The planting interest BY furnishing means
TO bring greater quantity of land into cuya.
ton, by the anticipation OF the crops of the pro.
ducers. They, also, afford safe and profitable
investment Tor the money Of the capitalist, and if
prudenlly managed are highly useful to the COM
MUMMY II cannot, however. be denied that mo-
neyed associations Of wealth ARE antI.republicAn
IN their tendency, and when perverted to the pur.
poses Of speculation, have whitening influence,
both On the planting and commercial interest, Sc.
veral OF our banks are by their charters exempt
from laxallon--oihers are limited to one quarter
OF one per cent, and they oil deny to the lcgsla-
lure the night OF taking away their charters or tax.
my them except as provided in their net Of incor-
pouon. To arrive at justc on these
questions, ii is, perhaps, necessary to inquire into
the extent OF our own powers, and how far The
existing institutions are placed beyond our con
troll. The object and end OF al government is
to promote the happiness and prosperity of tho
community, by which II Is abllshed--and il
can never be presumed that II ever intended to
diminish It's powers OF accomplishing the end Tor
which II was created. Every acl Of public
iuncllonaiy Is merely an exercise Of delegated
power entrusted 10 hIm by the people for a spe-
cllic purpose The hunts Of power delegated to
the Legislature are 10 be sought, not only in The
Constitution, but, IN the nature and ends Of tho
power lse and the objects Of government and
cwll society. The acts Of the Legislature IRE
the acts OF The people, only while within the pow.
ers conferred upon them. Ii Is indispensable that
each Legislature should assemble with the same
soy reign powers that were held by their prede-
cossors-any OF their acts disabling them from
the future exercise Of their hust, for the public
good, ale void--boIng IN substance a covenant to
desert then paramount duty TO the people. The
power OF taxatlon Is essential 10 the constitution
and well beng Of society, and necessity requires
that the night should remain unImpalred II is
entrusted to the Legislature TO be exercised, not
bauered away. 1t is inherent and naIlenable,
aud need MOI be reserved expressly in any grant
OF property TO individuals OF franchises TO corpo.
Iaons. II is, nevertheless, true that when
corporation pays a sufficient bonus TO the State,
Tor The franchise granted, in consideration Of be-
ing exempt from TAXATION that il cannot be Justly
taken away without return Of the bonus, nor
can taxes be required without violation of tho
pubic faith. The payment Of bonus TO the
Slate - liquidation Of debt IN ADVANCE which
would be annually due IN taxes. None Of our
banks have paid a bonus to the Slaie-helr char
tiers wcic granted solely on considerations Of pub
be policy and convenience, and possess none Of
The ngrcdieni. Of contracts. The prIneiple which q
prohibits the resumption Of ones own grant, does
not apply TO the eminent domain which the State
possesses 10 the property Of all her cl.izens
] no whole Of II mag be tsken for public purpos-
es, and II is not required that payment should be
made N advance, nor can II be exaccd unless
HE INJURY be direct Should The lands, tene-
nenis, or effects Of a corporation be taken Tor
public purposes, the constitution guarantees pay
mcnt, but when the injury Is consequential, no
claim can be pr ierred against the State for dam
ages. The repeal OF a charter does Dol deprive the
company Of their banking houses, their coin, or
heir notes aud bls--iaklng away their privileges
J, damage without injury. II is q settled pnnci-
bio that a State law may be retrospective in its
character and dyes vested rights, and yet not
violate the constitution Of the United States or OF
hs State, unless ii also impalrs the obligation Of
d contract. The charter OF bank is not 10 It's
character contract, where no bonus is paid
y one Of our banks except those required TO build
rail roads have any burlhen imposed upon them,
nor can the investment OF money by capitalists
in our banks be esteemed hazardous and thus en-
title the stockholders to continuation Of their
privileges. They were established; alone, 10 adj
vance the interests aud promote the welfare oil the
people Of The State, aud those that have abused
her privileges and are detrimental TO the public
good, should no longer exist--no direct injury
would result by the repeal Of their charters, Ell
Their to the stockholders, Debtors or creditors OF
the provision could be made for winding
10 their ailars-t tine gwen 10 collect the amounts
due lhem, so US neither to distress their debtors
or ieopardize the interests Of any one concerned.
|, therefore, respectfully recommend that the
the charters Of all the banks founded in fraud, or
conducted in such manner as TO be injurious TO
the community, be repealed: and that such restrc-
oas be imposed on the others as will contDe
hem to the business OF banking alone, and Sc
49,. Lhe manila anninai cliIlrn ahllsns The evi.