Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-03-03


notes of individuals who had borrowed money
Of banks, and.aso Of private partnerships, call
ed ayolunsary unchartered associations for
banking purposes" by providing that although /
the law allows such assignees the same rights /
of action as other assgnees Of individuals, the |
defendant who is in most cases a stockhoderl
or accommodated borrower, shall have the ]
rioht, the new right attempted to be conferred |
by this act, to pay in the deprecated paper Of
the persons or bank transferring the note
most probably in payment of demands, which
should have been paid in specie. The latter
part Of this section IS Of the same class, and
allows debtor borrowing Of bank the paper
Of any other bank, to pay IN the paper Of the
latter without reference to the depreciation
which il has suffered in the interval
These provisions legaize injustice, and award
boon to frauds, at the expense Of those who
have been imposed upon by an unsound circu-
lation and credit.
The seventh section authorises a nnte-hold-
or of proclaimed bank, TO make any stockho-
der pay out Of his private estate to the amount
of his stock, in addition TO what be has paid
into the bank; notwithstanding he may have
Maid every dollar according to his contract with
The state, is not legally OF equitaby bound for
another dollar, and is wholly guiltless Of any
fraud or misconduct. CA large portion Of the
stock Of our banks was paid for and is held by
citizens Of other states, who on theefaith OF the
pled0e ofthe state, the then unstained honor Of
is citizens, aud the bountiful means which
Providence allowed them, invested their money
an these institutions. These means being ont
ON loan to our citizens and they being unable
10 paw now, what was borrowed, the banks
from this cause, as well as in many instances
from fraud and acknowledgement, fail to redeem
their notes; and this is made pTetext for re-
curing further payment from the foreign
stockhoder. The undersigned do solemnly
protest against such monstrous invasions Of
justice moral right, and constitutional enact
ment)
These are some Of the principal provisions
Of a bill, which in its total disregard Of moral,
legal and constitutional obligation, stands I'M
= rivaed in the annals of aDy country, civilized
or savage.
In this protest it is not deemed necessary,
nor are the undersigned allowed sufficient time
to present an extended argument to prove that
bank charter offered and accepted, constl
tutes a contract binding upon the Stale as well
as the stockholders. tits sufficient, at present,
merely to affirm our thorough conviction that
it "a SO, and that the wisest, best and most en-
Eqhtened statesmen and iurists from the earli-
BSl udyS III WDfCH tllC NuCctAon vas o5ttNeNNs
entertain the same opinion, almost without
division of sentiment.
Ii cannot be questioned that when the State
by enacting a charter offers inducements to
its citizens to pay the fruits Of their labor into
bank upon the terms prescribed, all who COM
plv with the terms are entitled to expect and
require that they he kept in good faith, and
that Their interests and property shall not be
invaded by the party Offering the inducements
TO them to make such investments. Both par
ties unquestionably have an interest IN the re-
suits; and infractions of the stipulations on Ell.
ther side constitute Just grounds of COM
plant and causes for redress. The great ques-
ton is, what department of the government is
competent to hear or try and determine wheth-
or the facts of the particular case authorize a
forfeiture Of the charter or not. On this point,
the undersigned cannot conceive a reason to
doubt Legislation provides for the future
judicial power, pronounces upon the past. Le-
gslatures deliberate upon what is best to be
done. Judges AMI juries hear evidence, try,
determine aud apply the law as it exists to
what has been done. To warrant forfeiture
for breach Of contract; trial, evidence, iudg-
mnnt, must be had upon facts This IS the
province Of jures and courts, and is clearly
judicial in its nature. Being so, it Is power
fsrbddep by The constitution to be exercised by
any ether than the judiciary Department.
When the Legislature undertakes, therefore,
on the ground of alleged violations and abuses
Of charter by the banks to forfeit their char
tiers, it assums judicial p6we: and attempts to
usurp the powers lodged in the juries and the
courts. The constitution in the ID article de-
CARES "the powers of the government of The
Site Of Mississippi shall be divided into three
distinct departments, and each Of them contded
TO separate bodies of megstracy, to Wit: those
which are legislative to one, those which are
judicial to another and those which are execu-
tive 20 another. No person or collection o.
persons being of one Of those departments shall
exercise any power properly belonging 10 ell
Their Of the others, except in the instances
hereinafter expressly directed or permitted.
Tholcgslativc assumption ofpower TO Judge
OF facts and nflict frfeitures does not more
obviously invade the constitutional distribution
OF powers, than the attempt to confer q sImIla
power upon the executive. They both equally
propose to. destroy the balances Of the cOnsti
tution, and to abrogate its most cherished fea
ture as declared in the 25th section Of the De
claration Of Rights "the right of trial by jurl
shallbe preserved inyiolate."
This act also violates the 19tlfsection Of thu
Decls ration Of Rights in these words: "Th'
legislature shall pass no bill Of attainder, er pos
facto law, OF law impairing the obligation 0
contracts;" and also the 10th and 18th article
ofthe same Declaration, which provides: "tha
one cannot be deprived of his life, liberty 0
property, but by due course Of law" and tina
sno persons property be taken and applied {
public use, without the consent Of the legIsla
ture, and without just compensation bein
frst made therefor"
The whole frame and purpose of the bill
10 lay violent hands, not only on the contrac
powers Of the banks, but upon their propert
and rights. II changes the features of thei
charters without their consent or any legal tr
al. Il impairs and interferes with the exercis
Of their rights vested under the law, propose
70 take money out Of their vaults to pay off
GERS unauthorized by charter, and disregard
with lawless and reckless spirit the PLANES
constitutional restraints.
The bill also invades in the most direC
manner the sanctity Of contracts legal beyon
al doubt, aud violates rights legally vested
individuals by merely private contracts, and
tho execution of those usurpatiOns attempts
make it lawful to discharge obligations to pa
money by tender Of deprecated paper, in d
rect coniravention Of that article Of the const
tuition which prohibits any state from "rnakin
any thing but gold and silver legal tender
payment of debts"
Still more, it invades the right Of trial by j
~, not only as the banks but as to private cit
zens by enacting in the 4ih section Of thea
that citizen may be imprisoned and fined