Columbus Democrat., 1840-03-21

TIE G1yeruar- veto oalas 5l -s-s4.H- "s
taeap frs. section o- ,lr Union Baas raar'f''
which imposes - rer cen, damages oa oil -
notes not ptsi on presentation, IS as follows.
. r. tls House { R,groufaIrs5
A bH 10 Be euued "au act i3 r'Fsa. ST.
much o[ yhc tucuiy-tr,i seetlln oi The aci 20 q
corporate the subscribers Of he Aisslssipp
mon Bank, az relates 10 ihe fifteen per cent dam
ass-, Ms presented 10 the ENeeuuse late This
evening BY The chairman Of the JON, committee
on enrolled bills. lus-much as both houses have
agreed to adjourn his evening, AN preeuded
from stating my objections to It's passage as il'll
as desire.
The twenty first section Is 10 the following
words "lhai the said corporation ,hai. never re-
fuse specie payment 10 current COIN ol 'be L.
States, or suspend payment Of any ol then notes.
bills or obligations, OF Of any funds received oy
them On deposte aud If eve. the SAID corpora
ton shall refuse or suspend the sa d payment the
bearer OF holder Of any note or obh2auon' OF any
person having the nght 10 demand OF receive TIE
same or receive the amount Of any dePose a.
before recited, shall be entitled to receive and
recover damages, at the rate ot hlteen per cent
per aunam."
Although the word damages is used, consider
! that Ms true meaning, taken ~ connection Win
the context, Is interest; for the latter clause ot
/ he section provides that the holder OF Tie DIS
HoH1red bills Of the bank, shall recover damages
at lhe rate Of Is per cent per anunm. am d
ware that damages strictly speaking, cahhoi DC
recovered { the h.II is protested alter the IrPe"'
OF the aw allowing such damages, Was repeated
II Is very coilaln that no law can impair The nghl
OF the holders to the interest allowed by law on
/ bill, and notes executed fore the passage OF
act taking Off interest or diminishing the note, IS
passed.
! It will not be denied, that the expectation Of
| the holders Of notes of the Mississippi Union
| Bank, thai they would oe entitled to fifteen per
cent. per aunum on the same IN the event OF Their
| beng dishonorcd, have teGdcd greatly to prevent
! Their depreciation much more than they have.
/ 1t surely does not comporl with justice aud good
! faith, Cor the legislature to euac, law which wlll
inevitably cause The notes to deprccale at least
ten per ceul. below their present standard, and
thrpw the loss, not only on the bill holders, but
on the people Of the State, through whose hands
| this deprecated trash must necessarily pass.
understand that the specie IA the bank, IS
now about three hundred thousand dollars
Should the ball before me pass, the bank might
leel llsel authorized to discount more paper and
put out a circulation 10 the amount Of nIne hun
dred thousand dollars. am warranted from the
HISTORY Of the bank to conclude, that such con
suucuon will be placed upon The recent enact
ment, OF the legislature, rs will suit the designs
and wishes Of The directory, and therefore can
not sanction any measure tending to facilitate the
bank, N increasing her discounts or circulation.
Il will be remembered, that last February,
refused NY sanction to the resolution authorizing
the bank to issue not less than five or more than
six million OF post notes. Two thirds Of each
branch Of the Legislature failing to oyerrule my
ohlecuon 10 thai msasure, It oi course failed,
itt the Iu,oa bank IN violation oi the laws OF
the land, and n thorough contempt of the egls
lalNe power, commences forthwith to issue post
notes payable N twelve months, and has now out
standing OF liabilities on account OF such issues,
to the amount OF about four millions oil dollars.
II the last issues had not been made, the bank
would not now be N such desperate crcum-
stances.
My action in retaining the resolution referred
to, was conlempuuusy pronounced as the act Of
a sogie individual An appeal vas made to the
people. Was luumphaudy sustained by the iree-
men of the State, aud received a larger majouty
,aan was ever obtained by any executive Of the
! State, When tie election was Vigorously contested
| am oi opinion that no candidate before the peo
| pie Tor u legislative or executive office ayoNed
| himself N tuNor Of repeating the twenty first
sect on at The charter Of the bank The policy
! OF The measure has never been discussed III the
public press sluce the legislature assembled.
Not one tenth Of the people Of the State, are a.
ware that such measure has been introduced.
! Most Of the bills Of the bank have on their face
10 conspicuous letters Faith Of the State peds.
od.' The State Is not bound for the redemption
of one dollar OF tie circulation or Liabilities OF
the bank. The creditors of the institution mus
look alone TO the assets OF the bank Tor payment
The hlsehood contained on the face Of the uole;
is nothing unusual. All bauk notes contain the
same ingredients, ioI no bank was ever able I,
redeem all her liabilities on demand. Paper mo
uey was originally the representative OF specie
To our age 1t IS the representative chiefly OF cred
1t.
1t gives me certainly no pleasure, TO be com
peiied 10 return SO many bills wuhuu; my sgna
tufe. Beng hrmly persuaded that The passas
oI the bill before me, would be beuehcial alou
u the few, and destructive TO the many, aud III,
It would sunk siJtl deeper the credit OF the AlI'
stssippl Union Bank, as well as that Of the STATE
| return 1t 10 The representatives OF the peopi
lof reconsideration.
E A. G. McNUTT.
: Ciy Of jackson, Feb. %, lo40.
Short and Street, and 10 the polaL--The 70
loving is one OF Gov. McNutts veto message
returning law which passed the last Leg,st