Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1840-03-12
VOL. 5.--No. II.


bonds Of the State delivered 10 said bank---or TO
sell them on a credit, or take less than their
par value therefor Fin gold and silver. And
lchereaS, the exchange Of said bonds, or any
portion thereof, for the present liabilities of the
bank, or for any other deprecated paper,
would be subversive ofthe spirit of the charter
Of the bank, and ruinous to the good people Of
the State of Mississippi. and tChereds no cor
poration can exercise powers not specially
granted IN the act of Incorporation, and every
act transcendng its authority is absolutely null
and void:
And whereas have good reason to appre.
bend that an illegal attempt will be made either
to hypothecate five millions of Bonds Of the
State of Mississippi, issued last year and deliv4
erred to the Managers Of the Mississippi Union
Bank, or to sell them on credit, or for paper
money, or to exchange said Bonds for the Post
Notes and other liabilities of the Mississippi
Union Bank, now not worth sixty cents to the
dollar. And whereas the State of Mississippi
is in no manner bound for the redemption Of
the present circulation OF the Mississippi Union
Bank or for her liabilities. And whereas, this
State has already incurred large debt for the
purposes Of banking, and from the situation of
the institutions 10 which it has been confded,
there is no prospect that the Bonds, which are
the evidence of said debt, can be paid to the
holdels thereof by said banks, and the State it.
selfhas no means Of refunding either principal
or interest to said bond holders, except by on
erous taxation to which there is every reason
to believe the people OF the State will not sub
NIT, and which, in all probability, they will not
have the ability 10 sustain if they we're dispo-
sed to bear the burden. 1t would therefore be
a fraud upon the people of this State were any
more State Bonds negotiated on other than -le-
galterms, and also fraud upon the purchasers
of these securities, who would take them upon
a misplaced confidence Of ultimate payment
And whereas, the constitution enloins upon the
Executive "to take care that the laws be faith
fully executed,"l have therefore thought prop
er TO issue this, my Proclamation, warning all
persons and corporations not TO advance money
or securities or credits, on the hypothecation
of said Bonds, or to receive the same in ex-
change for the circulation or other liabilities
ofthe Mississippi Union Bank, or to purchase
the same on a credit or for less sum than their
par value in specie, or on any other terms not
expressly authorized by the charter Of said
Bank. All such sales, hypohecatons and ex-
changes being unauthorized.by lawwould not be
III any manner binding upon the good people of
this State, as they would be in contravention of
the terms upon which the faith ofthe State has
been pledged.
In estimony whereof, I, ALEXANDER g. Nc
MUTT, Governor ofthe State aforesaid
have caused the great seal of the State
SEAL 10 be hereunto affixed.
Given under my hand at the city of
Jackson, this second day Of March,
in the year ofour Lord one thousand
eight hundred and forty, and ofthe
sovereignty ofthe State OF Mississippi
the twenty-third.
A. G. McNUTT.
By the Governor:
Thomas B. WOODWARD,
Sewetaryof State,