Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-03-17
ALEXANDER G. McNUTT,
GOVERNOR OF THE STATE OF MISSISSIPPI

GOVERNOR OF THE STATE OF MISSISSIPPI.
Whereas, IT is provided in the 9th section of
the !" Act supplementary to an act TO incorpo-
rate the subscribers to the Mississippi Union
Bank" approved Feb Is, 1888, sThat the
President and Directors ofthe Mississippi Uni
on Bank, or the managers thereof, shall have /
ample power 10 appoint three commissioners
to negotiate and sell the State Bonds, provided |
for in the 9Th section of the act incorporating |
the subscribers to the Mississippi Union Bank, |
in any market within the United States, or in |
any foreign market, under such rules and re-
guations as may be adopted by said President
and Directors or managers, not inconsistent
with the provisions of the charter of said Bank:
Provided, said Bonds shall not be sold under
their par value; and that said Commissioners
shall not accept of any commission or agency
from any other Banking or Rail Road Compa-
ny whatsoever, for the disposal of any Bonds
for the raising OF money, or act as agent for the
procuring of .oans upon the pledge of real es-
tate for the benefit of any other corporation"
And achereas, it is further provided by the char
| ter of said Bank, that two and half per cent.
shall be paid on the stock at the time of sub
scribing, BY each stock holder. And aehereas,
| the said advance has not been made by any re-
sidcnt stakeholder of this State, either at the
tine of subscription or since-and consequent
1 ly no individual stakeholder has acquired any
| right to stock in said Bank. Bad lchereds no
part ofsaid charter authorizes the Mississippi
Union Bank to hypothecate all or any portion
of the Bonds of the State delivered to SAID
Bank-or to sell them on a credit, or take les
than their par value there for in gold and silver.
And 1chereas, the exchange ofsaid Bonds, or
any portion thereof, for the present liabilities
of the Bank, or for any other Deprecated pa
per, would be subversiye Of the spirit of the
charter of the Bank, and runous to the good
people ofthe State of Mississippi. Aud achere-
as, no corporation can exercise powers not spe
cially granted in the act of incorporation and
every act transcending It's authority is absolute
ly null md void
And whereas, | have good reason 10 appre.
bend that an illegal attempt will be made Ell
Their to hypothecate five millions of the Bond
ofthe State of Mississippi, issued last year an,
delivered to the Managers of the Mississippi
Union Bans, or to sell them on credit, or fol
paper money, or to exchange said Bonds for tn
I Post Notes and other liabilities of the Missis
i sippi Union Bank now not worth sixty cents o.
the dollar. And whereas, the State of Mis-
;, sissppi is in no manner bound for the redemp
e ton of the present circulation of the Mississip
ri Union Bank, or for her other liabilities. =.
n And whereas, this State has already INQUIRE
a large debt for the purposes of banking, an
e from the situation of the institutions to which
/ has been confided, there is no prospect tina
q the Bonds, which are the evidences of said del
I can be paid to the holders thereofby said bank:
and the State itself has no means of refundin
s either principal or interest to said bond holder
q except by onerous taxation to which there
g every reason to believe the people of the Sta'
r will not submit, and which, in all pfobabilit
N they will not have the ability to sustain if the
IL were disposed to bear the burthen. 1t woul
m therefore, be fraud upon the people of tn
a State were any more State Bonds negotiate
ST on other than legal terms, and also a fraud u
on the purchasers ofthese securities who Won
a. take them upon misplaced confidence of uli
re mate payment. And whereas, the ConstItl
OF ton enloins upon the Executive Ito take car
n that the laws be faithfully executed" I har
N therefore thought proper TO issue this, my Pr
n clanatiOn warning all persons and corporation
NJ not to advance money or securities or credit
J. on hypothecation of said Bonds, or TO receiy
J. the samein exchange for the ejaculation or
OF ther liabilities ofthe Mississippi Union Bar
v or to purchase the same on a credit or for
s less sum than their par value in specie, or al
other terms not expressly authorized by Il
ne charter of said Bank. All such sales hypoth
q cations and exchanges being unauthoriz,
TO by law, would not be in any manner binding
< on the good people ofthis State, as they wou
IN be in contravention of the terms upon viii,
"a the faith ofthe State was pledged.
ne In TESTIMONY WHEREOF, | ALEXANDE
e G. McNUTT, Governor of the State
y foresaid, have caused the Great Seal of Il
E State to be hereunto affixed. Given und,
my hand at the city of Jackson, this secon
ar day of March, in the year of our Lord OF
le thousand eight hundred and forty, and oft
as sovereignty Of the State of Mississippi ii
I'd twenty-third.
n A. G. McNUTT.