Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-04-07

THE STATE BONDS AeAIN.-We find IN
the last "Attala Gazette, long communica-
tioE on the subject Of the State Bonds. The
writer, who'signs himself "Roderick," enters
into laboured argument to prove, that the
State is not bound for the paymentofits. bonds,
given TO the Union Bank of Miss; and by it
sold to the U. s. Bank ofPennsylvania. We
shall notice such of his positions as we deem
worthy OF it. He says
The faith of the State was not pledged for
the security of the capital so to be raised, and
the interest, ( c.; for the supplemental act did
not receive the sanction of two successive le-
| gisatures.
This is an argument if a misstatement of
facts can be so called, which IS being constant
" used and If is time for it to be- placed in its
proper light.
Facts are sometimes troublesome things
particularly when they are opposed TO argu-
ments founded on suggestions of facts;
and here the writer has, by inference, missta-
ted them, for the faith of the State is pledged
not by the supplemental, but by the origina
act OF incorporation which did receive the
sanction of two successive Legislations. TIT
supplementalIact.di did nothing more than author
ize the Governor to subscribe for $4,000 shar
of stock Of the Bank; and did not pledged tn
State any further than it was pledged by tn,
original act: but on the contrary, as we shal
presently show. took steps TO secure the State
to the amout of S5,000,00O.
The correct state offacts are three: in I6S1
the Legislature Chartered the q. Bank, anc
by the fifth section of the charter enacted
: THAT in order to facilitate the said u. Bank
for the said loan Of fifteen million five hundred
thousand dollars, the faith of this State be, and
= hereby is pledged, both for the security of the
capital and interest," &c. This section then
goes on authorship the Governor TO sign bonds
in the name of the State, to the amount 0
!. S15,500,000 payable to the order of the Miss
4 Union Bank, which bonds were to be sold sc
The act was submitted to the people in confor
:, nifty with the conditions, and by them approx
=, ed; the Legislature met in 1888. and approved
the act: but fearing that the State might be
come a loser. they made it stochkolder {
the amount of S5000,OO0; thus as they the
! supposed, securing it to that amount. TIL
first Legislature pledged the faith of the Stat
to the full amount, without giving it any intel
est in the stock ofthe Bank; the second / egi!
lature, without in any way altering the pledg
gave the state an interest TO the above amour
'r We have seen something of this world an
y have seen a good deal of the practice of q
"a law; but this Is the first time that we ha1
at ever known it gravely contenaed, that ma
I'd can release himself from suresyship, |
'e taking steps to secure himself from ultimai
e loss. The next position which we deem worth
le Of notice, is the one that we are not bound
"a pay, because the U. S. Bank of PennsyIvan
g had not the right to contract. We have ont
n before noticed this position as question of la
Is and shall not do so at this time; but will'conte
So ourselves with saying, that we pity the ms
ct who is so lost to moral principle as to borro
ms money, and then refuse to pay back, 5ecau
m his creditor had no right to lend. The CO
y, science keepers of locofocoism, If locotocois
nd has such thing as conscience, cert ainly
CHI serves great credit for their ingenuity in a
at Stunning this position; and are welcome to
it the benefit they can derive from it.
Enough has been said to.show that the pr
chasers ofthe bonds were no better than gaI
e. bling spectators, and made the purchase
ne the spirit and with the view of speculation, a
IT. consequently have no claim on the honor
NJ the Stale or its citizens to pay money viii
they never received, aad never authorized &
~ Bank to receive, through void and iIlee
he contract"
r. This is rapidly becoming the current doctri
Nv OF the day; and some man are refusi
on TO pay debts, because the debts are due
Ter spectators and "Bank swindlers.' This m
Is, be locofocoism, but it is not honesty.
Ter OFFICE SEEKERs.-The following addre
off which we take from the s.ATisSouvan Ronrl