Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-07-06
For the Southern Argus.

For the Southern nlSu
suor1p THE Union BANK BONDS BE PAID.
five are bound by the Constitution, or by
the principles Of honesty, they should all ad-
nit If we are neither bound by the consul
tuition, nor by the principles of honesty, no one
we believes contends that they should. II the
bonds had been sold according to the proVis-
ions Of the original charter, then would the
State have been constitutionally bound 10 pay |
them. For the Constitution provides, that |
law to raise loan Of money upon The creaie
of the State, shall pass one Legislature De
submitted to the people in three newspapers
Of the State for three months, and then pass
successive Legislature. This, with regard 10
the original charter was done. But the Union
Bank Bonds were not sold according to the
provisions of original charters, but according to
the provisions of the supplemental act; which
never was submitted TO the people, and never
received the sanction of two Legislatures. II
the supplemental act has been an amendment
without changing the leading, and important
features Of the charter; there could have been
no necessity for submitting it again TO the
people, but that it does change the leading vita
and important features of the charter canno'
be denied. Under the original charter. the
State was to have standing loan of $500 OO0.
and one tenth of the profits of the Bank, and
mortgages on the property ofthe stockholders
for the whole fifteen millions as security. The
supplemental act makes the State a stockhol-
der, to the amount of five millions, and takes
away the standing loan of $500 600, and takes
away the ten per cent profits, and takes away
all security for 5 millions. The original char
ter is in fact law to raise a loan Of money up
on the credit of the State in any way, and the
supplemental act, law to raise loan of mo-
ney, upon the credit of the State IN another
way. Since the supplemental act is IN effect
another law to raise a loan upon the edit of
State, and should have been submitted to the
people, and confirmed by successive Legis.
lature, and since it never was submitted to the
people and confirmed by successive Legisla-
ture, the State of Mississippi cannot be legally
bound &c pay loan made under its provisions:
nor can she be morally bound; unless it can be
shown that she has in some manner sanctioned
or approved by the loan. If she has in any
manner sanctioned or approved Of the loan, the
spirit or intention of the constitution has not
been violated. The object ofthat extraordinary
section of the constitution requiring that law
to raise loan of money upon the credit of the
State, shall be passed by one Legislature, sub.
mitted to the people, and confirmed by sue
eeeding Legislature, is doubtless to prevent
representatives from running their consttu-
ents in debt rashly, and contrary to their wish
es. And if a loan is made under law which
has been submitted to the people, and confr-
med by a succeeding LegslatUre,-we say
that such loan was made in strict conformity
with the constitution. But if loan is made
under an act which has never been submitted
to the people, and confirmed by a succeeding
| Legislature, and the State afterwards by soma
act sanctions 1t, or shows her appreciation oft
we say that such loan is in conformity with the
spirit or intention of the constitution. At al
events, we hold that if the State of Mississippi
has sanctioned, orapprUved of tho loan of mo-
ney made under the provisions ofthe supple
mental act she is in justice, and honesty
bound to par it. For should an individual
sanction loan made by his agent in express
violation of Instructions; we know that thai
act would make him not only morally, but le-
gally bound to pay 1t. And were it not for the
extraordinary and peculiar manner in which
our Constitution prescribes that a loan upon
the credit of the State shall be made, the sane.
ton of the State to any loan whatever, would
bind her not only morally, but legally. Letus
then see if the State has in any manner sane.
toned, or approved of the loan made under the
supplemental act. Did she repudiute the loan
Did she refuse TO receive II! Did she refuse
to use and control it! Such we find was not
her course, but on the contrary, we find that
she did take charge of the loan, that she did
use, control, and manage 1t, and that she did
declare or resolve that il should be paid. 1t
then appears, that the State has both in word,
and deed, sanctioned and approved of the loan
of money raised under the supplemental act,
and we consequently conclude that high mo-
la obligation rests upon her to pay it. Ifthen
we are right in our conclusion, that a moral
obligation does rest upon the State to pay the
Bonds III question, it is beyond a doubt the
duty of the State to pay them; and that too, in
conformity with the Constitution. The people
of Mississippi have said by their Constitution,
that they viii pay no loan, nor redeem any
debt, unless the law for such purpose is passed
by our Legislature, and submitted to them, and
then confirmed by successive Legislature.
Holding then, the Constitution, and our honor,
sacred, and inviolabe, there is none other
course left us, but to assume the 5 millions
debt, in the form prescribed by the Constitu.
ton, and hquidate it at maturity.
ONE OF THE People.
! Speeches are sometimes sermons upon ev.
cry thing, if the speakers had only touched