Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1841-10-14

merely on obvious facts; and Mr.. L. cor
ours in one fact, which places my Who'll
argument on a solid, immoveable basis.
According to Mr.. Thompson's ow
showing, by reference to The supplement
tai act, 10 the mortgages for stock, and t,
the power of attorney to the commission
ers who sold the bonds, tie State is til
only stakeholder IN the Union Bank. Tn,
history of this business exhibits a sngu
lar procedure. The original act admit,
ted OF none but individual stockholders
but at the session at which the supple
mental act was passed, there appeared &c
be disposition in some Of the members to
change the charter, 50 as to make the
State the onl y stakeholder, and they es
tabllsh a pure government bank. The
result however was, that $l0,500,000 OF
the stock were allotted TO individual sub,
scrlbers, and IS 100000 to the State
The State, according 10 Mr.. r., became,
under the supplemental act, "primariIy
liable for $5O00,000" THIS sum was
borrowed Of the United States Bank, and
this borrowed money was called the State
stock, and claimed rs such by Governor
McNutt, as one Of his annual messages
will show There were no individual
stockholders when this money was OBJ
tanned, and the mortgages gwen alters
wards by individuals for stock, were al.
together prospective, and relate, as Is
therein expressed, 10 the "ten millions
five hundred thousand dollars Of the loan
to be obtained, by means of the State
bonds" Now no part of the $4,000, 900
allotted TO individual subscribers, ever
was obtained, the Governor having taken
special care TO prevent IA further loan, by
blasting the credit Of all the bonds then
unsold. There being, therefore, no indi-
vIdual stockholders, the Union Bank is
properly and exclusively the property of
the State.
Mr.. Thompson censures, with much ac-
rimony, the conduct OF the Legislature in
passing the supplemental act, aud making
the State Il stakeholder in the Bank. But
the censuro comes too late for public jus.
tice, though not too late for party policy
If the Legislature betrayed It's trust, it
should have been denounced three years
ago. But what was the public feeling,
then? Quite in favor Of the legislative
proceedings on this subject. In this coun-
ty our appreciation was expressed by a
public dinner, 10 which was especially in
vited "a representative from an adjoining
county, who had taken leading part in
the acts chartering the Union Bank
And ifthe conduct OF the Legislature was
right then, it cannot be wrong now Nor
is it so clear, as Mr.. 7. valnly thinks he
has shown, that the measures Of the le-
gislature were either unwlse or unconstl-
tutiona on that occasion. Had they been
carried out by the bank commissioners
and the Governor, with harmony, fidelity
and discretion, we should now have had
a popular bank and good cure ncy; and
there would have been no ant-bond party
to disturb, distract and disgrace the State.
But ii the measures of the Legislature
were wrong, if the supplemental act was
unconstitutional, why throw the whole
blame on the two houses? Where was
the vigilance of the Governor? Where
was the restraint Of the veto power which !
he has nerve enough to use whenever he
feels the inclination? Why did he not
arrest the proceedings which he now
condemns? But do what he may, or omit
what he will, he is always right. He /.
was right when he created banks by the
dozen, and he was right when he destroy
ed them by the score. He was right |
when he declared there were no individu-
al stockholders in the Union Bank, and
he was right when he said there was none
else. He was right when he affixed his
signature 10 the State bonds to give them
validity, and he was right when he put it
to o,her documents to annul their effect
"The King can do no harm," though he
destroy the currency, the credit, the char
acter and the peace Of the country.
In reasoning on the supplemental act,
Mr.. Thompson declares that the action Of
he legislature therein was null and
void; ahd the whole world were bound to
axe notice of it," The WHOLE WORLD!
W hat eminent nonsense! How many per.
IONS are there, out of the State, who know
my thing about our constitution, or egis
alive acts? Why should they know
Why should M. Biddle know? And why
should he suspect any thing wrong in the
proceedings Of our legislature? Why
my thing wrong in the conduct Of our
commissioners, who presented their full
,ower Of attorney for negotiating the
ponds! If the commissioners did act con-
rary to law, did violate their instructions,
he other party is not accountable for
heir misconduct. The extreme absurdi-
y, the unprecedented injustice Of the an S
i~bonders, consist in this-they would
IoId the lender responsible for the fault i
# the agents Of the borrower, (( fault c
here beg and thus make US take advan. |
age OF our own wrong. Their doctrine
arried out is as follows: Seeing that our