Lexington union. (Lexington, Miss.) 1838-18??, 1841-07-17

rious Inconvenience and injury TO the
people Of the state, in writhing under an
unusual degree Of pecuuiary embarrass-
ment, which requires prompt and efficient
aid TO relieve them from that extreme
state of misfortune and distress, which the
decerning eye can easily detect in the
gloomy vista Of the future, &c. **
This report was received and agreed to
by the house, and the same committee re-
ported to the Senate, which was in like
manner received and agreed to.
Thus it is seen that both branches Of
the Legislature affirmed, that the, "prima-
ry" ADD "vital" principles, upon which
''the faith Of the State was TO be pledged"
were the mortgages and bonds of the "sut.
scribers or stockholders" 10 the said instl-
tuition; and that the legislature had no
power to change the same, unless it should
be again submitted 10 the people for their
sanction"
AT pages 1873 and 1888, same journal the
original act Incorporating the Union Bank,
was passed second time, (ayes SO nays
81 and became constitutional law: this
aw clearly points ou, the conditions which
upon the faith of the State was to be pledg.
ed: and this act does not contemplate any
direct responsibility on the part of the
State for one sous; but that The stockho-
ders should give mortgages on property
fully to the amount Of stock taken, that
the stockholders should pay $40 on each
share subscribed; that no bond of the
State should be executed until $4,000
were so paid in, and further that the mort>
cages and bonds Of the stockholders should
be deposited 10 the Office of the institution,
before the governor should be authorized
10 ign any Stale bond whaleyer-lhese
we're the conditions upon which the PEG.
pie agreed TO pledge the faith of the State
these were the primary and vital con-
dItions upon which the people agreed to
plight their faith-these are the same
''primary" and ''vital" principles, the re-
port Of the joint select committee declared |
that the legislature had no power TO change
unless 1t should be again submitted to the
people for their sanction; yet these same
members at the same session as will be
seen at pages 800, $50, (house Journal
passed an act supplementary to an act
10 incorporate the subscribers to the Mis-
slsslppi Union Sank: the first section of
which authorizes the governor to SUBJ
scribe for five millions of the stock, there.
by making the state directly responsible
for the five millions; which supplemental
act, was not then submitted to the people,
nor was it ever submitted to them; and as
a necessary consequence it is a nulIlty,
for no single act Of the legislature can by
any contingency bind the people to pay
any bonds which may grow out of such
an act; and this is proven by the very
men who passed the act for they say in the
language of the report of the Joint select
committee Fwe have no power to change
the same, unless it should be again sub.
mitted to the people for their sanction"
There are some gentlemen who have
subscribed for stock in the Union Bank,
who are DESTROYS of creating a response
billty on the part Of the State to pay those
bonds; but in this they are wide of their
object, for if the State be in any manner
behind FOR the payment of those bonds,
that obligation is created by the original
charter; for the Supplemental act cannot
bind the State; and if under the original
charter the stockholders must first be sued
to insolvency before the State can be
made liable; the stakeholder is first re-
sponsible, in any shape whatever; but as
this subject will best be understood by
presenting the facts, ! herewith give an
abstract from the original charter embrac.
ing all the material facts upon which the
faith OF the state was TO be pledged as also
the supplemental acts in parallel colums
showing what parts of the original act are $
repealed by the supplement: showing, in.
deed that all The "primary'' and "vitaI"
principles upon which The faith of the '
State was to be pledged, were repealed BY @
the supplemental act. = q
original Charter. Supplement.
Sec o; 10 lacill' Sec. l. Au- y
'S'e ,ne Oh'on Bank !horses the gov
Tor the loan Of fifty erro, TO subscribe 0
mli'lonS hve hundred for fifty thousand :,
InouSanu dollars, the shares of the CAPT. =
a ,1 o, .ne State is tai stock (this pro. y
paoueeu pom Tor Sc vision repeats the :,
,us Vi Tue capital fundamental prn- Il
~" g INTERESTS &C" cipIe of the origin. =
les the President and rec,lv mskos Tho D
cashier to transfer the State rosnon.;h,o a
'ocds by endorses for Som nm No, 81
nent--and that the con,emnIatod h., tt
Banks shall paw all or;o;n.i " W