The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1841-07-03

:, change the original charter; he
,rovs. also, thatthi restriction AS to sell
;osfor notices. than par value isto be found
min this supplementary charter-that
,be original charter gives to the bank
.,nIe mower to transfer them, without
.nv restriction as to he'D much they
should be sold for:-I repeat then' why
this perpetual din of his ExceIIoncy ana
The :. small fry ofant-bond men "Oou,
cd and illegally in their being sold
Gov loss than par yaluoF Let it be remem-
bo,od. however, that do not admit that
Tho sale was made for less than par
value.
Bnt. in addition to Gov. McNutt's mes
age. will adduce, in support Of my ar
,Iment, an authority which ought, in the
o.tination of anti-bond-payers. 10 be
oouaI in Importance to the message itself.
T orude to the report made to the Legs
l.mre on the 18th February 1910, by
;,;ot select committee raised to inVestl-
..,o the affairs of the Union Bank. This
oommitteo consisted, as previously stated,
or E Loco-focos and 4 Wings; Hanson
usburv, distinguished anti-bond-Pay-
- was chairman; and Mr.. Tucker, the
..osent anti-bond candidate for the office
of Governor, was a member thereof, and
c,ve this report the high sanction of his
aoorobation. The committee took the
nostion that the post-note law of May,
1887. applied only to banks chartered
PREVIOUS to its enactment; and that as
,be charter Of the Union Bank was not
,DDroyed till February, 1888, the Union
Bank had no authority to issue post
notes. In support of this position they
reasoned thus:
"TEe charter fthe bank required the dc-
fonoftvo successive Legislatures before IL
became lar: the first action was had
in 1897, the second in 1888 1t has been
contended, that the first action conferred
complete charter powers, and that there
fore the issue could be made under the
postnote law Of 1887. This position the
committee conceive to be sophism hard
~ worthy ola passing notice. The life
andBood Of the charter was the pledg
ING the faith Of the State; all the other
provisions depended upon this, and could
not have been carried out had this pro
vision topledge been stricken out or tail
ed. The constitution requires The Ia1o Il
90 upon the journals, and receiUe the sane
ton Of tpoo LegjsZatures-this acOuld no
bcompIied NTH by action on a part Of tn
ar."
Inow leave it to you, Mr.. Editor, ant
h9candid among your readers to &c
crmmo whether nave not proven, boil
by argument and by high anti-bon5 pay
ing authorities, that the supplemental
charter, in which alone is to be found the
restriction about selling for par value, i:
void, and that, therefore, the objection t
the bonds on this score is groundfess.
But even admitting, for argument
sake, the supplemental charter TO BIZ
valid, the objection is equally unten
able. For this supplement, as | have be
fore shown, received the action Of but on
legislature, and was Of no higher authc
rIiy than an ordinary act Of legislation
Any subsequent legislature could, cor
Sequently, repeal it in part or entirely
assert, then, that if the bonds were sol
for less than par value and in violation
otthe provision to that effect in the sup
pIement, that a subsequent Legislator
dd virtually repeal the provso requirin
themto be sold for par value; and, there
lore, the objection on this score is com
pIetey Obyiated and the bonds are bind
ing upon the State At the January Sc;
son' l84l, the Legislature passed tn
following resolution:
RESolred, That the State Of Missi.
0pPI Is bound to the holders of the bond
u the State of Mississippi, issued an
olo on account ofthe Planters and Mi
SSSlPpl Union Banks for the full amour
VI Inc principal and interest due there
on"
but this is not all. At the session
'04V' when there was majority Of L.
'o'iocos, the Legislature did, also, Writ,
""y repeal the said mar value DrOriSO.-