Lexington union. (Lexington, Miss.) 1838-18??, 1841-06-26

the bonds issued for that purpose.
The writer says that il is not the fault
of The bOnd.hoIders, but Of the Legislature,
that The supplement was not submitted TO
the people. True. But il paS the fault
If the bond-holders that they did not, at
the time of the purchase, acqualnt them.
selves with the extent Of the agency of
those who issued the bonds; and as they
dealt with the agents Of the people dehOrs
their agency, they canrotlook to the prin-
cpal for payment.
The redoubtaBls writer endeavors to
show a similarity of condition between
the supplemental charter Of the Union
Bank, and the present Constitution Of the
State, which he says was not directly rat
fled by the people; and urges, that as
such ratification was waived in relation
TO the constitution, it should likewise be
waived in relation to said supplemental
charter. The analogy between the two,
is entirely chimerical. The constitution,
from the time OF its creation, has been re.
ceived and recognized by the whole peo'
pie of the State, as the fundamental law
of the land; and 10 all their political do.
ings, they have looked to it, as the charter
of their delegated and reserved powers /;
which is tantamount to direct ratihca-
ton. While the supplemental! charter
alluded TO, is but on act of a Legislature,
sworn to support sad new Constitution,
under which they were elected; s. which
alone contains the enumeration Of the
delegated powers confded to them.
This universally received aud acQuies-
ced in constitution, explicitly points out
he only manner IN which the faith of the
state Gao he pledged; aud no law for that
purpose, passed by Legislature owing
is existence to SAID Constitution, can be
ratified in any other manner. Hence the
node in which the Constitution was rati-
led, "r acquIesced in, cannot be said TO
Constitute IA precedent for the ratification
# such law.
The writer further contends that the
nith of the state was pledged, and its liza.
IIily fixed by the fifth article of the orr.
inal charter; and that the supplement
hereto did not impair the pledge or dc.
troy the liability.
BY the Original p''"''e', ~" how
efore observed, the faith of the state was
pledged merely for the purpose of enabling
he stockholders of the bank, to obtain the
oan necessary TO its creation; and the
ponds of the state were not to be issued
inllI ii was we'll secured against all ulti.
nate liability. The supplement however,
n addition to changing many other lead.
ng features of the bank, proposed 10
pledge the faith Of the state to obtain
stock in the bank, in its own behalf
Consequently it not only impaired the
pledge contained in the original charter,
aud destroy ed all liability arising there
from; but, in fact, created an entire new
pledge, which, as it was never sanctioned
by the people, imposed on them no obIiga-
ion.
Conscious, doubtless Of the weakness of
his position in relation to the supplement,
he admits it unconstitutional, g. attempts
10 fix upon the state liability, atcruing
under the original charter. The bonds,
however, were issued under the supple
nent, and not the original, as is evident
rom the fact, that at the time of their
ISSUANCE, stock TO that amount had not
been secured to the bank. as provided for
n the thirtieth section of the said charter.
As this important provision Of the original
charter, was not complied with, no Iiabil-
~ can attach othe state, even under its
provision for otherwise the state would
ave to sustain the loss, which was never
either by the trainers Of the
harter, or the people who sanctioned it,
New Hotel IN VICKsRURe A Ho-
Ell designed to be the most splendid and
ommodions in all Mississippi, is now
eing constructed IN the City of Vicks.