Lexington union. (Lexington, Miss.) 1838-18??, 1841-09-04


stock upor being allowed ten per cent. oil
the profits OF the bank, the appointment OF
five Of the thirteen directors and stand
ing accommodation loan of $1,000, 81
the 10Th section requires the Governor to
execute to the said bank, from time to-
time, bonds IN amount proporIloned to the
sums subscribed aud secured to the salts
faction OF the directors, until the whole
amount of bonds shall be furnished. In
this charter you will at once perceive no
risk, no hazard of taxation whatever.
This act was pubIished-not the length
Of time required by the constitution, 1t Is
tue, but still it was published, and 1t is
unworthy Of this great question to dwell on
bubbles. At succeeding Legislature,
which met in January, 1888, the same
law came up for re.enaciment.-WhlIe 1t
was still pending, and before another vote
was taken upon il, joint committee OF
the Senate and House of Representatives,
a committee of the greatest weight and
highest responsibility that can at any time
be raised was appointed and instructed to
lHexam,ne whether the said bill can be
amended, and if so, whether II be practl-
cable to change it into State Bank eX-
cIusively." From the unanimous report
OF that committee; permit me 10 draw your
attention to the following extract:
"But as 10 that portion OF the said char
"ter which relates to the subscribers OF
Stockholders to the said institution, be
eng the primary condition on which the
"falln of the State is to be pledged, and as
nsuch constitutes vital part oil it, We
shave no power to change the same, I'M
"less it should be again submitted to the
"Deople for their sanction, which would
shave the tendency to postpone at lpas
"for Two wears its consumation. This
s'course ycur committee believe would b.
"dlrectIy at war with the wishes Of ou
sconstituents" &c.
This report was received and unanl
mousy adopted by the Legislature. A
that time. while the charter is still pend
ing and open of course to all amendment
admissible under the constitution, II IS tn
unanimous opiuion that the vital parts G
the Bill cannot be changed without re
submission to the 1eopIa.--Consequentl
1.-The original charter becomes a law on tn
I5lh day of February, 1888, without chang
or alteration. Without calling in ques
ton the constltuionalily OF this chare
! | might stop, and triuphantly ask? Tia
single bono of the State been issued an
! sold under this charter! If SO; who Wei
! the directors appointed by the Governc
/ TO manage the bank? Who were III
subscribers for stock? Had the books
, subscription been kept open for = months
= How many stockholders had paid ten DO
o lars upon each and every share subscrlt
r ed? How many bonds for stock had bee
r given and secured by satisfactory NOR
n nage? Not one of these things had bee
a done. at the time the bonds in ques;o
# we're issued and sold land the purchase
!. must have known 1t.
e But here follows the explanation: TIE
# DAYS after the passage Of the torego'n
If charter, the same Legislature that dee
o mined by unanimous vote that the chart
u could not be amended while penlng belo
Them, passed Gan act supplementary to
e act to incorporate the sbscrl0ers 10 II
1t Mississippi Union Bank"-wherelo, u
J. der the magic title OF supplement, the
:" endeavorsd to do indirectly what the co
10 science of every member checked him
s doing directly. They made changes IN t
i, charter, by way of supplement, which, b
W a few DAYS before, they had declared und
a. oath would vitiate the whole lnsirumeI
i. This procedure was in violation OF
n. parliamentary rule, known 10 thus or a
es other enlighted country; and 1t can
j.. considered 10 no other light than leg
IN aliye fraud; because it violated not OF
er the constitution, according to their o'
D showing, but also one of their expr'
We rules of order, which prohibited the rep
b. of any law the same session at which
Mt was passed. On the 18th of Februa
IS, 1898, this act took the form and shape
he law. The very first section chang
ks altogether the attitude Of The State to
ii. State to the Bank. la the original
ar the State being amply indemnifed' ayr
en- TO stand as the security for the stockh
RS ders; in this supplemental act she
nix comes primarily liable for $5,OOO,O'
re- In the original act, no individual Du'
ID citizen of the State can subscribe and ia
for stock; in this act the State becomes
nd subscriber for stock, and by express rep
cal gives up her ten per cent OF ProH's,
ne five directors, and her accommodation L
ire of 100000, and becomes a partner
us, the banking adventure. All this is d
The under the lalismantIc word supPLem'
uld without submitting in any way to