Holly Springs gazette., 1841-09-30

the SAID State OF Mississippi promises pay
ey of the United States to the order of the President dec
tors and company, IN the year with
the of five per per annum payable
half yearly at the place named the endorsement
On the the ofevery year until the pay
of the said principal testimony whereof the Gov
ofthe State of Mississippi has signed and the Treasu
the State has these presents
the seal of the State be affixed thereto Jackson this
year of our Lord
Governor.
SEC g. Be IL further enacted That the said bonds may
be transferable by the endorsement of the President
the Cashier of said bank the order of any person whom
to the bearer and the said endorsement shall fix
the place the said principal and interest shall be paid and all
expense incurred thereon shall be betrayed from the funds of
:he bank"
To make valid the pledge the faith contained
the fifth section of the charter provision in the 47h section
of the charter. inserted in these words:
Sec AZ. Be 1T further enacted That the fifth section OF
this whereby the faith of this State pledged for the pay
and redemption the loan contemplated by this be
referred the Legislature of this State of
the ninth section article of the constitutions and
that this be published under the direction of the govern
least three newspapers this State for three months
previous the regular election; and that this ogeh
with the yeas and thereon be entered the journals
of the senate and house of Representatives"
The charering the Mississippi Union Bank contain
the above provisions having passed. approved by the
governor far the action of that Legislature could be re-
cognzed Pursuant the provisions OF the 9TH section othe
act and the requirement oil the ninth section OF the n article
of constitution othe State the published and sub
mied the succeeding Legislature which assembled IN jan
uary 1888
1t that session of the Leg gsaure the repassed
codng the constitutional requistions and the 9Th of
February 1887 received the signature and approval of the
governor Thus that Legislatures of the State
representing the views and wishes of people, authorised
of the bonds and pledge of the States faith for
their redemption under all the observance and sanctions I'M
posed by the constitution The Legislature which assembled
in 1885, and repassed the tresh from the people
themselves and elected after the people had full time to
and decide upon the propre of the issuance OF the
bonds and the pledge of the States faith for their redemption
This sanction Of the Legislature of 1888 the passed in
1887 the deliberate expression of the public WILL which is
lfool laep IN oalnS or
Atthe session ofthe Legislature 1888 supplement
ary the act charering the Mississippi Union Bank was
av ofFebruary 1888 In the first supplement
provision authorizing the subscribe for
stock behalf ofthe State IN the Mississippi Union Bank
will be found in these words:
SEC l. BE 1t enGcted By The Legislature Of The State Of
Mississippi That the books of subscription for
the stock ofthe Mississippi Union Bank opened gov
Of the State hereby authorised and required sub
scribe for fifty thousand shares ofthe stock of the original
capita of the SAID bank the be paid for out oil the
the bonds executed the said bank al
ready provided for in the said charter and that the dividends
and which NAV and be declared by the bank
the said stock subscribed behalf the State shall be
held by the said bank the control ofthe State Le
gsaure for the purpose of internal improvement and the
promotion Of education
Puruan this section the governor of the State did sub
scribe the number of shares ofsock specified in it
The act conferred on the managers bank
the power oapponng commissioners to sell the bonds and
in the section defined In provision the terms upon
which they should be sold.
This section is in these words
SEC Be IL further enacted That the president and drec
tors of the Mississippi Union Bank the managers thereof
shall have ample to appoint three commissioners to
sell the bonds provided for in the H section of the act
incorporating the Mississippi Union bank any market
within the United States any foreign market under such
rules and regulations be adopted said president and
or managers inconsistent with the provisions OF
the said bank providd said bonds shall re sold
under their par value and that said shall
cept of any agency from any other banking or
rail road company whatsoever for the disposal OF any bonds
for the raising of money agents for the procuring
Of loans upon pledge of real for the benefit of
other corporation
The 18th section of the supplemental changing the ap
pointing ofthe Governor contained the 4th section
of the charter is in these words:
SEC H. Be 1T further enacted. That much Of the 18th
section of the charter fhe Mississippi Union bank pro-
vdes for the appointment OF provisional directory be and
the same hereby repealed and the ten managers elected
the second of the charter shall compose the first or
directory who shall be required to perform all the
duties of the said provisional directory the original charter
and that the choice president for said bank shall be
fined to their body and that the president and directory
so appointed shall remain office until they are superseded
ov the election by the stockholders and the Leg
isature as provided for in the charter"
After the passage of this supplemental act the Legislature
bv Joint ballot elected citizens of the of Mississippi
managers ofthe bank just created. /