The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-10-15

with that part of the Constitution quoted by
| Mr.. T.?
But it is the misfortune of those anti bond
men that the positions they assume, almost
every one of them, are not only untenable,
but if true, would avail them nothing. If the
Supplement is unconstitutional it is nothing-
absolutely nothing. 1t affects nothing-al-
ters nothing. Then the question would be
whether the original charter gives the bank
authority to sell the bonds. If it does not,
then it never had authority, for it is given no
where else. Here is the Sixth Section of the
Original Charter.
"That the said bonds may be transfera-
BILE by the endorsement of the President and
Cashier of said bank to the order of any per-
son whomsOever, or to bearer, and the said
endorsement shall fix the place the said prn-
cple and interest shall be paid"
Now, what do men mean when they say
the bonds were sold under the SUPPLEMENT-?
Mr.. Thompson says that in the first in
stance the State was only security in this mat
ter and that the Supplement makes it prin-
cipGE. All, but Mr.. Thompson, we thought
you said the Supplement was unconstitu-
tionaR Then how can it make or unmake
any thing! We thought law that was un-
constitutional was nullity. But the idea of
principal and security in bond is something
new. Such thing was never read ofin the
books or heard of the Courts. Wehad heard
that Mr.. Thompson was said to be a lawyer.
But moreover, the bond itself lin the Origin
al Charter) says that the State of Mississippi
acknowledges to be indebted &c.-'which sum
the said State of Mississippi promises to pay
Is that the language of security! For these
reasons the idea of the State undertaking to
be security is preposterous.
The extract which MIR. Thompson makes
from the report OF Committee of the Legis-
lature Of 1888, showing that they could not
CONSTITUTE onaly alter the original bill is any
thing but favorable to his argument. The
/ Committee say this would postpone at least
/ for two years its consummation. This course
4 your committee believe would be directly at
war with the wishes of our constituents.
Yes, verify. The people it seems wanted
the thing done then. Soto meet 'the wishes
of our constituents they passed the Supple
ment.
But the writer says, it is by the action Of
the Legislature of 1888 alone that the State
becomes a Stockholder in the Union Bank,
This is very true. And will any man say
that the Legislature if in session now has not
a right to subscribe for stock in any bank in
the State! Upon this ground you may ques-
ton the wisdom or patriotism of the LegisIa-
ture, but we are talking about the liability of
the State to pay these State Bonds; and how
does the fact that The State once upon time
subscribed for stock in bank, affect that
question! But, bear in mind, Mr. Thompson
says, the Supplement is illegal. Then the
State is not a stockholder, and no harm is
done in this way. 1t is only necessary as we
pass on to keep Mr.. Thompson in his own
positions. He says the supplement repeats
part of the original charter. No. sir; if un-
constitutional, it repeats nothing, for it is ut
terly cold.
Mr.. Thompson says it is apparent that the
sale of the bonds was made under the Sup
plement, because that is referred to in the
, power of attorney. No, sir; that does not
follow. 1t is apparent thatthey regarded the
{ Supplement as part of the law because then
f Mr.. Thompson had not declared it uncon-
: stitutional. But, we repeat, the authority the
bank had to sell the bonds was given in the
original charter.
Mr.. Thompson then concludes that, the
: bonds were illegally sold and were illegally
issued, though he does not attempt TO show
D word or sentence any where in the Consti
tuition which forbids, or pretends to forbid
t the Legislature from doing any thing which
2 has been done. He quotes the Constitution
/ which forbids the borrowing of money excep
4 in certain way, and he acknowledges, fo
: the facts compel him to acknowledge, tina
r 'the LauO' which authorised the borrowing
underwent all the constitutional forms. AnC
: the principle must not be forgotten as we g
f along; that State Legislature has a right t.
a do any thing and every thing not Forbidden
t by the Constitution.
J. Mr.. Tucker and others, not able to distin
: guish between the Federal Constitution anC
e those of the States in this respect, regarC
If them all in the light of 'LeHers Of Attorney
It So that the Legislature would have no au