The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-10-19

hat the Stale WOul1 ABIDE bV the cnntr1Cl )
md did not the reception Of the proceeds
If the sale on The part of The agents of The
State. and the appropriation Of To the use
af the State. as pointed OUT by the charter
without any objection on the part Of any Of
The Safe authorities. am nni TO conf
ma ttnn nf i'sell! il app, ars To me thai
here can he M donhl of IT, think the
NO nev WAS as nuch received TO the use Of
The state as no. ithaA been paid nIo the state
Treasury. If the State were TO appoint an
lgenr 10 Negotiate a lnln al four per CEN
IN il should be contracted for at five, and
The State received the monev and used II.
1 could it be said that The State was not
bound 10 pryG The l,w, as we'll as the
equity, is clearly against the ground which
has been assumed as a discharge of the
State from this contract. The acls of the
, State upon every princ'ph Of law and fair
dealing, amount To a confirmation of This
negotiation aud il is entirely TOO lare for the
Slate, after the lapse of three years. when
the speculation has resulted dsasIeronslv,
to come and ask to be ahsolved on the
ground Of fraud. With such a pIen in her
month, the State would not come into the
chanccry of common honesty with clean
hands,
Mr.. Howard then examines the Constitu-
tional objection set up in this matter by the
Anti-hoad payers, at length; and shows con-
clusvely that it has. 10 sort of legal support
Il. And on the subject of the ratification Of
the sale being by but one Legislature, OBJ
serves:-
"lt certainly cannot be true that the same
forinqHtv would be necessary 10 confirm
void sale where authority in pursuance ofthe
constitution had been given TO make a sale
"a would be required to authorize a sale OF
any character in the first instance. The pro-
hibii1n of the constitution apples TO the
grant OF the power by the Legislature aud
not to it's use afterwards. II is intended to
restrain the Legislature in making the grant.
and not the agents of the Stale in admins
/ ieriug the grant after if has been conferred.
The restriclion is coafAed TO the authorize
ton OF the loan, and not TO the use of it after
1t has been regularly authorized
The loan was merely voidable, and not alb
soluley void, and there is no good reason
! WHY it might not be ratified by ordinary gov
! ornamental acts. As a general principle the
same tormality IL not required TO confirm
voldable grants. "a TO pass them in the hrst
! instance. Would il NOT then he a rank fraud
! in the State, 10 receive this money and en-,
Joy il three years, and then refuse TO refund
How could she hondhotder know that lht
action OF two Legislatures was necessary Il
confirm this CO ltrac With what face cOulC
the State refuse tn refund, under amy state o
the legal question after receiving the InoleXI
The illegally OF the negotiation would be
good reason for declining TO receive tn,
money, but not tor not paying after havnl
enjoy ed it. This would he an honest reason
truly. for refusing to account for millions
which had been actually received
The constitution was made TO control tn,
; exercise of our own government, and no
foreigners. 1.-THE administrators are false t.
their oaths and violate the constitution, tina
is the misfortune OF the country, but ough
MOI TO affect other parties who deal in goot
. tai:h.
r 1t is matter Of history, that three-fourths o
the people Of this State rejoiced with an ex
) ceeding Joy, when the bonds were negotia
Ted. doubt not that they would have con
! hrIned the sale BY direct vote, had the qles
: lion been put TO Item. The people CT tn
STATE have nos baen loaded with the Unto
a bank, contrary 10 their wishes. Il was on
~ OF those wild schemes ab01 which men eaS
v y went mad. Thy swallowed. the poisu
. with All liiy. Neither lhe Executive or til
!. legislature would have been sustained in re
;. -pndiatiag the negotiation aud resembling tn
!, contract. The haIucinaion was 100 inve
crate. A refusal TO ackhO = ledge the cor
: rsct therefore. at this lale day comes with
peculiarly i'll grace" ..s..-
Here are Mr.. Howard's views upon Il
: rsubject Of putting the bank in liquidaton,-
!. sThe holders OF the bonds have an eqitab
!, lien upon the assets Of the bank and the Ii
! biities oflhe stockholders. They have rig
= 10 demand,that the State shalllake meastIr
e to enforce This remedy by eOercing the hanI
'e 10 meet their engagements to the bond hol
ID ers. If the State neglects or refuses 10 cor
b ply with this obvious duty. it will not on
n. forfeit the faith of the State, bat waste lar
81 fund which might be saved. Will not q
:. Legislature be false 20 the OBLIGATIONS
Il honor of.ihe State. fit refuses TO enforce 4
= rights OF the hon, hol,lers against the Plar
- ers' Bank and the Mississippi Rail Road Coz