Lexington union. (Lexington, Miss.) 1838-18??, 1841-01-09

.D ~ luOiSN -,
:, BY that Institution was illegal aud
- Vi y Of rs charter. Ihave understood
l' ,Se larger portion Of those Bonds have
h %s sold by the Bank. but are by,
u o.s,sd with European Bankers, and
!. attained upon them. il is a well
y Or;ncioal OF law, that where no
n",i,y il given to an agent TO sell on
mo no legal sale can be made except
~ The charter Of the mississippi
;"n Bank is expressly made part Of
w. "n,eemen, for the sale Of tho State
Ss IN 1888. That sale was illegal
C C.aodulent, and either Of the following
,"ds are sufficient to prevent its having
obioa,ory force on this State.
!, The Bank Of the United States is
United BY its charter from purhasing
.,,ck either directly or indirectly.
81 Il was fraudulent on the part Of that
H. ;ussmuch as the contract was made
.Sa name of an individual, whom in fact
"'', for the benefit Of the Bank, and
wan, was made with its funds.
"a The sale was illegal inasmuch as
lands we're sold on credit.
IN Interest to the amount Of about one
a ,S,sd and seventy thousand dollars
XIV SSans accrued on those bonds before the
,%S money was stipulated TO be all
\ N. bonds were in fact sold at less
= ,hs;r mar value in direct violation Of
charter ofthe bank.
h no doubt will be commended that, in.
nuch as those bonds may have passed
l the hands Of the innocent purchasers,
the State is bound TO redeem them.
4, argument yanishes, when il is con.
p,ed tha, under our Statutes all defen-
H, NAV be sci up against an endorsee
sieh would be available against a payee.
Fhs Constitution Of the State having
digna,ed with great precision the manner
n &hich the faith Of the State alone can
" bledsed, and the Statutes having been
msae part Of the asreemen. for tho sale
II Nose bonds, all persons purchasing them
ia be considered as doing SO at their
us,l. Admitting that il is competent for
M State to accept aud affirm an illegal
ss|s Of State Bonds, il can only be done by
n passage Of a bill for that purpose by
10 successive Legislatures. 1t will be
rendered that the commissioners char.
"a with the sale Of The State Bonds were
spGcnled by the corporation of the Union
LIB, and were not amenable 10 the LIE.
ebture or the Executive for the manner
fshiCh they discharged the trust confidcd
Mem. The Executive OF the State has
sler admitted the validity Of the sale Of
State Bonds-Neithcr the Executive
bac, House Of Representatives nor all
BEN combined, could ra,ify an uncon.
htional pledge Of the faith Of the State
b. illegal sale of State Bonds. The
stulion would be Of liule value if il
q be trampIed upon with IMMUNITY and
Ipra millions loaded with debt con.
Etel IN opposition to its express pEovis
Oar ancestors alter'a struggle o.
years continuance, conquered theil
pendencs os Great Britain, because
Empire sought 10 impose small ia,
tea, without their consent, to aid. in
psuishing the heavy debt incurred in
carried on for our protection agains,
French and Indian neighbors. The
emen Of Mississippi are not so degen.
b as 10 submit, 10 heavy taxation To
claim not contracted in accordance
their supreme law. | trust the day
distant when The light of Heaven,
Pre- that warns us, the bread we cal
rhies we wear, all articles of produce
every necessary oflife, will be taxed
va demand founded neither ia justice
Equity. Should the Legislature differ
me in opinion, and resolve to impose
hcent tax on the persons and proper
all The people Of the State bonds, and
ovde Tor the principle as il falls due
moving sums must DO provided for
NF present session.
' n advanced by the Bank ofthe U. States
ta0Iers' Bank Bonds. ei2a,2e2 %
Ialn't due July, Al $l25,00O
ny F" pay same in
d0A l2,5oo
-- l37.500 90
Iaecung in 1871,
Ia?, on 100000
es Bank Bonds,
100000 U. Rnk. s14o,ooo
Ugh $4,000
- $4,000 90
,c,... $l,o75,72l %
!, ). Unpaid, $4,000 90
'"Sfan'', 100000 90
$l,5OO,72a 90
Ne event Of the passage Of a law
,a's session to raise the above sun
aNOn' 1t would have to be assessed
sen' years and could not be collec.
C S,o me spring Of 1912; and the
1912 would not be available unit!
ing 1888. lhaye not therefore