Lexington union., 1841-08-28
For ihe Union.


paper to submit 10 The people OF this co'ly
a bret synopsis of the debate AT Lexington
on the bond qaesllon'on the I4,h inst. l.
For the sake OF brevlty, shall give The
substance OF the arguments advanced Uy
each parry without discrimination.
The cause Of the boudmeo, was advo-
Gated by DR.. KERN, Y. r. Land aud W.
Brooke; The cause Of the people aud their
constitution, by Il. Field, J. NJ, Cardoz i,
and Bea. Gnlin.
Tue debate was opened by the Bond
men, vino argued that the faith of the state
VS. pledged in the original charter, as
pnncIPal and not as secunry-aad that
The object OF the people Of state 10 pfeds-
I"g the Iarh, WAS to raise fifteen millions
II dollars TOR The heutiil Of the u. Bank
ihey argued that no part Of The charter
vas necessarily referred 10 the people for
bar consideration and adoption, but the
'aith.p .plrdgiug clause.-and the balance oi
me charter was mere nppcndages on tha'
clause, with which The people had nolhIag
20 do. They admitted that the people
only, bad right to authorize the pledgin.
II the faith ot the state, but had no righr
. q say for what purpose, upon what comm
ions, or whether as principal or security
they held up the form Of the bonds TO thr
people aud sad, that the state therrin
acknowledged herself indebted to the Mis-,
sls>ippi U. Bank that The bonds were
slgnel by the Governor and counter.
SgHed by the State Treasnrer-and af-
tirned that they had the groat Seal of the
state affixed to them, which clearly es-
tab'I.hed the coGslIiutionaily Of the debt.
"A to 'he supplement, they considered il
a Heta appropriation OF money TO be raised
'nder the original charier-and repeal
some OF the aPpendagas Of the faith.
pedLlng clause which Of course, the Le-
gsnIure had right 10 do, as the attention
nt the people Was never invited TO any
part OF the charter, but the flh.pIedping
eiHhse. lacy argued Ihai the bonds
we're sold al par, notwithstanding they
were sid on credit ut from two TO ten
months. For, said they, though the bank
los; 1850 900 OF interest by selling the
rnuds on credit, it would have cost the
aux that amount t" ship the specie to
Jackson. Therefore, they give MIR Bid
| lie the s 100000 IN consideration oG which
he undertook all The rrouale, risk, and px>
1ense Of m'kIng the payments in New
OienHs- which was much better ihan
having Ihespecle IN the vaulIs OF the bank,
rs II would enable the bank, hy selling
checks at premium, TO regain the Sl50,. |
900. They argued that a admitting this
irbt was contracted in violation of the
constitution aud laws Of the State, we
"tle morally and honorabIy bound 10 pay
the debt. We got The money, SAID they,
under the great seal If the state, and our
acts subs quen!y 10 The sale of the bonds.
IA far recognition of the debt. They !
hen Iabored hard to prove that the people
nae no cause to be alarmed that the pay
ment Of the bonds vas small matter, g. |
could be done without prrcAp,iGle in-
crease Of taxes. And finally that the sub.
Iect was not interesting, and they would he
glad to change il for one Of more impor.
'ance, many o! which they thought might
he found in p,Iiics OF the general govern
men. And to cap the climax Of all their
ri lIcuious arguments they affirmed that il
We refused to pay the bonds, we would
De forced 10 do it at the cannn's mouth.
The anti.bondmen, or friends ofco1si-
utIonaI liberty fIIowed. They read tina,
clause oi lhe constitution Of The u. S a'es,
which says that private properly shall not
be aiken Tor pnblIc use, without Just com.
pruAalIon n--aDd called ppon the bondmep
"a show what isl compensation the people ,
Of Mississippi had received, that heir
property musT be taken Ia pay those bonds /
They then read hat clause of the cons'i :
,ulion Of Mississippi, which says that no Fl
,nan orset OF men, are entitled TO separate q
public emoln Tents, or privileges from the e.