Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-03-10

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cannot bind another, any more than one gen
eneration can another, oT the dead the living.
This was the ground which took m the las'
winter Legislature, and it was with an eye sin.
Eleatotthis yery question. Did / believe IN
the doctrine Of contracts as preached up last
winter By the wings and some Of our demo-
Gratis, Ishould gounhesitatingly for the imme- |
tiate payment of those bonds by taxation, Tor
there Is no other mode n AS we have before
shown the General thatthe State is, according
tohis doctrine, bound; we must, now, hold him
to his promise, and require him to 60 with us
ia protecting the honor of Mississippi. But
we see no use in ..immediate payment OF those
bonds by taxation;" for zoe entertain I'ttte
donEt, thai The Banks sOiH be able TO pay The en-
tire debt soithom any tar being imposed upon
tie people. Even FIVE shouldbe wrong IN this
supposition, we are disposed to see all OF the
means belonging to the Banks exhausted, before
we look out for any other source OF payment
Speaking of the sale of the bonds he says:-
+" Now, IN this particular case, there werethfee
parties to the contract, viz: The Banks as
the oblgors, and the bond holders as the
obligees, and the poor dear people fthe State.
Now what was the understanding of the first
and second Parties! Why that the money
should be loaned on the security of the third
party, and that the first party should act hon.
testify, bank on it according to the sound and
prudent course of banking, and outofthe profits
pay the loan and never call on the third party,
the State, to pay one cent"
Did mortal man ever hear any thing so per-
fectly absurd, so absolutely ridiculous, SO en-
tirely childish! A. is about to loan money to
B, but is unwilling to do SO unless c. will go
hissurety; at the same time saying to c. 81
wish you as security, so that there may be less
probability of me loosing my debt. would
moi loan money to B. without you as security ;
bu at the same time promise you, that if B.
is not able to pay, will never compel you
to 10 so; l will sooner loose my debt" The
purchasers of the bonds were unwilling to take
them unless the State we're also responsible /;
but were willing to relinquish that response
bilty' in the only event in which it would be
ofuse to them, viz: that of the Banks them
selves not being able to pay. This single po-
si6on would justly entitle Gen'l. Speight to
IMMORTALITY.
The General next enquiries: "Whereis the
justice or equity of now imposing tax o.
900 on the hard earnings of the people,
to satisfy the rapicious hunger of parcel OIL
spectators and stock jobers," &c. So, if a
man owes debt to a farmer or mechanic,
he must pay it; but if his creditor happens to
be an unfortunate ''speculator," or, 'stock-job.
ber." there is no necessity on earth for paying
him. Nay, lis virtue before high Heaven,
to swindle him out of all that you owe him
why, because the party ofwhich Gent. Speighi
is member, have thought itconducive to their
interest, TO raise the war cry against all Bank
ers and spectators. If the Hon. Ex-Speakel
Of the House of Representatives of the State
of Mississippi, who once had the honor repre-.
senting district Of the State of North Caro-
lima in the Congress of the United States, 1--WE
like TO give man all the honor which he j.
entitled to0 really believed when he wrote
| this letter, that the State would have to b.
taxed $7,0O0000, then is he more utterly ig
norant than even ace supposed HIM to be-
"You know that my creed is that one Legisla
III tbnr haY
generation can another, or the dead the living
We have a second time quoted this extract, 70
the purpose ofcommenting more at length o.
the consequences which are TO result from il
1t has been applied particularly to the repeal
ing of Bank charters.
Anumber ofindividuals associate themselve
together, and ask the Legislature of Mississir
pi to incorporate them as banking company
The Legislature passes the act of lncorpora
ton; which is to take effect upon certain cor
, di:ions, and, upon the happening Of those cor
) ditions, they are to become body corporate
and to enjoy all of the rights and immunitie
thereof for the space of ten years. Thes
4 conditions, which form the consideration Of tn
|, contract on the part of the stockholders, al
performed; and the bank, after great expens
has been incurred, goes INTO operation. Ant
ther Legislature IS elected; it meets, and th
, first thing which it does, is 10 repeal the Ban
: charter. The one Legislature contracted wit
Il the stockholders, that they should have th
e right to bank for ten years; at the end of th
$ first year another Legislature says, 1--WE wi
: not allow you to bank another day." We leav
it to any man of common sense to say, if tn
is not impairing the obligation of contract
Let US test this doctrine little further, an
y see whether it viii be for the benefit of til
people by protecting private property. B
the statute law of MISSISSIPPI, as it no.
! stands, individuals have the right to build mil
: upon certain conditions; row suppose ma
builds a mil, and the next winter the Iegisl;
: ture repeats all existing laws upon the subjec
declares has mill a public newisance, ar
: that the same shall be removed. Would th
be for the benefit of aat mani So the Legi
llature, by special enactment, grants leave
: Jesse Speight therght to erect bridge aero
the TOmbigbee river, at Columbus. jess
y commences the work, and spends $4,000 u
r emit; but, the next winter. the LegisIatu
repeals the act granting leave to erect Il
bridge, and Jesse loses his $4,000. Wond
J if Jesse would think that democratic tacsa
L Again, the constitutions says: aThe ng