Lexington union. (Lexington, Miss.) 1838-18??, 1841-08-21

! hlnu OF Uunh lHul CtHHUL lNuS VIC CsldO~
ished? A bank established on the credit
of the State, and bank established on the
funds Of individuals, are different things.
In establishing bauk on the credit Of the
State, the faith of the Stale has TO be
pledged, and therefore the whole law to
be made on the subject comes under the
provisions in the constitution.
The Union Bank law or charter is
law purporling to pledge the faith of the
State for The support Of the bank; TO pro-
vide against which as well as against
pledges for other purposes without the
peoples Cunsent, the constitution was
made to embrace the important section SO
often referred to.
II the Legislature propose to pledge the
faith Of the State for the support Of bank,
it is far more important that the people
know tie plan, the powerS, and crery nina
! tia in relation to II, than to know the
name Of the thing they are asked to sup
port. To enable them to know the con-
ditons upon which their liability is to be
creaied-to enable them TO know the
powers, plan and arrangements concern
ing this bank before they consent, every
section, part Of section, and every word
Of all the law on the subject must be pub.
Iished You know very well that the
devisers Of the constitution were we'll
aware how Jealous people are of their
rights, and that no people would tonsen!
to be taxed for the purpose Of loan not
authorized by them; and that they would
never consent to moneys being borrowed
on their credit, except after becoming
satisfied Of its proprIeiy. And you
know that to enable The people to Judge
the pronrerv Of borrowing money, they
must see all the law intended to be made
on the subject, that ttey may calculate all
the advantages and Disadvantages Likely
10 arise. For this reason the constitution
declares tie llro shall be submitted to the
people: not part Of the law--not one
section, tso sections, or thrCc-but every
section, embracing all the conditions, ar
engagements and liabilities touching the
subject. 4
But YOU SOY the original bank charter
was Submitted 10 the people and passed
by two legislatures, aud thereby the bank
was established on my own plan, and ali
things thus far we're cons,iiutonalIy cre~
ated; that after law is once legally
passed aud Iiabty established, the liability
cannot be discharged eXcep, by payment,
nor the law voded except by repeal; and
that the legality Of oficeIs made by this
law cannot be questioned; that any por-
ton may be altered or repealed, but the
balance will stand as firm and binding as
at first; therefore the Bank, Commission
crs and Directors, were made according
to nv own proposition, and the liability
Of the State legally fixed upon her. adj
mt your premises in part, and IN part only
but reject your conclusion IN toto. The
liability was not declared or intended by
the original bill to be fastened on the State
until after the Governor had issued bonds
and they were sold and the money recelv-
ed. lfthere had not been the least IIIe'
ga,ity in the whole transactions, the State
would not have beer liable for one cent
until the bonds were sold. 4 man does
not create liability 90 himself by signing
note; he is liable to no man for the pay
ment of II, until he passes it away Tor a
consideration. So long as he holds it in
his possession it is his, and he is liable |
for nothing. His credit which he prom
ised 70 pledge by executing and transfer
ring his note, is not given until he sells
and transfers it; at the moment he does
sell and lansler it, his faith goes out and
the liability is created. BY the original
charter, the bonds we're not to be issued
until several important condil'ns were
complied with on the part Of the stock
holders They were TO he made payable
to tho Mississippi Union Bank, and to be
endorsed by the President and Cashier OF
the Bank. At this time there was no
President, nor could there be until after
five thousand shares had been subscribed |
by individual stockholders, and if three
thoueand shares had not been subscribed |
at the first of the then next January, the /
charter might then have been revoked
declared dead
Thus proves plainly enough that the
pledge OF the State was not considered
perfected at the passage of the original
bill, and that it was intended to be so
only after the conditions upon which II
was proposed to be given were complied
wuh.--At that time there was no Mlsss> |
slppi Union Bank, and it was only on
conditions that bank should be hnally !
established upon the exact conditions spe- q
cited in the original bill, that the state
was to be pledged. The stockholders did $
,,,,, ooco,t ,L,s charter. the original, on a