Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1841-10-21
VOLUME 6.-NUMBER A3.

20 ""'oPPS" W thC l0SolVe VI tue LeglSIa
e tufe,. declaring the boundary between it.
. lands and those Of private company =
] lnan lpdlan deed to large tract of land
/ TO the company, in 1884, one importan
boundary was declared TO be the utter
; most falls in Androscoggin river. Their,
+ were, in fact, five sets Of falls. In 1887
, the Leg islalure declared tie twenty mile
falls, (In fact the middle ones3 to be the
boundary intended in that deed, and or
|, dered matters accordingly. The cour
decided that the commonwealth was es
topped, and held 10 those falls as the true
boundary. So, II is clear that the doc
trine of estoppel is applicable as well to
States as individuals, aud the case cited
bears strldng analogy to the one now
under consideration. AGAIN: can the
Stale be permitted 10 deny The validity OF
her bonds, solcmnly attested and proved
by her Great Seall That seal, the seal
oIsoverelgnty itself, furnishes the highest
evidence that the bonds were properly
and legally executed. The keeper of the
seal may abuse his trust, but the only
remedy the people can have in such case
Is, that terrible rebuke which is admins
lered in the exercise OF the elective fran
chSe.
but there is an equitable estoppel which
applies to this question. If A proposes to
sell certain tract OF land to B, which be-
longs to &, and e stands by in silence
aud permits A to offer and sell the land to
3, as his, e is estopped in equity from
denying AS title. Here, recoIect, the
Ice aud real title was in G to the land,
ahd to pass that lee and title, the law reg
uIarly requires deed or conveyance from
Z. BIl here Is no deed or Conveyance
but still his right aud title has departed,
Why! lie STOOD BY when the contract OF
sale was made and consunma.ed: he did
not deny the right ol d to sell: he per-
'mltt ed Il to purchase 1t, and the law there
fore says, hels forever estoppei from set
ting up his lltIe--because, 1t would be en-
couraGlng a species oil fraud. Now, APP
ply, this principle to the bond question,
and you viii perceive how il will operate.
Atler the sale OF the bonds, and before the
last Tour millions were paid over to the
Union Bank, the Legislature Of this State
met. hey were timely informed OF the
sale anBnegotatlon OF the bonds. Did
that Legislature repudiate them? Did
they deny their legal execution and salet
DID they say to the purchasers, pay no
more money for the purchase of these
bonds; Tor we intend to resist their pay
ment, upon the ground that the act au-
thorlzlng their issuance was not regular
ly publIshedl No Then it is conten-
ded that The Stale will be esopped from
relying upon any such defence IS the
want o; publication; for if permitted to
sci up such defence, it would be legalis
zihg the worst Of trauds-a fraud com
United ny sovereign Stale.
twill not be expected that should no
ice all the objections which are urged
against the payment OF the bonds. 1t
would be idle and useless 10 do so. Ii is
sufficient TO review the most prominent
arguments which initiate against the
'Plnlon have expressed. 1t is said that
ne faith OF the State was to be pledged,
md the bonds executed only upon the
performance OF certain conditions stipula
ed IN the Charter or contract to be per-
ormed on the part OF the stockholders of
ne bank, for whose use and benefit the
tate was to pledge her faith and credit. .
'et us Tor moment direct our attention
the true intent and meaning ofthe char.
n OF the bank, for this branch of the
leStIon depends upon its construction
he 5th section OF the charter pledges
he faith and credit of the State, and also
DIVIDES Tor the execution Of the bonds, as
iorm and amount The 9Th sectioni
axes them negotiable instruments, and
the President aud Cashier Of
% Dank to transfer them to the purcha>
e by endorsement. The 7th section
Divides that, "both the capital aad inter,
Z OF SAID bonds shall be paid by SAID
AK, al the times they shall severalIy fall
ne. The 8th section declares that, 10
cure the payment OF the capital and in.
rest OF SAID bonds, the subscribers shall
bound to give mortgage" Now OBJ
rye The OH section, which provides that,
a order to facilitate the said Union
lnk for the said loan Of fifteen millions
. hundred thousand dollars, (Which is
G capital OF tho bank the faith of this
ate be, aud is hereby pledged, both for
e security and interest" Now do the
a and 8th sections contain any condi-
ms precedent to the Pledging Of the
les latin or the execution of the bonds?
mo whatever, it is conceived. The
ID . the State is pledged absolutely
4 uncoadhlonalIy--lor the 5lh section
bodies mis- clear language "Ne faith
tAao Sue De, mt Is hereby piedged.n-
I aganl is believed to mako the State
ponsloIe Tor her bonds, it was neces,
y presrequlslc that the State should
dge her faith. She may not have pIedg-
her Iulh and sill be liable. The ma
3 oil the StAle'S contract ls tn n unth