The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1841-06-26

Iofihe LEGISLATURE, or Gov. McNutt and
his coadiutors, chairman Alsbury, and
would be Governor Tucker? To ask the
question is to answer it.
But. for the sake of argument, admit
that the Bonds were sold for less than
their par value. The validity of the sale
is not at all affected by such admission;
for the original charter does not forbid
their sale for less than their par value.
On the contrary, the 9th section thereof
expressly clothes the President and Cash
Ter of the Union Bank with the power
to transfer them by Endorsement "to the
order OF any person whomsoever, or to
the bearer" without any Limitation as to
ho1o much they should bring. 1t is true
that the 9th section of an act purporting
to be supplementary to ''the the original
charter contains a proUiSo, that the "bonds
shall not be sold under their par value"
But ! will endeavor to show that this sup
Elementary act did not alter or repeal
any part of the original act of incorpora-
ton.
The 9th section Of the 7th article of
the constitution ofthe State Of Mississip-
pi, provides that " No Ia,c shall ever be
passed." &c. "to pledge the faith of the
State for the payment or redemption of
any loan or debt" unless such law'' be
agreed to by majority of the members
of each House of two consecutive Legis-
latures, and entered on their journals
with the yeas and nays taken thereon,
and directs that such law" shall be pub
lished for three months previous to the
election oft last one in three newspa-
pers of this State. The term "lalc," as
used in the constitution, must be consider
ed as synonymous with the words act
or statute. What then was the
intention Of the trainers Of the constitu-
ton in thus prohibiting the enactment of
a statute authorizing a pledge of the
faith Of the State, unless it is done ac-
cording to the provisions of the said 9th
section? 1t was, obviously, to guard
against improvidently involving the State
in pecuniary difficulties by acts of incon-
siderate legislation. The Legislature
had previous to the adoption of the new
constitution, pledged the faith of the
State by simple, ordinary, act of legis-
Iaton. The Planters Bank Bonds a
mounting to 100000 originated in
this way. AS check to hasty legisla-
ton in this way, therefore, the new con-
stitutiOn requires three things to be done
in order to pledge the States faith:
1st. That such law shall receive the
vote of majority ofthe members of eacf
House of the Legislature, and the yea
and nays taken thereon entered on til,
journals. This is required because every
:, member is responsible to his constituents
J., for his conduct in regard to such a law
a law which might, perhaps, induce on
erous taxation-and because each one
would therefore be cautious in giving ;
vote when it could not be given withou
being known to those constituents.
Cd. 1t requires that the Legislature
which first passes the act shall submit i
to the next Legislature, and that it shall
- ''be published for three months previous t
the nert general election. This is evi
IDENTIFY intended to let the people know, il
all cases, for what purpose the pledge
:, to be made by which they might incu
the burthen Of heavy taxation tina
F., they might carefully examine ''such law
or act, or statute, and Judge for then
selves whether it would be prudent t
give their sanction to il.
q Sd. The next Legislature, fresh fror
|. the people, elected by them with a vie
% to " such law" must agree to and pass
and in such case," also, the yeas an
- nays shall be taken and entered on tn
= journals of each House.
TX If thus passed by the next Legislator
s. the conclusion is that the overeign PEI
as pie of the whole State have agreed
lr ma themselves responsible, accOrdin
he to the tenor and effect Of "such zaD;" b.
by not otherwise. Mark the language.
m does not say that particular section I
ii nnrk of the act only must receive SuC