Lexington union. (Lexington, Miss.) 1838-18??, 1841-09-04

then entered into brief urgumer in OPP
position to the liability Of the sta 10 pay
The bonds.
Judge Shattuck closed the Gscussion
with brief speech, al the closof which
he became quite eloquent. lis arsu
ments, however, If they may beso denom'
mated, were evidently based Uon an IN.
warrantable presumption Of lh gulllblllty
of the people. He conendd that the
legislature had right 10 appropriate as
they pleased, The money raied upon the
faith Of the Stale, for the Ieneft Of the
Union Bank that they cnld alter the
conditions and object, without affecting
the pledge. As we have Observed above,
it Is evident that the people would never
have sanctioned the originll charter with
out the conditions and Object therein set
forth; consequently these form meterlal
part Of the act pIedgog the faith Of the
state, and are MOI mere details; and joint
select committee OF both branches OF the
legislature wisely determined that nothing
but the mere details of the charter could
be altered without rendering it uncons!i-
tutional. II then, we are right in suppos-
ing that the conditions and object const.
tuted the inducement 10 Tho pledge, Of
which the people are the best Judges; the
Judges position was wholly untenable.
The Judge heaped abuse without stint
upon the head of McNutt; said his letter
TO Hope 81 Co., was published to deceive
the people; and that the antI.bond party
could gain nothing by repudialing the
bonds but the glory Of writing their names
high III the Mich of infamy. He told the
people he was opposed to additional taxa
ton; this obieclion he did not base, upon
then on.iabihty Of the State bu. upon lis
ability to pay the bonds with the excess
of the present taxes over ITS ordinary eX
penses. A proposition which IL rldlcu-
lousy absurd. In the course Of his speech
The Judge stated that his opponent, Mr..
Tucker, who was now crying aloud
against taxation, Gndeavored at the last
session of the legislature to double the
present rate of taxes, and to impose tax
of one dollar on each bale OF cotton pro-
duced. This charge we regard as highly
disngenuous; and we we're asionlshed to
hear it from one occupying 50 high u
position in the moral world as does Judge
Shaltuck. The Judge we'll knows, and
so does every one who is couveTsant with
The history Of the last session OF the legts-
Ia,ure, that Mr.. Tucker was opposed To
the law as il now stands because he tho't il
raised the taxes too high. Mr.. Wall, il
we mistake not, who was also opposed &c
he bill, introduced an amendment propo-
sing TO double the taxes, and impose a tex
of one dollar on each bale Of cotton; anC
he, Mr.. Tucker and others voted for i
with view TO render II so obnoxious t
the Senate, as 10 secure It's final rejection
This is, vident from thu fact that Mr.. 1
with others who voted for the amendmen
voted against the bill on It's hnal passage
for which they gave as reason that I
imposed on the people tax more burden
some than the necessities OF the State dc
manded. He reiterated his CONVICTION
that the Union Bank if put in !iquitioI
can pay the principle and interest OF it
bonds and have something left. Thu
does not comport with the views OF III
!. present president of the institution, MI
II Elliot who states that The liabilities OF IN
baak on its circulation and deposits am
10 two d half millions; j. its assets
only about 7 900 about forty per Ger
of which he SETS down as a clear loss. II
consendcd Tint II the~State repudiates III
, bonds, the bank can never recover III
debts due it; and consequently can neve
pay any part Of the bonds. There wer
many other strange positions assumed b
E the Judge which we have not space
notice.
uamu.s.aae%
o. The great length OF Mr.. ThomF
sons letter, and the veto message hay
excluded from our columns OF this week,
L:.,o.,, of ,ba pnliticol d;ecueSion nj X n,