Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1841-10-28

llut the DOU0S lsSueu LOT tilc OeUeul OF
the Union and Planters Banks are
not "bIls orcreIit"--as they were mere
ordinary engagements 70 pay money
borrowed for the use ofthese institutions
and were not, in their nature and form
designed to circulate as money, There
is nothing therefore in the Constitution
Of the United States that prohibited the
State from issuing these bonds.
| will now examine what restriction
there is the constitution Of the State Of
Mississippi
The only clause in that instrument
which has any bearing 'on the subject is
contained in article 7, Sec, 9 and is in the
following words:
Sec 9, No law shaIlever % passed to
raise a loan ofmoney upU.Iha credit Of
tho state OF 10 pledge 'IAsii,h of the
State for the payment or redemption Of
any loan or debt, unless such law he pro-
posed in the Senate or House Of Represen.
tatIveS, aud be agreed to by majority
OF The members Of each House, and en-.
tered ON their journals with the yeas and
nays taken thereon, and referred to
the next succeeding, Legislature, and
/ published for three months previous to
the next regular election, in three news,
| papers OF this State, and unless a MAORI,
ty o., each branch Of the legislature so
elected, after such publication, shall agree
to and pass such law; and ia such case
the yeas and nays shall be taken, and
entered on the journals OF each House:
F Proomed, That nothing in this section
shall be 50 construed as to prevent the
! Legislature from negotiating a further
/ loan OF one and halt million OF dollars,
and vesting the same in stock res crved
to the State by the charter Of the Plan
ler,s Bank OF the State Of Mississippi.
lsL Tomake law obligatory by yir.
tue of this section, 1t must be proposed
by Il majority OF both Houses Of the Lee
gsature, and the yeas and nays entered
on the journals.
I'd, 1t must referred to the next sue,
ceedlng Leglsture.
Sd. 1t must be published for three
months previous 10 the next general cleo
ton in three newspapers Of the State.
4th. 1t must be passed by the succeed
inr Legislature and the yeas and nays
be entered on the journal.
1.-THE law wants any Of these essen.
tials it is not made in conformity witt
the constitution, and 80 far as the bond
executed under its provisions are con
cerncd. there is no legal obligation to pa,
them; L,u if the State receiDel ant 7gsg,
the m0nev. there still might be lega
OBLIGATION TO restore the money she re
ceiyed
Was the law under which and by vir
tue or which these bonds were ISSUED
in conformity with the constitution ?anc
if so. we're there concurrent or subSe
ouen,lv enacted conditions which we're
no, comnlied with
The,lav directing them 70 he is sued i,
ronnd in the oc, incornora,inc the Nssis
sinni Trnion Rank. nv the first section Of
which tho Rank is incornoroted with q
cani,oI NJ GGoo, million five hundred
thousand doIIars (which said cnnita
shall ho roisad bv maonsoro Ioon ~ he
ohta;nod NV no d;roo,ars Of ,ha ;os,i,Y~
tion !"
Tbo % 81 A,h and 9Th soc,;ors ,ro.
vide for The substitution If s,ncI, and
mode oc securinq il hv mortcoge The
AK sec,ion i % ColIows. O '0"e
Sec s Be II rnrtLer enoc,ed That in
,rder 70 facilitate tho nn;on Rank
-or The said loon Of fr,cen millions
md five hnndred thousand dallas the
lith Of this State he and Is herabv
,Iedood boib for the sacnr;tu If canitol
md in,.rest and seven tbo,sond fyo
,nndrcd bonds Of two ,bonsond All
ars each 10 vii. eighteen hnndred
md seyen,y.Gve payable IN twelve years;
eighteen hundred and seyenty.6yc. in
itleen wears. eighteen hundred and
,even,v-iiye. eighteen wears: and eighteen
u.ndred and seventy five, in twenty
,onn..a,l hoaring interest," at tbe rote