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

hul uSNS w lCpAlOu VI HiNulllCu' AUNT
ting, however, that the 30th aeciion only
authorized the Governor 10 deliver the
bonds when the stock was secured as re
CURED by the charter, who, would ask
was, by the words Of the section, to Judge
whether the condition was performed p
| answer the Governor and managers o
the bank. The Governor is only to ISSUE
them when the stock is secured to the sat.
isfactton oflhe directors, When the bonds
are issued, and the seal Of the State is al.
fixed, is not this to third persons, concu-
sive evidence that the directors were sat
ished, and that the condition was compli'
cd with?
But do not found my opinion on this
ground, This section was as to the five
millions Of dollar for which the bonds
issued, repealed by the first section Of the
supplemental act, THIS first section is
as follows.
SECTION |. BE heu4cled by the LogiSld
twe Of the State Of mississippi That as
soon as the books Of the subsC ,tion fol
stock in the said Mississippi IDn Bank
are opened, the governor of ftate is
hereby authorized and requiem 70 sub.
scribe for, in behalf Of the State, fifty
thousand shares Of the stock Of the origin
al capital Of the said bank; the same to
be paid for out Of the proceeds Of the state
bonds TO be executed TO the said bank as
already provided for in the said charter;
and that the dividends and profits which
may accrue and be declared by the bank
on the said stock subscribed for in behalf
of the state, shall be- held by the said
bank subject to the CONTROL Of the state
legislature, for the purposes Of internal
Improvement, and the promotion Of educa-
tion.
A statute or law may be repealed ex-
pressIy or by implication. When two
statutes are inconsistent with each other,
the last operates as repeal Of the first,
The 30th section required that the bonds
should be issued from time TO time for
such amount only as was secured by
mortgage ofstock by the individual stock
holders. The first section Of the supple.
mental act prohibits five millions of the |
stock from being subscribed for by indl~
viduals, because the state took that a.
mount herself; and it provides that the
state stock shall be paid for out of the
proceeds of the bonds, when sold. Con-
sequen,ly this five million o(stock could
not be taken or secured by mortgage, as
no individuals were authorized 10 SUBJ
scribe for il. No security was re quired
as TO this amount, to secure the state, be.
cause the state took it herself. Nor
was any required 10 SECURE the bank,
because it was TO be paid out Of the bonds {
TO be delivered 10 her by the state. The
conclusion. therefore, is inevitable, that
The 30th section was repealed by impica-
ion, as 10 the delivery of bonds to the a.
mount of five millions or dollars, and :
hat the Governor was right in issuing
ponds TO this amount, although that "a t
mount OF stock was not secured by indi.
'ldual mortgage. And as | before remark.
ID, this 30th section, being an ordinary |
legislative provision, constituting no part
't the 9th section, nor necessary TO be re-
erred for the action Of succeeding legs. :
ature, it was perfectly competent for the
legislature to repeal it, Noperson could ,
'e deceived by this. The people, when
hey read the law, knew that the 9Th sec. '
ion only was referred, and that it propo-
ed an absolute pledge of the faith of the
'tate, for the repayment ofthe lean. They /
Snew ((or all are presumed to know the ,
avs Of their own state,) that the other |
sections, imposing conditions or restric. S
ions were mere legislative precautions, /
not required by the constitution TO be re.
erred, and that they were subject to fu-
ure legislative action. They knew all {
his; and with their eyes open, voted for
of the legislature, who were in
favor Of the law, and for creating the
debt. 1t would now be a breach OF faith
as well as Of law, to attempt 10 rePudiatc
The bonds on this ground.
But It is said, that the first section Of
the supplemental act is unconstitutional,
because it alters or repeats the 9th sec.
ton, without being acted on by two legis-
latures. This is untrue in point Of fact
No part Of the 9th section is altered, So
far from il being altered by the supple
mental act, the latter expressly recog.
nizes and en(orces it. That it repeats
and modifies other sections OF the act, is
admitted. but this the legislature had the
unqncstionable power to do. 1t is only
necessary 10 compare the q visions Of the
9Th section with the first section Of the
act, to see that there is not
the slightest alteration The fifth Sec
ton says, in order to facilitate the bank
in making the loan, "the faith of the
State be and is hereby pledged both for
The security of the capital and interest,
and seven thousand five hundred bonds
issue oftwo thousand dollars each" &c.
bearing interest at the rate Of per cent
per annum, to be signed by the Cover
nor, and payable to the Mississippi Union
Bank, &c. &c Then follows the form OF
he bonds.