The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-10-15

Ithority except what was expressly granted
This evinces great ignorance Of the subject.
'Such is the character of the Constitution of
the United States, it being mere compact
between independent governments already
formed, granting authority to the Federal
power when none was before possessed. But
a State Constitution is the original form Of
Government by the people who possess all
political power and is moro set Of Testric-
tiOns upon the delegates OF tho people in the
Legislature. Where all pOtsesa is possessed
no more can be given. Mr.. Thompson says
that enlightened public opinion every where
will justify Mississippi in tie course he re-
IcOmmends. Great God! Is such korrid per-
petration Of murder upon the current history
ofthe day as this to go upunished!. Wedo not
know how enlightened Mr.. Thompson con-
siders public opinion, but We do know, and
all know that out Of Mississippi every where,
the proposition of the anti bond payers is
looked upon with horror. And through ev-
cry organ of popular sentiment it is declared
all forms and sanctions of law. justice, honor
and good faith.
Mr., Thompson says the 'tar' TO be imposed
to pay these bonds is comparable to the tea
tar of the revolution, and in like manner and
for like reasons should be resisted! Reader,
bark We! This sentiment comes from man
who is candidate before the people to repre-
sent them in the Congress of the United
States. Tell the disOrganiser that the tea tar
was obnoxious because it was levied wahout
our consent, by the British Parliament, where
we aoere not represented. 1t was the man
date of King in opposition to the will the
people. And taxes in a free country are
levied, if levied at all, by the people them
setUes. Who can tax the people of Mississip-
IPi but their own sovereign selves! What
Ipreposterous stupidity!
Mr.. Thompson attempts to insinuate. tho
he dare not say, that it is admitted that the
bonds were unconstitutionally issued. But
he goes on to show, or attempts to show. that
If the Constitution did not clearly authorize
no wise obligated to pay. 1t is of no use
to argue this question, because, the Constitu-
tion does expressly authorize the issuance and
sale Of the bonds. This position, however,
is only another of those which though false
and untenable, would avail nothing to the
anti bond creed even if it could be clearly
maintained. For, we will show before we
close,-mark the Promise.-We will show by
case referred to by Mr.. Thompson, and by
the highest evidence known to the land, the
Courts the people of America, that even if
the bonds were illegally and fraudulently
sold, the State will, nevertheless, always be
held strictly liable. Glad are;we Mr.. Thomp-
son has referred US to that case,-we'll come
to it presently.
Mr.. Thompson alludes to the sale of the
bonds, as being made under their par value.'
This contemplate bubble has been SO often
and so successfully driven to the wall with
out voice to attempt to sustain it, that we
deem it an insult to public sentiment to at
tempt to prove that the 'par value of fire mil
lions of bonds, in bank stock-is foe millions
of bank stock.
Mr.. Thompson aludes to the endorsement
upon the bonds as making the principal and
interest payable i'll pounds sterling.' If he
ever saw that endorsement, he knows this
statement to be palpably untrue. There is
no such endorsement on the bonds; and If
1t lOere made every one knows that it could
not in the slightest degree affect the liability
of the State either way. The endorsement
instead of promising payment in pounds
sterling is the very reverse. II secures to
the Slate THE PRIVILEGE Of paying IN sterling
money, As cd. to The dollar, or in federal mo-
neg, AT HER OPTION. The State according to
the endorsement can pay in either currency
at her own selection, as the rate of exchan-
ges at the different periods of payment may
make the one or the other the most desirable.
Mr.. Thompson dare not produce the endorse
ment coupled with his assertion; but we will
produce it. Here it is in full:
"The President and Directors of the Mis-
, sissipp Union Bank dc, hereby designate the
agency Of the Bank Of the United States in
the city of London as the place of payment
of the within bond and interest, and hereby
assign and transfer the same for value re-
ceved to bearer, being equal to four hun
dred and fifty pounds sterling and guarantee
the payment Of the same at the place desig-
: mated"