Lexington union. (Lexington, Miss.) 1838-18??, 1841-08-07

~ Col. r. 5. GRAvEs.-This talented
and jealous deciple Of the Jeffersonian
school, who by his manly course in the
Legislature in defence Of the constitution
and tho peoples dearest rights, won Tor
himself an enviable reputation throughout
the state; and who at the earnest solicia
tions Of numerous friends, permitted his
name to be placed on the Anti.bond tick.
etas candidate for State Treasurer, ad.
dressed portion Of the citizens of this coun,
vat this place, on Monday last, with great
effect. The Coils. political tenents both
state and national, are orthodox, and he
possesses the moral courage and ability
10 assert and maintain them, in the face
OF the strongest opposition.
In the commencement of his speech he
briefly reviewed his course in the Legsa-
ture, which he did with such candor and
ability as must have convinced every un-
preiuticed mind, that the motives which
actuated him while acting in the high ca
pacity Of a legislator, sprang from a clear
head and q pure heart. He then proceed
ed TO the investigation Of the momentous
question of the liability of the State to
pay the quasi State Bonds, issued and sold
for the benefit of the Union Bank; and on
this subject, his arguments were clear,
conclusive and irrelragible.
His first position was, that these bonds
were clearly bills o(credit within the mean
ing of the Constitution OF the U. States
that as such their issuance was prohibited
10 the State by that sacred instrument
and that consequently they were void, and
imposed no obligation on the people. And
further, that as the people were not the
beneticlaries Of the proceeds Of the sale
of the bonds, no construction o? law or
morals, however latltudnous, could make
them liable in the premises.
In the next place, he established by arr
guments incontrovertlble, that these bonds
were created and transferred to the Union
Bank, under the supplemental charter,
$50 called,) and not under the original
charter; that this said supplemental char
ter was gross and palpable violation of
our magma charta. or bill of right, which
declares that no man or set of men, are
entitled to exclusive privileges, but in con.
sideratiou Of public services, and Of thai
section Of the constitution, which points
out the only manner in which the faith Of
the State can be pledged; and that conse-
quently no obligation could attach to The
aggregate people. He met and totally
demolished the arguments Of those who
contend for the existence Of moral obi,
CATION on the part Of the State TO pay
said bonds.
In conclusion, he arrayed 10 their ma
tive delormity, thestremendous and start
ling frauds that were attempted to be prac
ticed upon the people Of Mississippi in the
sale of these bonds and showed, beyond
the possibility of doubt, that to pay the
interest accruing thereon, the present rate
of taxes would have TO be augmented sew
eral hundred per cent. Heurged that the
present was the proper time for the people
TO settle this question. If, said he, they
be liable for the payment OF the debt, they
should Immediately make the necessary
provisions TO meet it; and ii, on the cons
'rary, they be not liable, they should at
once repudiate it.
In word, the Coils speech did great
credit TO himself, and much good for thu
cause. ~
,sasa
b