Holly Springs gazette., 1841-09-30

as loan to such Of her citizens as might become
stockholders the Mississippi Union Bank thereby charter
ed upon their doing the following things:
h Subscribe for stock al the of 800 per share d
Pay SO specie upon each share. 3rd Execute their
bonds for the residue OF $50 per share ana &h
mortgage (upon the best property 10 The Sae) lana anu ne
groes thirds of their value security for the payment
of the same. Which Mortgages should be all regularly
made and registered agreeable to the laws OF the oe
When the stockholders and directory performed these things
then the Governor of the State authorized and required
10 ssue the Bonds of the State fromme time uut he
should be issued according to the fovs
ions of the 30h section OF the original charter wnch IS as
follows THAT directors a2ponted as herein
before provided for they shall proceed TO the election OF
President and the shall be notified the Governor OF
the State who vii, thereupon, execute to the SAID Bank
from time time, bonds in amount propooned 70 Inc sums
subscribed and TO the satisfaction OF the as
required by the charter until the whole amount OF oio5oo
600 shall be furnished in bonds as herenbeore provided
for
Here we find every precauion that could be to
the payment ofhs large OF money so as to save
the people from all probable not possible loss by the transac
ton believing doubt that would be wrong TO do any thing
by which the great body of the people who were to have no
direct interest the bank could be injured subjected to
the payment of the money.
legislative enactment laid before the people directed by the
Constitution and they returned second Legislative BODY with
| authority pass into law.
That BODY convened at the of Government, and in
stead reenacng the proposition submitted to the people
agreeable to the authority gwen them made the appropa
CO. not as proposed ID the original BILL which
the peape had consented and approved but with TINS mate
rial alteration and change namely that but 5lo3oVooo
+
s. 600 600 should be invested in Bank stock and the Gov
erno theret authorized by the saPpenen
tai Bill passed the first and oay time by that boyj 10
subscribe for the sum of 10000 IN Bank ocA ana ISSUE
the bonds OF the State IN payment thereof
Now the question is, hisa material alteration o. Inc
original bill charter Is it and the same ihihg 10
loan money to upon g00d and sufficient security that
you he lay 10 bank stock and to lay out
money youFsefin bank stoc} The question certainly mar
rows itselfdown -and VIII this be conended iof
BY way of illustration will suppose that have given
Mr. Caruers power Of attorney 20 loan my noesl
Mr. Of
Mr. Winchester executing his bonds for the payment Oh the
money and giving mortgage upoh valuable lana ana ne
eTocs twohds OF their value he the SAID IS anhoflN
ed execute my notes for The sum mentioned anu uetsu
them over 20 Mr. Winchester Sr Cauthers goes TO Mem
ph and Mr. Winchester prefers to borrow but Ten ana nan
millions and requests that Mr. Caruhers shall vest III oa
stock the other s5 010OO0 Mr. Caruthers executes ana
hands Mr. Winchester my notes ioI 5l5,9ooOoo-I
and half by way OF loan and five millions by way Oh III
vesmen The interest the bonds falls due, and they are
presented for payment viii be contendea 'hat
would be bound upon the 500o0Q invested in bank soc
viii be gravely insisted upon that because was wiling
to loan Mr. Winchester upon good searly 55e0O0OJ to
buy bank stock with that therefore, willing to buy
power to an agent do the thing authorize hln
to do the other2 Or an agent to ioa"
third person $1,000 give friend would authorize the
agept to gice the $1,000 to the friendl
The of facts exist IN the OF the Union bank
bonds The Legislature of 1887 passed the original b
providing before stated for loan on the part Oh me state
Of 0O0 and the Governor Of the State was authoTz
ed and required the bonds othe State tom to the
bank upon condition that the security above named
should be given This bill or proposition submitted to
people for their determination agreeable to the provisions
fthe constitution as above set forh-the people assented to
the loan and sent their agents second legislative body)
negotiate the same and instead Of making the toaa they pro-
vded for the investment of S500OO0O the purchase OF
bank directed Governor subscribe for amount
so soon books Of subscription for stock were
opened issue ofhe bank bonds ofthe state IN pay
eut f the stock hand them the President and
Directors OF the Bank This done BY the Gov and these
bonds thus sed the basis OF the present controversy
The proposition of taking S50O00o0 of stock was never
made to the people form whatever neither before nor
massage he act which necessarily leaves the ques
on the objection that 550O000O ofthe credit OF the
STATE he's been aresked IN bank stock without enactment
the part Of legislature the consent of the people, and
as supposed direct violation oil power OF at
ornev he consIuon) unless shall be Judged that the con-
sent Of the people upon good security of 50OOoo
to persons who intended to buy bank stock with IT, was
to invest the Bank stock for herself
For if the legislature had the power 70 alter the terms cf
the original bill proposition to the extent OF S5oooouo
hey upon principle would have the power to alter
it to the full of 0o0 or to invest the amount
ia Texas lands any thing else they might propose pro-
position than which, nothing can be more senseless
RI or absurd