Lexington union. (Lexington, Miss.) 1838-18??, 1841-01-09

credit d on the hypOlhecs,ioU"' :. sseeurilis.
or 10 receive the same in sse 81 ssii
slss'ppi Unisn Bank, ., y Of lhsM%
' 'h%e on on credit, or for ~. vs'sha''
term. no, expressly s's sa,S., On any a
o oror'e 81 said bank" r Geo, b 10
am happy 10 inform Won ~, ,rans.miiIed.
lid ssI. e ns and has prevented Dad
there is no prospec, TIM, ~ 'SSa'much d
and the semi-aunuaI ;o ,ne State bod.
' he,sSn' Gan be paid by The banI aeeng
tltnde in which hi, sio, ~ consider 20 The At
, the STATE t. am not Ad, IS d5" " places
liyered to the planners r R,s Ilals bonds Do
~s,s s and lsss were sold T + a' y'an
transferring the State . U""s' and the &C.
ters' Bank to the Miss 1,,es 70 3 'hs PIan,
and OCliga,iUg the latter caIo,i =, R. Co.,
the interest on those bond. , "a 70 pay
of the principal, docs V1 ~ SL759oCo
release the planters D,ns ir Suo co. could not
The event Of the failure q INV Ssu nm ,sletee III
X; H. Co, to pay the same ne s mr's'sa'Ppi
Inc bond holders have neye, s p.a.usSl
the transfer act. @''S0'ed TO
The following measures. in ,.,,,.
me Mississippi Union Bank will No .
be proposed: ' ~ cOuSl
LIST. Releasing the individual ,,o,,,.,
ders, and making i. State lus,i ,~i'.'
and binding the stare 70, all The ,,,s. 'a'
Liabilities Of the Bank, and au,GO,isss
Inc hyPo'hecation Of more State Bend. !.
a sale thereof for less than their pary,i0"
%. Releasing the private s,ockbo1','
placing the bank in liquidation, and
posing direct tax sufficien, 10 u,y a.
principal and interest of the bonds NM. NV
tually If indulgence cannot be obtai1ss '
3rd' Placing the bank in lQuds,,
tor the benefit Of all concerned, and r,nr,
dating the sale Of the FIVE millions Of n,
bonds in tho year 1888, on accom-, d
fraud and Illegally. The ninth section
OF The seventh article Of the Constitution
provides that "No law shall ever be passed
to raise loan Of money upon The credit
Of the State, or to pledge the faith Of III,
State for the payment or redemption Of
any loan or debt, unless such loan DO
proposed in the Senate or House Of R.p.
reseniatiyes, and be agreed to by maior.
! lty OF the members Of each House, and
entered on their Journals, with The yea,
and nays taken thereon, and be referred to
the next succeeding Legislature, and b,
published for three months previous to Tho
next regular election, 10 three newspapers
Of this State; and unless majority oGench
branch OF the Legislature 50 elected, at,.r
such publication, shall agree to, and pa
such laws; and in such case the yeas l.
nays shall be taken, and entered on tho
Journals OF each House." Il is very
clear tina! no fundamental change can con,
sti,utionaIy be made 10 the charter Of Tho
Bank without the action of succeeding
Legislature, -and tho existing charter
does not authorise the hypothecation d
any Stale bonds,or a sale at less than theft
par value in cash. Bank charters ar,
special grants Of privileges, and being ia
derogation Of private rights, must be con-
s,rucied striclIy-great injury must result
from further sale Of State Bonds.
The power ofthe Legislature to release
the private stockholders from their obligs
tons, is, at least, questionable; and il
policy clearly wrong. They have gen
orally favored in the distribution Of loans
and have controlled the Institution du'
ring the last year. The Directors elected
by then have denied the right Of The Stats
to require the bank to resume specie pay
ments or TO 90 into liquida,ion-and have
through their President, indirectly charged
the members who voted for the Bank law
of the last session, and the chosen Exec
utive ofihe State who approved it, win
wilful violation OF the Constitution; anc
have insisted that none but stocEholdet
were eligible as Directors, on the part !, ?
The State. The best interests oil !9'
stockholders, creditors and debtors Oh Ia'
Bank, and the character Of the Stale %
mand liquidation Of the affairs o. 'u'
Institution.
1t will be seea by the documents %. &c
companying my annual message IN l0S'
that five millions Of Bonds were dlsposecO
on the 18th Of August, 1888, Tor w.
millions Of dollars, payable in i've ! eqS.
instalmonts, on the stday Of No'emus
1888, and on the first days Of Januar!
March, May and July, lsS9-Ia'eI q
accrued on the bonds from the day Of w
contract. The punctual performances !
the same was guaranteed by the BANK !,
the U s., and the purchase was un l'.:s,
eddy made on account OF that lnsll'usy ~
~ H. .u.r.on,s made with her fuhu'