Lexington union. (Lexington, Miss.) 1838-18??, 1841-07-24

: Ilvered to the Commissioners charged will
{ their sale. Neither their power o. attor,
ney nor letter OF instructions authorized
, those gentlemen to fill up SAID endorse.
ment by making the bonds and coupons
payable in pounds sterling OF Great BIZ
tan at the rate oil four shllIngs and six
pence to the dollar. If such change
had been made OF the ta2e OF the bonds
after their execution and delivery TO The
hank, the parties making the alteration
would have been guilty ofiorgery and coald
have been immured IN the penitentiary
tor the otisnce. II viii not answer TO the
argument to aIedge that the endorsement
could oU y hmd the Mississippi II. B.
That institution has undertaken to nav
both the prncIpoI and iuteres OF the bonds.
II The bank is compelled to pay the one
million eighlv four thousand seven hum
bred and eighty four dollars and thirty
cents for the loss sustained by the cred
1t sales OF the bonds and the charge in the
currency in which they were made paya-
bic her means will be reduced that amour;
aud The rlsk of the State thus greatly in
creased. The Stale was willing to inrust
her credit to the bank on The conditions
prescribed 10 he charter. The faith Of
Ibis government has never been pledged
Tor the illegal and traululen. sale OF those
| bonds.
This is a constitutional government and
all It's officers take an oath to support the
constitution OF the State, and faithfully to
discharge The duties OF their respective Off |
ces. Her Chief Magistrate lsrequired to
take care that The laws be faithfully ex-
ecuied. lie would be recreant to his trust
and violate his official oath were he to
suffer the laws OF the land TO be trampced |
upon aut the constitution dl8regarded.
The contract for the sale OF the State
Bonds, shows that the statutes OF the
Stale In relation TO the bonds, were made
d part OF the contract. The purchaser
was well aware ofthe conditions on which
they were issued, and &aelc that the pur-
chase was neither sanctioned by the con.
sIliuti IN and laws Of this State nor OF Penn.
The CONTACT was guaranteed by the Bank
OF the United States. The whole ol
the purchase money was paid by lhat Iu-
SttutIou. The name OF Mr. Bldie was
merely used IN the contract as a 6erice, 10
get round that clause IN the charter oil the
Bank of the United States, which prohib.
lis her from dea,lng IN State stocks. The
currency IN Which the Bonds were made
payable, was charged from dollars to /:
Pounds sterling 10 give a false coIouring s
to the transaction, and make ii appear that {
the bonds ware sold at par value. The /
is universal tina, irand vltiales all (
The commercial law of this G
state relative to negotiable paper, IS differ
ent rom that of mosr other countries. The |
transfer Of Bonds and Nmee, does not pre-. {
vent the drawer from setting up any de- |
fence against an nnoccHt purchaser |
which could be available against the ori- ]
gina payee. a
The Slate therefore, denies all obiga- s
lion TO pay the Bonds held in trust by you t
for the following reasons; a
lst The Bonds were sold on a credit. C
Cd The currency in which Inc Bonds v
were made payable, was changed from a
money OF the United States 10
Pounds Sterling of Great Britain, at the o
ate of four shII'iDgs aud SIX pence to The il
iolar Id
Sd The contract Of sale was fraudu- OIL
ent IoI
4th The Bank of the United States al
vas not authorized 10 make the purchase di
4th The Beads were sold at less than is
heir par value, 10 violation OF the charter pc
# the Bank. OF
The money paid for those Bonds did Il
lot come into the State Treasury. The ~
tlicers of this Government had no con. L
rol over its disbursement. The Bonds "
we're disposed Of in August, 1885, by col til
lsion and fraud, 10 violation OF the con- St
'ltuton and laws OF this State. The ar
fl4s,ssIppl Union Bank, and the Bank tn
I the Unued States were parties To this tn
oawn lrausacllon. You have the en- VI
orsem nj Of both OF these Institutions, DO
I'D TO them You must Look for pay ment co
This State nerer 1oiH pay The foc miiltoSn III,
{ dollars Of State Bonds issued In June on
s3s, or any potion ofthc interest due, or fol
become due thereon. bu
When | ascgrtained 10 January $50, tor
he terms on which the Bonds had been rit
I'D, u communica ed the same by message thl
the Legislature and denounced the sale she
illegal. At that lime only two millions raj
Dollars had been paid on the Bonds by TO
e Bank Of the United States. BY a boz
reclamation subsequently, issued, the the
10 OF the second five millions Of dollars is
y. Il L "A