Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-07-24
Nsi \ Ns2

nc uist cnnciuSion natl shat endeaver 70 de-
dnce from my premises, $. tat the liability Of The
State Tor saul enals does rot arse or accrue from
or under the pravisons Of the originsl charter n(
saw Union Bank, bu, let ali. under IN. prqvsiops
Of the supplementary set Under the PROVISIONS Of
the original ehattsr, The State was no, 10 he stock
holder, aud Of course had night 10 hosS s,sck m
said bank and be hals therefor or Cor the loap nf
money to buy or subscribe FIR stock for. ant on be-
hafot tie Safe. The liability OF the s,ase. under
the org,ha charter Of sad bank, is conditional, no,
direct, this Is The TACT 10 law. from the terms Of
said chsHer though The Stale - the dHect drawer
OF SAID bonds ysI from the charter The STATE slsads
10 he attitude Of an aecomo3a non drawer or per-
hapS more technically cakinE ~ the attitude offs
guarantee. Tho bonds sfr drawn IN The name II
the State, PAYABLE 10 The Mis- issippi Union Bank.
and by q Endorsed, with ihis express understandius
and agreement between oil the parties drawer en-
dorser ana cndorsee that both the capital and inter
est 81 the boEds shall BE- paid ty ihs sndorstrl az
ne times they itrfratiy tali due, refer 10 %ctou
1th OF HE orgtal charter, Then conclude, 6y
taking ell the original charter together which is
proper mode OF construction that the Stale BY the
| pledge Of s faith, and by the bonds "a provided
Tor m the tith section Of the Original charter III SAID
bank, only stpnlaies or guarantees that the State
| Will pay ssld binds, snd tire interest thereon 40
they srvtralv tall dua Tor the deficiency ihereoOnp-
| On condition that the bank DOES mt; and that the
| properly morlehscd under the PROVISIONS of tho s,h
| seeion. and the bonds OF the individual sIockbal.
dtrs, which creates liability, rs well on MI the
| private property vi the Stockholders respectively
as on The property contained 10 their respective
mortgages VS. provided IN The Goth section ot,he orr.
gnnl charter, Got sufficient; or IN other words.
that the State vii pay The amrunt ila may bo de.
hclent' after tie bank, The bonds AMI uorgarrs,
and HE individual property ~ The Stockholders -
| exhausted. 10 tNempily this position. should A.
Tor he accommodation OF II. draw a note PAYABLE 10
u, and u should endorse the note, G. who was
present aud cogniiant Of all tie facts, should rs.
ceivc the note, upon an xprrss undersa aiding and
agreement between A, and {, tina, B should nav
the nots al maturity, X that & would look TO D for
payment IN The first lsce, and not 10 A. would
| A stand in the attitude n aua sntnr nnly' and
would { nave rigbt over this agreement 10 ns,n-
tain al action against A. IN the hrst instance with.
out having Iaied tocoIlret the amour, OF the note
from u should say TINT e would. under these
| circumstances, be compelled to resor 10 q, and
prosecute him 10 insolvency, before he could resort
10 A.
II There beng no stockholders, for any ameun,,
whose bends and mortgages were deposited IN
! sad l nnn Bank, nj the lime said supposed Stplc
bonds were deposited rs required by The a9ih sec
non 81 the charter, consequently The Governor ut
the State did not, nor could he, uaier the ptovE-
| lon1 VI Nit oUtIi FCElu14 EAecUtW Tie MINUS DT the
benefit ofthe private ududuai stockholders; and il
| The said supposed State bonds were indeed cysrn-
ted under The provIs o Tie original sharIst far
tho benefit Of he private or individual stockholders
. neither The property by them morgaged ior stock.
, nor lls private property nj the Stockholders has ss
. vet been resorted 10, and loJnd deficient TO soycr
The loss Of the Stale bonds, executed pon The ta,h
the 'oeaod.. ps bonds and .5pa . And
efurL hinder ph m ktrL al hts haruatn II
10 be reeased) that the persons who have suLscri
bed for stock, and become stockholders. siase sad
. | supposed Stnc bondr were executed or The por,-
: gagged property ol such person was liable fbF, or on
" account Of said supposed State bonds ~ g, ecuedi
: before they became stockholders and if tho sad
: supposed bonds were executed under The provisions
. OF The original charter, they must, according 10 tho
: | charter have heea executed on the faith a the
= mongagcd pr0efy; and i 50. abe mortrayed pre-
perty and the stockholders q mean The individual
ockholders,) responsible Tor the said supposed
State bonds. In fact, and IN law, the individual
stockholders are not Liable for sud supposed Stale
' bonds unlera my opponents should spiihg tcw
G code VI moruls on the stockholders, % they have
It epdea vofrd IN do on the State by which hey may
c create kind Of mysterious liability, which, IN MT
y lard believe 10 law and morsls) il altogether H.
c comprehensive md Which, ! appphend, won.d
mol accord with The tenor and elect, true lntsnt
= and meaning Of the bonds and mortgages ol the
y individual stockholders; md which bonds md
Q mortgages, most probably, extend only To Hen
u bonds OF The State M shall be executed upon the
Z, faith Of such bonds and mortgages of The adfldu.
y NJ stockholders, and Tor the beneB. OF such stock
c lobets, md no, for such bonds OF The Safe
G as are executed to procure stock for the State,
u The same law, morals or reasoning, that consd-
era sad suppesed State bonds 10 have been tXect.
E, ted and put into existence under HE provisions ol
s. The Original charter u said bank, and makes lhe
State abe for such bonds makes the stocs, bonds,
e and mortgages, and even the private properly (by
& virtue of iher stock bonds Of The individual stock.
q holders liable Tor the same hends bccause all the
IS State ,nds lint are 10 he executed under the pro.
y yislnns u tile original charter ofsaid Unl"n Bank,
% must, according 10 sad orgina charter, be oxeco-
N ted on the faith Of the stock bonds and mortgages
= Of the individual stockholders, approved Of BY he
directory u said hahk and deposited in sad bank.
e Then Mr. President, nm OF opinion that the con-
cusoo lrrslslbly forces Itself on the mind Of I'll.
t, sny should before have doubted IN The subject that
I. ssld supposed State bond. were executed and put
mo existence under and by virtue 81 The provisions
e ofho supplemental set. Then, II hey Erre, n
2 which there cannot he the shadow of Doubt the
u individual SHAREHOLDERS net re'ponshie for them.
= and fanny liability for said supposed State bonds.
lhen, does exist hat liability IS on the State, il said
a supposed Slse bonds wele properly and legally pal
c into ex sicnre, and Il not properly and legally put
- INTO existence, then tie liability for said supposed
e Stale Dur must tall on the person or persons who
i 50 Impropoy aud illegally put them into existence;
o which now brings me up To The naiR orlast part oil
d the question, which ls-are these supposed Siate
2 bonds Tie bonds of the >tate or, IN other words,
e had said bonds their existence BY tie assent nj the
r people of ,Ie Ststt' Here arises the form asd
e construction OF the act, or contract, By which lisb-
ily is la accrue To- or tall on the State; also, th~
e power aud capacity Of the contracting parties. OF
n their agents. Then, what is a contract 1t is m
1t agreement between two or more eontactag parties
who are able to contract, whng 10 contract, and
/, who have. actually upon sufficient and legs con
is sdeaion, contracted TO Dc, Or not 10 do, Iarcu-
y ar act or thing. And If contract is entered lniu