Columbus Democrat., 1841-09-18

Justly might nave been Cthf1Eo win an euvi' .
10 rsi.e a new issue, and 10 withdraw nv conduct
as tue peoples representative from public sctut
ny But no soossr had appeared on the forum
a. an endsayor to giys an account OF my steward
ship, and 10 explain the principles Which should
guide me ln the federal leglsa ure than The WhIs
candidate FOR Congress, true 10 the mandates oi
the Wing convention of last winter, ,Whlch,feeuS
that the ssccndeucy obtained by them ~ 'h'~
State vas merely temporary sought 10 make ih's
bond question the "shlboleth OF parry as
means ol staying their falling tortunes,) called
upon me for my opinions not IN the name ol The
people, but Tor his oSn use and purpose. MY
reply was,when the people called or my opnionS
on any subject they should be forthcoming; but
when intended for him, for his use, they could
never be had Since then, have been called
out IA manner which required me To meet thus
local question: have done so. It's surely an
unfair test ~ which 10 try candidates ior Con
greSs My views have not been formed with an
eye TO advancement, OF even With the expectation
| that they would be publicly casd lor. They
have been made up # kuo" my own heart, I'M
| partially for my own satisfaction and guidance;
with no intention to make them the STANDARD OF
my fitness or unhnsss for station; and II, IN
making them public, susht Is contributed 10 give
this bond question a party cast, my skirts are
clear OF the SIN. wish It to be distinctly under
st"od, that my opinion ls,that this question should
be taken up, discussed and decided upon It's own
merits.
laIeuegaoty lst. Do you believe the bonds
sold by the Mssssppl Unon Bank to Nj Mich
olas Biddls we're issued IN conformity with the
provisions OF the constitution oil the State
In answering this question, no Argument IS
required; but SIMPLE succlnct stat ment OF The
facts IN the case will, in my estimation, be sa'Is
| tactory.-
The constitution provides that "Ro ldtr shall
ever be passed to raise loan of money upon the
credit oi the State, or to pledge the faith ot the
State iof the payment or redemption Of any loan
or debt, unless such iau be proposed in the SEN
ate or House of Representatives, and be agreed
10 by majority OF The members OF each House
and entered on then journals with tn, yeas and
nays taken thereon aud be referred to the next
succeeding Legislature aud published for three
months previous 10 The next regular election IN
three newspapers Ot his State: and unless
| majority OF each branch OF The Leg stature SO
elected after such publication shall sgtee to and
pass such ialc: and IN such case the yeas and
nays shall be taken and entered on the journals Of
each House.
/ his wise provision Of our constitution is pecu.
liar to our State; and amidst the general pecuuj.
ary embarrassment which now presses heavily
upon the energies OF several OF our SISTER States,
a'isIng iion mprldent and hasty legislation and
from an unadvlsed paWnug ol that brightest Jew
el ol the Star-her iath---lor the purpose Of
raslug money TO be used BY the few Tor the pre-
Judtce OF the many. every Mlsflsslppl.n should
ieel grateful 10 The ranets OF our constitution Tor
Their prudence and forecast IN thus guarding our
honor and property by restraining tom t0;nporug
with oul ioh or credit az a State, a lepIsIatufc
whose whole course Of condnc, ha. evidently pro.
ceeded from impulse ra her than wise and delbe.
rate counseIs But 1t would be moc,ery Of
constitutional governments to say to their agents,
thus lar shalt thou 60, and no farther ; and yet
quietly sancuSn every lnracuoa OF reserved
nights.
Al the January session Of ls37, the IIegsla
ure OF our State passed an act entitled - An Act
to Incorporate the subscribers TO the Mississippi
Union Bank in which yea must mark the lacl
that no provision Is made that the State oi Ms
slssippi shall be subscriber for stock bat, on
|
owners OF real estate situated in the state oi Ms
sIssippI, and who are cllZens thereof, saalI BE-
the ouy persons entitled to subscribe" This
law provides that the capital OF the bank shall be
Sl5 .5OOO0U--lhat the books Of subscnpllon
shall be kept open for SIX months, under the IN.
spectlon oI len managers TO be chosen by the lie.
z sature--thal SO 500 as five thousand shares
shall have been subscribed, the Governor Of the
State shall appoint thirleen directors to serve TOT
twelve months, who shall take charge Of the
Bank and the books OF s1bscnpIlor--that allst
the books are closed, the bank may 60 INTO lE-
mediate Operation Whenever it shall appear that
at least 100000 shall Save bsen subscribed and
: paid in-lhat those declared stockholders by Tie
directors shall pay into the bank the sum Of ten
) dollars upon each and every share subscrIbed--
that The stockholders shall give their bonds to he
bank for lhs amount Of stock allowed to each,and
shall also execute mortgages upon real estate,
with the privilege Of including one fourth Of the
) amount on slaves, 10 secure tho payment Of nelr
stock bonds ,thusnot only property mortgage d
but the whole estate OF the sockholdsr would have
been bound for the redemption Of lhe stock and
that both the p,InetpaFand interest Of the bank
bonds we're to be paid by the bank as they seye-
rally fell due. Then It Is farther provided, that
the State shall pledge its faith for tue redemption
of the capital stock, or, in other words shall be
come the security Of The subscribers for stock up
on being allowed ten per cent. Of hs pfehls OF
The bank, the appointment oil five OF the thirteen
directors and a standing accommodation loan ol
$3.50, ,O00,and the 30h section requires the Gov
ernor 10 execute to he said bank, iiom tine 70
time, bonds III amount proporlloned to The sum
I subscribed and secured to the satisfaction Oi lhe
directors, until he whole smosnl Of bonds shall
) be furnished. In this charter ysu will at once
perceive no risk, no bezard Of taxation what
ever.
This act was published not the lergth Of time
required By the constitution, It is true, but still Il