Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-03-20
-. -. af h. D.


GrsrLrNrS Through The columns of your pa !
pr Iwil p-esru, To lie cillz.Gs Of Lo#uJes my
views upon lhe >agect OF the STATE Bonds sold Tor The
bsnrti, of Tue Masssppi Union Bank; the opinions
aud facts herewith presented were gwen By myself
30 tle legislature IA oP osnga series Of Resolution
SHOWN as lergyr's Resolutions, uAleh declared
/ ,at the Stale Of Mississippi was legally and NOR
aHg Oouud 10 pay the UaIOu Bank Bonds: from
these resolutions entirely dissent; and my reasons
/ or 50 dong wi noT proceed to give. In order
that we may arrive at a correct conclusion, to
tie LIABILITY Of the State on account OF The bonds IS
sued Tor tue beHeDl Of tIe Aissssippi Union Bank
/ IL will be necessary III the first pace to examine
/ the constitution OF this. Article VII. See 9.
No lan shall ever be passed to RAISE d loan
| sol money upon the credit OF the stat, or toh
apltdge the faith OF The stale Tor the payment OF"
redemption oil any loan or deOt, unless such law"
"be proposed IN Tie Senate u House Of Repre-"
"seU,auyes, aud be agreed 10 by majority OF "
| ''lAe members vi each house, and euIeIed on"
''iheIr journals with the yeas and nay taken"
'luereon, aud be referred To tue next succeeding
Legislature, aud published for tree months"
"pteyIous 10 the next regular election, IN three"
"ncwspapers ol this states and unless majority"
"ol each branch Of the Legislature 50 elected, al"
"ter such publication, shall agree 10, aud pass
"such law, and IN such case the yeas aud nays"
'shaIl be- takea aud entered on the journals ot "
each house.
Agrctaby TO this provision OF the Constitution
The original act incorporating the Union Banks was
enacted Tor the FIRST time and approved On 2lsL
day Of January 1851, which was enacted for the
irst lime. and approved on 2lst day oil January
1887 which was submitted 10 tue people; aud at
Inc Nostmber election in 1887 new house of
Representatives was elected, which convened in
January 1888 and the Journals OF the house at that
session presents The following lacts.
Hou c journal Cs5s) page Al. shows that reSo.
luton, reierlng 50 much OF tie governors message
as relates to tue Union Bank to jont select com
mttte to CONSIST OF seven on the part Of the house
ana ON the part Senale-was appointed.
AT page II. same Journal is the following joint
resolution Resolved, (wth The concurrence oil the
Senate.) that the JOINT select committee. 10 whom
was referred the bill entitled IAN act to incorporate
The Mississippi Union Bank, be Instructed 10 u-
qdire and report whether the same can be SO amen
dcd by the legislature aud become a constlonal law
aud il 50, how far aud whether it would not be ex.
pcdcnt ST to amend the same as to convert said
bank into an institution owned and entirely con
troaeI by the STATE; which was deelded IN the al
firmatlve.
Atpages ZIG and III, Of same journal Mr.. Phil
ps from the Joint select committee, 10 whom was
} rcterled to b charter the Mississippi Union Bank
submitted the following report 70 wit:
MIR. Speaker. The JOINT select committee tC
whom was referred the msIderallon OF the bill Il
charter the Mississippi Union Bank; and also, 9
resolution instructng the committee, to examist
' whether the said bills can be amended, aud II So
b. whether it be practice 10 change II nlo a Stat,
Bank exclusively, and report The same to this house
a have had the same under consideration and have
Instructed me to make the tuHowng report
e That the said committee are OF the opinion that
b IS within the province Of the legislature TO ament
5 or change tie details Of SAID Missssipp Uulo
: Bank charter:
. but as that portion Of said charter which re
- "ales TO the subscribers or stockholders to the
"Sail institution, beng primary condition on
II (Which the faith Of the Slae Is 10 DC pledged, and
g "ds such constitutes vital part oit, We have NO
t, spower 10 change the same, unless II should be a
III "ydin submitted 10 the people Tor their SANCTION
10 Nv hich, would have the tendency TO postpone al
"least Tor two years its cunsumatlOn This course
- "your committee believe would he directly at wa
',cith the rishes Of or constituents, and prove a
: "serous Inconvenience and injury to the people OF
IL estate in as much as it must be apparent to all that
ID "they are now writing under an unsual degree OF
L. 'pecunlary, embarrassment which require prompt
Of "lud efficient AID to relieve them from that extreme
ID estate OF misfortune and dstres, which the de-
"cernng eve can easily detect IN the gloomy vista
!, of the utu &c ~
y This report was received and agreed to by Ii
20 house aud the same committee rcpaucJ 10 The sen
~ ate which was like manner received aud agreed t(
II This it IS seen that both Branches OF the Legsa
e. turc affirmed that the ''pnmary" and "vilal' prIu
b. clpcs, upon which 1.-THE faith Of the Stale was
il be pledged" were the mortgages .and bonds Of III
i, Subscribers or stockholders" 10 the sad mSttu
ton; and that The legislature had NO pOlcer
!, change the same, unless should be AGAIN submit
d ted 10 the people for their sanction
y At pages Isl and lSs, same journal the origins
~ act Incorporating The Union Bank, was passed
I'd a second Time, ayes So nays $50 aud became
lie constitutional law: this law clearly polaIs out III
~ conditions upon which the faith Of the State was
10 be pledged: and lhis act does not contemplate an
~ direct responsibility the part Of the State for on
" sous; bat hat The st0ckho ders should give norga
CT yes ON property fully to The amount o stock takeI
ne that the stockholders should pay SO on each siar
TX subscribed: that no bond OF Inc State should b
al executed until 100000 were SO pad IN and ufthe
that the mortgage aud the bond. ol The stakeholder
., shoald be deposited the office of the nSuluto,
. before tie governpr should be authorized 10 sig
We any state bond whalever-tEese were The condllIo
~ upon which the people agreed 10 pledge the faith
IL the Smte--lhese were the primary and Vital COZ
y ditions upon which the people agreed 10 pIigi
ID their iah--lhese are the same primary" an
II. "via" principles, tie report al The Jont select con
., mt,ee declared tuat the legislature had NO pocer
- change unless il should Be again submitted to tn
= people for their sanction; vet these same membei
~