Lexington union., 1841-07-24
THE BONDS.

" y
lators and Governor are the agents OF the
people, "clothed with full po,eerS;" that il
they acted in violation of The constitution,
in creating the quasi State bonds, sold by,
and for the benefit Of the Union Bank, il
was not the fault Of the purchaser Of said
bonds-that the said purchaser could not
know that they we're acting in violation of
the constitution; and that therefore he
cnnnot, by any principle OF justice be
made to suffer for ,rrong committed 6y
u.s." This is but of kind with all the ar
ugments Of that partisan politician, on this
momen,ous subject, which he processes to
regard as plain question Of honSety or
dishonesty; but upon which, his writings
plajuly prove him to be profoundly Igno;,
ant.
II he know ought Of The genius of the
government under which he lives, he
mus, or necessity know that by it, all CO.
yernmental agents are recognised but as
the special agents cl the people, having
no authority to exercise, in their capacity as
sgent, any powers other than those clear
| ly delegated by the constitution; nor can
they exercise these IN any other manner
than that pointed out in the constitution, #
the manner be specified 10 that+nsIfnmenI,
as is the case with the power to pledge The
faith of the State. And no act Of such
agents, which has not the sanction Of this
sacred conservatory of the peoples liber-
ties, can have any greater binding effica-
cy on the people Of the State, than would
the efforts OF any assemblage of private
citizens, to bind them by similar acts
If these positions be correct, aud no one
will have the ettrontery to attempt TO
controvert them, the five millions of bonds
having been issued persuant to an uncon.
sttutlonal law; and negotiated 10 violation
even of that law; we're absolutely void
from the beginning, and we're not either
in law or equity, the bonds of the Stale.
Consequently no liability in the prem.
lses could attach TO The peop;e Of the state
either as principa! or guarantor, by virtue
Of ,heir silence on the subject, even tho
they had full knowledge of the manner iC
which said bonds WE'RE created and
disposed of;-then fociori they cannot
have become liable, by reason of their
silence, if, as is evidently the case, the
mass Of them knew not, but that the bonds
had been issued in strict accordance with
the provisions Of the original charter,
which alone contained constitutional
pledge Of the faith Of the State.
U pom what system Of morals the Editor
Of the Wing bases his position that even
though the bonds be unconstitutional, there
is, nevertheless, moral obligation on the
part OF the State to pay them, we are at
loss to determine.
Now, if these honda were created in
contravention Of the Constitution, their
creatioa was a gross fraud on The peoples
rights, and being 80, they of necessity. as
we have before observed, are absolutely
void; and can impose no obligation either
legal, mora, or honorable on The people
who were not the benefciarleS of their
sale, But says the Wing, sue, as a
State, hare ratified IT," (meaulug their
unconstitutional creation.) We, under
take say, that the State has Gone no such
,hirg. The contract being void, by rea.
son Of the want Of the assent of the party
sought to be bound, could only become
binding by its recreation with The proper
assent Of that party, which has no, been
done.
No act Of the Legislature or Executive
or both, can, as the editor seems to sup
pose, work ratification OF the bonds; as
they had not the power to create them
originally.
The fact that The unconstitutional crea.
OF the bonds, was no fault Of the purchaser,
does not terd to fix liability upon the
people who are alike innocent in the pre.
mises, Tho This be not the fault of the
purchaser, Vet he Cpmniitnd , I,rI, =; A.