Southern pioneer, and Carroll, Choctaw and Tallahatchie Counties advertiser. (Carrollton, Miss.) 1840-1842, 1841-06-26
q q q q q q
FROM THE TRUE ISSUE.
THE STATE BONDS, No. 2.

THE STATE BONDS, No. 2.
Until some one of the mad men who are
striving to make the people of Mississippi
more ridiculous than Governor McNutt has
made himself, shall attempt something like
reason why the Bonds created and sold for the
use and benefit of the Planters Bank shall
not be paid we will pass it by, with the belief
that even madness itself will not be so much
without method, as to urge any legal or moral
objection to the payment of those Bonds, un-
less the people are willing to join agrarlan
| Tucker in the notion "that we are unable to
bear tax, and therefore raise the hue and
cry against our legal and moral obligation to
pay Them" This is beautiful doctrine indeed!
Deny the existence of the obligation upon the
plea of incapacity to discharge it! What is
II that runs men into such absurdity? Is it
weakness or wickedness?
But 10 the Union Bank. We admit on the
score OF policy and proper State economy
such an institution as the Mississippi Union
Bank ought never to have been chartered, and
the making and selling of the Bonds and pledg-
ing of the faith of the State ought never to
have taken place. But these things have been
done, but not in derogation Gas the agrarians
cOntend) of the forms or requirements OF the
Constitution of this State. In our list No. we
set out the section of the constitution preten-
ded to have been violated by the new political
lfactiOn-and that the charter passed by the
Legislature and approved by Governor Lynch,
on the 2lst January 1887, was regularly pub
lished before the November election 1887,
and the whole people, better informed as to
the nature, extent and pubic liabilities under
the charter, than ever they were upon any
former subject; new Legislature was elected
with an eye more exclusively to the u. Bank
than any other subject, yea, than to all the
other subjects together The Legislature met
and the charter as it had passed the last Legis-
lature and been published to, and received by
the public, was again re-paSsed by the Legs
lalure and approved by Governor McNutt,
February 9Th, 1888, without the smallest al
teration; and that this was an act OF the Lee
gislature OF Mississippi in strict pursuance OF
the forms of the constitution, and therefore
the law of the land We will notice the Sap
elemental Blu in its proper place.
| Let us look in the first place to the powers
and authority conferred, and the liabilities Gre
ated by the c! arter of the Union Bank of Mis-
sissippi as passed by two Legislatures and ap-
proved by two Governors.
TIE lst section establishes the institution
by the title of "the Mississippi Union Bank
I"with capital of fifteen million five hundred
thousand dollars, which said capital shall bt
raised by means of loan to be obtained by
the directors of the institution"
The I'd section of the charter divides tht
capital of l5,50OO0S into shares of 800 each
: and points ont the mode of publication ant
subscriptions for stock, &c.
The Sd section provides for the opening tn
books of subscription, and appoints the com
$ missioners for each county of the State ant
directs their duties, &c.
The 4th section provides that citizen own
ers of real estate situated in Mississippi, shal
: be the only persons entitled to subscribe 70
stock in said bank
y The 9th section of the charter is the princ
}, pal one under which the difficulty has occur
red. 1t is in these words
: "Be it further enacted, That in order to fa
cilitate the said Union Bank for the loan {
fifteen million five hundred thousand dollar
the faith of this State be and is hereby plede
ed, both for the security of the capital and II
v terest, and that seven thousand five hundre
e bonds of two thousand dollars each, to-wit:-
$ eighteen hundred and seventy-fve, payabl
lin twelve years; eighteen hundred and sever
lty-five, payable in fifteen years; eighteen hur
dred and seventy-fve, in eighteen years; an
eighteen hundred and seventy-6ye, in twent
years, and bearing interest at the rate OF nv
per cent per annum, shall be signed by III
Governor of the State to the order OF the Mi
: sissippi Union Bank, countersgned by tn
State Treasurer and under the seal OF the Stat
Said Bonds to be in the following words, vi