Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-08-31

monwealth was afterwards estopped from
showing that such monument was not the
one intended in such deed, because by the
resolution of the Legislature, others had
been inducedto act, and make improve
ments, on the land in question; 10 Mas.
Rep. p 155 161.
With ashort statement of facts which
appear in the Journals ofihe Senate and
House @of Representatives, we will
leave you to make the application of the
foregoing principles of law.
BY the 9Th section of the act 10 charter
the Miss. U. B., the State caused her
bonds to be issued by which she "acknow..
edged" to be indebted &C. sand prom
ised to pay" These bonds were negotia.
ted on the 18th of August 1898. The
Governor of the State in his message of
the 8th January 1899, communicated to
the legislature then in session, the sale OF
the Bonds, by whom made, and to whom,
| the terms ofthe sale, and that the Bonds
had been sold, ''to take stock" to that
amount in the Miss. u. B. & JOINT CON-
mittee composed Of memsers of both hou.
ses, was appointed at the same session 10
examine aud report upon the Affairs of
said bank. In that report the committee
state with full knowledge of the terms
of the sale, that the negotiation was "high-
y advantageous to the State and to the
Bank and in accordance with the iniunc-
tons of the charter" The report was
received, concurred in, and ordered to be
printed. At this time only t1Uo Of the FIVE
instruments Of the purchase money had
been paid by the purchasers of the bonds.
The three last installments of one
million of dollars each, were not then due,
but were punctually paid afterwards, as
they fell due
The message from the Governor was
printed, by order ofthe Senate and House
of Representatives. The Journals of both
Houses were published by the Public Pr;n-
ter, and were distributed as directed by
law, through the differen, counties. By
these several means andby the public pres
ses ofthe State, the information of the is.
suance and sale ot the bonds, together
with the terms of sale, were spread even
to the most remote and obscure parts Of
every county in the State, and not a muir.
muring voice was heard from the citizens
of any county in the State.
| In January 1910, after the lapse Of an
other year, the Legislature again assembI
ed and the Governor refers again 10 iht
Bonds as a State Debt, and III
representatives of the people fres
from their constituents,not only express n
dissatifacton at the sale ofthe Bonds an
the purchase of stock for the State wit
the proceeds, but actually elect director
on the part ofihe State and claim and eS
erclse visitatorial power over the institu
ton.
Twelve months again roll away, an
the legislature again assemble,and a res
olution is passed by that BODY in l84l
(last winler) declaring among other thing
that the State wonld fully recognize an
acknowledge the obligation 10 pay he
bonds issued and sold on account of Ii
Miss. U. Bank"
! And above all,the fifty thousand share
5 of the stock subscribed for by the Stat
was paid for out of the sale of the Stat
, bonds, and the certificates of stock in tn
Bank are still held by the State, withot
any reputation of the contract; aud We
ii is gravely contended,t that the State, no
= Eiths,andng she has appropriated til
D money received for her bonds,and recelV
: ed the whole consideration thereto
: which still remains in her control, ma
morally and legally avoid the payment
- the money which has thus been raise
!. on her credit.
From all the facts we believe you w
agree with us that the. State has not on
= tacIlIy, but expressly, recognized the &c
i ofth6se who sold the bonds,and is ther
&c fore bound whether they were original
: sold 10Th or wiLhout authority.
The Governor of the State in his mes
al ace of1639, informs the Legislature tn
d FIVE millions of the bonds chad been SO
ne TO take stock to that amount In the Miss
or q. Bank. The first section of the suppl
eif mental act authorizes and requires the u
= vernon to subscribe for in behalf OF I
Oe State, fifty thousand shares of the capt.
II; stock of said Bank; '.the same to be pa
no for out of the proceeds ofthe State bonds
n The stock was subscribed for;the procee
ne of the bonds applied to its payment, a
ID the State still owns the stock. If the bon
are void, the State has therefore receiV
OF something for nothing. 1t was the 81
II of the bonds that brought the money;
on there had been no bonds, there wo'
he have been no money received from \
NJ Bidde. The State should therefore eti
,er pay the bonds, or refund the MONEY. lfl
bonds are void. they are so for both part
and the State can retain nothing
!, der a contract she pronounces void.
.iIo It has been said By some that the boz
ire issued by the State arc " bills OF cred
q. a. and there fore void by the constitution
TO- the United States which prohibits their
~ sue by the States.
On this subject we annex an extr
Jay from the opinion Of the supreme cour
his the United States in the case of Craig
1ho others VS. the State of Missouri 9TH PC
ray Al. The word 'semit" is never empl
zen ed in describing those contractsby WI
- a State binds iiselfto pay money at a
My ture day for services actually rendered
ng- for money borrowed for present use,
are instruments executed for such purI
,ss- SEES dcnominated "biIs of credit.
on emit bills ofcredit" conveys to the n
md the idea of issuing paper intended to eli
ay- late through the community as mo-
t p. which paper is redeemable at future
red | This IS the sense In which the terms
orr always been understood.
Most of the States have created pa
ad- and eighteen of them have issued and
- o,ro bonds. amounting Ia ALI to more