Holly Springs gazette., 1841-09-23
CHARLES SCOTT.
A BRIEF AND IMPARTIAL VIEW OF THE CON
DUCT OF THE UNION BANK COMMISSIONERS.

The Union Bank was originally constructed on scale of
unusual magnitude Endowed with capital of Is millions
onehd belonging the and the residue
sustained by the faith and credit ofhe ate-the bank could
not be considered exclusively state instuton-but was
composed of both and individual
invested with the power of appointing commissioners for the
sale of the Bonds
the bank controlled by its authority and directly subject
the instructions of its directors in the sale of the Bonds And
what did the instructions given by the directors mpo2 Did
they comprehend the power Of filling the blank over the
signature of the President of the Bankof designating the
place OF payment of both principal and ntereso selling
the bonds IN Euopeand ohypothecatng them, allow
ing per inerest-and will this of authority
furnish with sembance of justification for the pur
sued by the commissioners
The not and could be bound by any act of the
commissioners for than the face of the bonds The
bank liable for all the expenses of the negotiation
making the payments in London These propositions of
undeubted solidy and need ilusratonbut shall
tempt it.
1.-THE commissioners had forced into the measures of
hypohecation where extraordinary inerst all
lowed which OF the would have been bound for the
difference Of interest between the established by the
charter and that allowed by the nstructions-the bank
the state2 Unquesionably the former.
Why authorize the commissioners proceed Europe?
Was this empty privilege of which, substantial
good result the power bestowed that should
be exercised benecay keeping within the limitation the
instructonss III the power given good faith
within the scope of possibility for the effect
sale of the bonds excluding the condition. that principal
and interest to be made payable point aboadl
Experience necessity usage all the negative 1t
perfectly well known Jackson pending discussion
details OF the charter by the legislature that would be
impossible to effect sale OF bonds bearing of five
per the United States when the was so
anuch beyond this limitation of five per cent unless the bonds
made available in foreign markets Hence the reason
of the blank endorsement by the bankhence the authority
to the commissioners to fill up that blank, and designate
the place of payment.
The commissioners have doubt endeayored 10 ar
compsh sale ofthe bonds the best practicable
keeping steadily and constantly view the Limitations i'm
posed by their instructions these had been either trans
cended violated have been because they were
misunderstood Letters after letters addressed TO the
commissioners from all quarters high and ,ow whig and
ocofoco describing the of the country as de1lo
BILE beyond example and beseechng them to eectuae the
object OF their mission with the least possible delay The
money obtained and distributed with how much iscrm
nation is not for say and for the people under such
to deny their solemn obligations what we
cannot and will not believe Besides who can tell what the
lapse OF nine years may bring oh2 may be productive
OF change IN the pecuniary condition Of change in the De-
ope that may place them position spun the lessons of
Progate and appreciate the value of the
doctrine Of Washington that Honesty is the best polcvn
INatchez Courier