Lexington union. (Lexington, Miss.) 1838-18??, 1841-08-14

would ultimately be able to pay the prn>
cpal and interest Of the bonds sold ON lis
account, md have something like a mil.
lion Of dollars surplus; for we learn from
good authority, that the late Cashier of
branch at this place, estimated the bad
debt in thus district, at three hundred
thousand or more. and it is probable that
his estimate was as favorable as possible
to tue bank. BE this as it may, it is evi.
dent that the Bank can never pay any
considerable amount, and we will ever re-
sist the taxation Of the people to the leas,
extent, for that purpose.
Mr.. Land was succeeded by Mr. Field,
one Of the Anti Bond candidates for the
legislature, who replied briefly to the re
marks OF those who had spoken in favor
of the payment Of the bonds.
Next came Mr.. w. Broke, Esq. re.
Gently a bond-payiDs candidate for the lie.
Ijslature; more recently candidate for
Judge oil this Judicial district; and mos, re.
Gently, again candidate for the Loeisa.
ture on the bond.payIng ticket, who, We be.
Iieve is esteemed by some OF his partsans
as the champion Of that party in this
county. He contended that tho Consi.
tuition only requires thai, that section of
law pedsing the faith of the State, which
contains the naked pledge, shall be refer
ed to the people and adopted by two sue.
cessive Legislatures; and that the pledge
Of the faith Of The Safe by the original
charter Of the Union Bank, for loan CT
$l5,500,000, was positive and uncon.
jlliona pledge, The legislature having the
power to change The oil jet of that loan,
and til" conditions on which the bonds OF
the State were to be Issued, in Pursuance
OF SAID pledge.
An examination Of the Constitution Of
the Stale viii convince every candid and
well balanced mind, that these positions
Of the very learned gentlemen '' from the
Old Dominion,n are founded 10 error, and
assumed only to meet the present exlgen-
cies Of his parry.
The ninth section OF the seventh article
Of The constitution, EVIDENT requires that
the cholc law Pledglng the ,ajn OF the
State, be referred to the people; and doubt-
less, for the purpose OF informing them as to
the objects for which, and the condition on
the proposed pledged is asked, which
certainly always constitutes the induce
ment To such pledge. 1t must be clear
to every intelligent mind, that the pledge
of the States faith by the Original charter
was sanctioned by the people with an eye
single to the CONDITIONS and object of said
n!edge as set forth in that charter, conse-
queoty a violation or change of the con.
drlons and object, yiiare the pIcdse and
releases those who made it from all obi.
CATION under it. That the conditions and
object were changed BY the supplemental
charter and never complied with, will we
presume, be denied by no one.
If the Legislature have the power To
change the conditions and object of a
pledge of the States faith without the
consent of the people. why were provisions
inserted in the same charter with the pro-
posed pledge, nrpirIiog TO be the conii.
lions upon which said pledge was to be
made. Was 1t TO deceive the people and
decoy them into the creation Of an cnslav.
Ing public debt for the benefit of few
bankers aud speculators2 We think there
IS better reason. The legislature that
framed the charter, and the people who
sanctioned it, construed the ninth section
OF the seventh article of the constitution
according to the obvious intentions of the
iramers OF that instrument, and conse.
quenIiy came TO the conclusion that as
the people had reserved to themselves the
nghi to pledge the faith Of the State, they
had the night to specify the object for
which and the conditions on which they
would make such pledge.
Mr.. B. made an effort to say something
very pretty about the "broad seal Of the |