Lexington union. (Lexington, Miss.) 1838-18??, 1841-09-04

action of the people. This right had
been expressly reserved TO Inc people
in their fundamental law; and until they
had been consulted in the manner pre-
scribed, all action by their supposed agents
was null and void; and the whole world
were bound to take notice of 1t these
propositions are so selfeVident, no man OF
candor and discrimination will dispute
them. The only question remaining, is,
does the present supposed Liability arise
under and by the supplemt?-H IS HpPa'
rent that it does so arise: lst, IRON the
rery terms of the. mortgages Tor stock
which were drawn up by the officers Of
the Bank, and which have been recorded
in almost every county OF the State, IN
which it is set forth that the intent OF the
mortgage is to secure the payment oil only
$40, 500, 600, leaving S5,000,OO0 dollars,
the sum already sold, to be paid by the
State by virtue of the supplemental act.
2nd, Ii is apparent from these facts that
at the time of the issuance Of the five mil
lions of bonds now held abroad, there
were no subscribers for stock save the
State alone; that the books of subscription
had not been kept open as required by the
oririnal charter six months; that no bonds
for stock, and no mortgagesto secure them
had been taken; that no directors had
been appointed by the Executive to eX'
anime and pass upon the validity OF the
mor,gares: and that not dollar had been
paid ia on single share of stock: There
fore, they must have been ISSUED IN pun
suance of The supplemental act, or else
there is more baseness IN this whole
transaction than ever characterized any
other act public Of lunctlonarles. ord
It is apparent, from the very terms OF the
power of attorney from the managers o.
The Bank 10 the commissioners who wen
abroad to sell these bonds. This power
of attorney, after reciting that the Act u
INCORPORATE the subscribers to the MssIs
sipp Union Bank had been passed by ont
& Legislature, and in conformity to the con
stitution been published and referred tc
the next succeeding Legislature, which hat
confirmed the original act, and that thu
+, saona was approved by the Governor OF
: the 9Th day OF February, 1888, continues
"And whereas the said Legislature las
. above mentioned, passed an act entitled
d an act supplemental 10 an act to lncorPo
q rate the subscribers TO the MISSISSIPPI
= Union Bank, which was approved by IN
a Gov. February 18th 1898: and wheren
e the Governor of the State of Mississippi
, has, pursuant to the provisions Of me SUI
: Elementary act, subscribed in behalf OF IN
). said State fifty thousand shares oil IN
, capital stock of said bank, and has exc
/. caled twenty-five hundred bonds OF IN
n State of Mississippi for the sum OF NV
- thousand dollars each" &c. II truth ca
- produce conviction, surely this quest'o
is now placed beyond cavi|. 4Ih, 1t
, self.eyident that the purchaser OF tn
- bonds had no; only constructive, but actut
: notice, that the faith OF the State coul
- not be pledged under the constitution b
- an act of the Legislature without col
~ frmaton by the people; that tho supple
70 mental act had not been confirmed b
~ the people; aud that the bonds he purcna
=, ed we're issued "pursuant,to the provision
;, of the said supplementary ct"!!-becau'
n this power Of attorney to the commission
a, ~, ers is made part ard parcel of his contra
y, with them, and it contains clear stat
or ment of these facts. 49,.
:, NV answer, then, is clear and decisIv
IT do not believe the bonds sold by u
~ Mississippi Union Bank to Mr.. Nlchoi
~ Biddle were issued in conformity with
= provisions of the constitution OF the Stat
10 but that they were issued in violation
~ the sacred and expressly reserved rIgt
,ss of the people. .
ri Interroga,ory I'd: And if not SO ISIS
!, ed, whether in our opinion i comPo
:" with the true dignity Of the State, to
- coguize growing out OF vlolau
.od of the fundamental law?
~ I consider that IN answering the pr
-, ceding interrogatory, the answer to II
w follows as necessary corollary every
,1' zen Of the State owes faithful aIleglan
~ 10 Mississippi. Our constitution IS
NJ standing expressed will of our Ielge SOW
~ egn: She req uires of every public iur
10 tionary solemn oath to maintain the
II" tegrity and sacredness Of her injunction!
,oI g. declares every act ofevery officer VIM
90 90 violates this constitution, null and void
~ no validity whatever. Every lniriht
- ment, therefore Of this expressed wlli'
,re disloyaty and bad faith to our sovereIg
-, and TO maintain and successfully car
,hs out such an infringement would not or
he bring contempt and dlsrepnte upon
40, character, but destroying all true o'gn.
'i,a and elevation, would Indicate lmoecll
~, and premature decay. What cons,itu
h", IL ,r,a d;go;,v ne the constitutional sc