Southern pioneer, and Carroll, Choctaw and Tallahatchie Counties advertiser. (Carrollton, Miss.) 1840-1842, 1841-07-17
FROM THE vIcKsBuRG WING.
HISTORY OF THE STATE BoNDs-No

In preceding numbers, we think we have
succeeded in convincing the most sceptical
that the bonds issued for the benefit of the
Union Bank, were issued in strict accordance
with the constitution, and that in the sale of
them the very letter and spirit of the charter
was Scrupulously obeved. If then, we have
succeeded in establishing these two PROPOSE
tons, it follows as inevitably as night follows
morning, that the State is bound legally for
the payment of the interest on the bonds as
they severally fall due, and for the ultimate re-
demption of the whole issue. That the State
as legally bound for the payment of both the
principal and interest. we most honestly and
Econscientiousiy believe, and all our examina-
tons of the subject confirm us in that opinion,
while we have yet to,see the first plausible ar
gument against the legal obligation of the
State to pay.
/ Having then, as we believe, established con-
clusivey the fact that the State is legally
bound to pay the Union Bank Bonds, both
principal and interest, we shall proceed to the
examination of the question in moral point
of view, and upon this branch of the subject,
we think we can convince any honest man
not wholly blinded by party prejudice, that a
refusal to pay, will, under all the circumstan-
ces, infict Deep damnable, and indelible stain
upon the character of the state, and of the
whole people.
And now, for one brief moment, admitting
that in passing the Union Bank charter. and
pledping the faith of the State for SIS, 100000,
! the constitution aOdS violated; and admitting
4 that, that the sale of the bonds by the commits
sioners, was an infraction of both the letter
and spirit of the charter; let US examine the
subject and see in what attitude it now stands
before the civilized world.
w. b,uo olroadv shown that tho bonds
, amounting to $4,000 900, were sold to Mich.
olas Biddle, Esqr; on the 18th of August, 1888
bv Wm. NJ Pinckard, James G. Wilkins ano
Edward G. Wilkinson, ''for their par value
: sin lawful money of the United States" Or
the 18th of the same month the contract wa!
formally drawn up, signed by both parties
: and Mr. Biddle's part of the contract guaran
: tied by the United States Bank of Pennsyiva
mia. We hold, then, that if the bonds wer
. mot issued in accordance with the constitution
Q that Mr.. Bddle could not know it. and tina
r in selling bonds thus made the state was gull
IS ty of base fraud-a fraud, for the perpetra
i ton of which, an individual might be prose
: cuted and sent 10 the Penitentiary.
The bonds were signed by the Governor
countersigned by the Treasurer, and had affiz
y ed to them the great seal of State! How coul
S Mr.. Biddle go behind the bonds and ascertain
at a distance of 1900 miles, that the provi'
ions of the constitution of Mississippi had M
been complied WITH In what manner wa
Z he to obtain the information? There were til
n bonds properly made out by the regularly col
ID stituted authorities, as evidenced by the SCI
81 of the State and the signatures of its Cover
: or and Treasurer. By reference TO the cha
: ter of the bank it appeared that the bono
70 were in due form; by reference TO the san
e instrument It was shown that the bank WI
NJ authorized to appoint commissioners to Sc
rs the bonds; and the power of attorney in Il
possession of James G Wilkins, VIM NJ Pine
:, ard and Edward G Wilkinson,- established b
II yond controversy, that they were cmpowere
st to make sale. What right, or what rease
Of had Mr.. Biddle to believe for one momer
all that the state Of Mississippi had planned ar
: executed deliberate scheme of villainy,
: which she might plumber capitalists to Il
q amount of $4,000, 0O02 Was it at all pro
y able, that not only the people, but the legisl
Is ture and the Governor, and the Treasurer