The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-10-19
v. E. HOward-The state BOnds-The
DemOcrntic Party.

v. E. HOward-The state BOnds-The
Democratic Party
The Jackson Southern OF 30rh Sept. tnlt.)
publishes a long letter of VoIney E. Howard
Esq, on the subject OF the State bonds. We
would be glad 10 publish the whole letter il
] we had room, but must content ourselves
with extracts. And though they are some
what copious yet we assure the reader they
are worthy OF his attention.
by our DEMOCRATIC friends Lhpy sOiIE be read.
we know. 1t will he seen thai Mr.. Howard
occupies the brOai position OF our party in
this matter.
After Introducing the subjecP and premi-
sing that The money being used in an unlor-
;unare speculation forms no objection to pay
ment, he Observes
"rhe houds issued from the Union Bunk
were negotiated ON a credit, in five lsl,l
men :, Instead of being sold all par for cash
IN hand, 10y which the Stale lost between
one aud two hundred thousand dollars. in a
Transaction of FIVE IN lions, and this IS the
fund alleged. By tie terms of The charter
The State - = S UckhOIder in the Union Bank
IOihe amount OF One-third of the c,p.th
Uck. WHAT then did g0nd faith aud fair
dealing require of the Safe at the time
he loan was eltec ed, provided il wis fraud
ulenl aud il intended % dlslfiirm the con.
rdc'2 certainly n was her duty to have
proclaimed that intention and 10 have I'M.
nediately advised the holders of the STATE
/ securities of the fact, that they might with.
-. IL
due, return the bonds and receive the mon
ey already paid or take the chances uftheir
contr,cl. This was more especially the
duty OF the State, as Tie bonds sold were "a
pay TOR The SAFE ock alone MOI onl,
f.iT dealing would have dictated such a
curse IN contract between individuals
whore an agent had transcended hsanlhor
lIy; but tie law would require a dis firm
dnce ina reasonable time.
1t this could be done at the time OF the
negotiation. it WIS the duty of the Legisla
tnre ~ ropudiate the sale by resulltlon a
us hrsl meet NJ lf the Safe did not inien,
7" abide by il. II may be further assume,
that, as the constitution requires that TIA
,iOVt rnOr shall see that the laws shall b
faithfully executed, il was incumbent o
known that a fraud had been committee
and thai the State would not Tatify the sale
aud also To forbid the reception of In
money by the agents Of the Stale. A sim
4 larauthOrity has been exerclsed,wiih bent
= cal effect BIT instead Of this or any sin
+, lar course. the m lnagerS the Union Blnl
q elected by the State, and ils agents so {;
. IS Us interest in the bank were cOncernet
were permitted without objection on I'll
parl OF any branch Of tie Government To n
ceive the uIDney as the iHStalman IL
y due, and 10 commence a business IN whiC
: the Sale was "A primer and entitled I'D
n portion Of ,he p-of. ). My. The State pr
/! ceeded to treat with the bunk, t0 bnrro
is money Of il aud use il as a fiscal agent II
/. ,lthungh AT tile Succeeding session ct Il
! Legislature after The sale OF the bonds, q
llleeaiiiy of the negotiation wis agtal'
10 The Legislature, and spoken Gf by .
Executive, no MEASURES were taken 10 !
A. pudale the. contract. nOtwllhs' and1ng Il
fact that portion Of the money had Il
: then been paul over 10 the bank, but I
= managers nflhe bank were permitted To
ne lreiVe thetn0uev for the benefit OF the Sta
or say for the benefit Of the State becau
lis the money was received and paid on !
az Subscription The Stale stock aud the Sta
er would have been ehtlled mthe profits D
~ my accrued. And dies any one dnl
that the State would have received Tue
y lad the bank been well man lged and ps
y peredt Tue Legislature at the same $
l'p sion adopted report ON, the atftirs ui
ls- blnk,whch was general appreciation OF
~ policy. Was not the course Of the State 81