Lexington union. (Lexington, Miss.) 1838-18??, 1841-05-29
From the Mi''i''ippian.
PUBLIC MEETING.

FUbLlC MEETING.
At q public meeting Of the citizens Of
Utica, and neigh5orhood, Kinds county,
held on the 18Th day Of May, in accord
ance with notice previously given, for
the purpose Of taking into consideration
the liability Of the State to pay the Union
Bank bonds, Vincent Murphy, Esq, was
called to the chair, and Geo. w. Williams
appointed Secretary.
On motion Of MIR. Floyd, committee
OF three was appointed, by the Chair, to
draft suitable preamble and resolutions
for The consideration Of the meeting.
Messrs. Floyd, Beauchamp. and Woo
ley having been appointed said committee
retired, and after short time returned
with the following report:
Whereas, at the January session OF the
Legislature, in 1887, an act was passed
charlering the Union Bank, Of the state Of
Mississi Ppi, with capital OF fifteen mill
lion, five hundred thousand dollars, which
act was to be published Tor three months
preceding the next general election, and
confirmed by The Legislature at Its Jacu-
AIRY session 1885
And Whereas, The fourth section de.
clares, That the owners Of real estate,
situate IN the State Of Mississippi, and
who are citizens thereof, shall be the only
persons entitled TO subscribed" and for tho
purpose Of securing the whole capital and
interest Of said bank, mortgage shall be-
given on property Of a sufficient character
and Of an Imperishable nature;
And whereas, the fifth section provides
that, Tor no other purpose, wha,soev.
er, than in order TO facilitate the said
Union Bank, for the said loan Of fifteen
million, FIVE hundred thousand dollars, the
faith Of the State he, and IL hereby pledged
both for the security Of the capital and
interest;
And irhereas, the eleventh section, az
an additional inducement for the State 10
pledge her faith, Pr"vides that, each stock.
holder shall, at the time of subscribing,
pay in, on each share, ten dollars in cash:
And WhereGs, the twenty -nintE section
requires tina, 1.-The bonds oil the Stockholders.
for the amount OF their stock, & also their
mortgages, to secure the payment Of said
stock, aud bind the property contained in
the mortgages, and also the bonds Of The
stockholders, tor the redemption Of the
State bonds, shall be deposited IN the said
Union Bank, for the purpose of securing
the reimbursement Of capital and interest;
thus adding the bonds Of each stakeholder
and making every one Of them personally
llatle, in their private property, TO mako
good their subscription for stock, which is
ample protection to the State, for tho
pledge Of her faith;
And whereas, the thirteenth section
provides, that as soon as Directors are
appointed, as provided for the 18th section
they shall elect President, and notify
the Governor Of the State of the same, g.
he shall then, land mind you) not till then,
execute TO the said bank, from time to
time, bonds Of the State, only 10 amount
proportioned to the sums subscribed and
secured, TO the satisfaction Of the Direct.
ore, as required by the charter; which
provision, had II been carried out, in good
ianh, and according to law, would have
been ample protection 10 the state agsins,
loss;
And tuhere0s, the Supplemental act TO
the said Union Bank Charter, by the Lee
gisIature Of 1888, was passed IN violation
Ut the Constitution, the ninth section Of
the seventh article of which declaree ,ha.
"no law shall ever be pissed 10 raise a
loan Of money upon the credit OF the stale
or pledge the iallh Of the state, for the nav.
menl or redemption Of any loan, or debt,
unless, such law be proposed 10 the Sen.
ate or House Of Representatives, aud be
agreed to by majority Of the members Of
each House, and entered on their journals
with The yeas and nays taken thereon, g.
be referred 10 the next succeeding Legis>
lature, and published for three months
previous 10 the next regular election.
In three newspapers in this state and
unless majority Of each branch Of the
Legislature, so elected, after such publ.
cation, shall agree 10, and pass such law
and in such case, the yeas and nays shall
BE- taken, and entered on the journals or
each House;
And srhcrcGs, the said Supplemental act
the fret section Of which, authorizes and
requires the Governor Of The state, 10 sub.
scribe loI Eve millions Of The said stock, in
aald bank. IN hAhalf of thu asafa N. aono