Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1841-10-21
LIBERTY, (NII) THURSDAY, OCTOBER >, ,su

l. ouiy iuestIOu oPtH loF controversy is
whether such decision, when made. i
conclusive or binding upon the peopen-
The reason why they should be bound, bo
4 been already submitted. But my design
: IS TO prove that this is a question capable
OF judicial examination and decision, an,
il as such, his EXcelency, A. G.. McNu,t
t, IN undertaking TO declare and publish I,
the world thai" the State will Ieyel
:. pay the five millions Of bonds, issued il
June '38, or any portion Of interest due,
. or to become due thereon" has violated
, his executive duty, and transcribed the
insists OF his rightfuI prerogatiye The
j, people themse Ives, as has been shown
cannot determine the question in hand
because they have delegated that powar
to The Judicial department Of the State
lhey may III true, disregard The law,
ana declare through their Representa-
lives In the Legislature, that they wiIInot
provide the ways and means Of paying ell
'her the bonds, or the interest accruing
thereon; but they canno; refuse payment
upon the ground thai the bonds are lille.
gal, unless such be The decree of the Chan
ceIIor. but where are the peopIe-where
IS The Legislature or government on earth,
VINO would repudiate debt which had
been soIemnIy decided 20 be Just and lc.
, gal, by properly constituted power p
The bond holders will not for a moment
entertain the opinion or judgment of his
.cXceIency for they have clear and
constitutional right to be heard in the 81.
perior court oil Chancery and if the
bonds should be decided 10 he legal inr
struments, there need be no aPprehen.
sion but that the State will discharge them
to the uttermost farthing.
The next proposition which shall ats
temptto establish is, that the State bonds
were IN accordance with the requisions of |
the consitut ion, and as such were Iegal- |
Iy sold and negotiated. The bonds, upon
their face, evnce no evidence oftheir lie
gaIlty. They are in due form, signed by
The executive, ccunerSlgned 10y the treas
urer, and are at;esteI with The Great Seal
OF the State. Clothed by all the solemn
ties of law and sovereignty itself, they,
prtma tdcie, are legal obligations. But it
is urged that they were executed for the
purpose OF raising loan OF money upon
the faith and credit of the State, and as the
law or act Incorporating the Mississippi
U. Bank by virtue Of which they were ex-
cuted, was not passed and approved in ac.
cordance with the acquisitions Of the con-
the bonds are unconstitutional
and void, because their validity depends
upon the validity of the law or charter
the issuance, Then the ques
ion resolves itself into this-is the act
!ncorporationg the Mississippi Union
bank constitutional act All remember {
he general suspension Of the banks in /
81, and the serious train OF embarrass> S
nents which followed upon the heels of p
hat event. The monetary affairs of the Ii
whole Union felt the shock Despair "
,rooded over the whole land The very ii
wheels of government were clogged--in. ii
ivldual enterprise dropped, and the face p
i business wore melancholy aspect II
t is needless to remark that, our State OF
nd people experienced the fatal conse- g,
uences Of the suspension. What was to if
g done ? Credit seemed destroyed, and DIT
he people were threatened with ruin in
nd bankruptcy. In the midst ofalarm and tn
anlc, the Governor convened the Legis- sa
AZURE The body met, and the proposed tn
leasure ofrelieG was, the establishment of c.
he Union Bank. Nole doubted the right or
t the Legislature 10 charter Bank We
he act OF any one Legislature, when an
pproyed by the executive, is sufficient to in
corporate an ordinary bank but the co
TIA section ofthe Union Bank charter con tu
inns the following provision BE it ST.
nacted, that in order to facilitate the said ed
mon Bank for the said loan Of fifteen IN
liIlions five hundred thousand dollars, tr
re faith OF this Stale be, and is hereby tie
edged, both lor the security Of the cap. ev
al and interest, and that seven thousand its
We hundred bonds, of two thousand dol. thu
RS each, to wit: eighteen hundred and Of
payable in twelve years
ghteen hundred seventy-ivo, in fifteen tiy
ears eighteen hundred and seyenly~ the
'e, in eighteen years, and eight oen hun. Oh
ed and seyenly~dve, in twenty years, int
ID bearing interest at the rate of live al.
r cent. per annum, shall be signed by upC
Governor" &c Now, it is conended apI
those who are opposed to paying the prI
mas that, this section proposed TO raise sui
Dan OF money upon The credit OF the per
ate, and pledged the State faith for the act
yment or redemption Of that loan--and cas-
'reiore unconstitutional, unless it was uut
ssed and approved in accordance with ter
orms aud requlsl ions OF the 9th sec. to
n OF the 9TH article Of the consltul ion, of
lich is as loIows:-" No law hall ever upc
passed to raise a loan of money upon per
} credit OF the State, or TO pledge the Iact
it'll Of the Stale for the payment or re- lect
mptiop Of any loan or debt, unless such cou
v be proposed in the Senate or House vht