Lexington union. (Lexington, Miss.) 1838-18??, 1841-03-06

yoke OF oppression that will u''Inate'5
beggar them and entail heavy Ouroe"
on their posierity. Other inv'nc'ble ar
gumeuls might be urged to disproVe Tue
existence Of any legal liability on the par
of the State, to pay the bonds; but Oe,
eving that these suffice, we will proceed
to investigate the aIedged moral liability
1t must indeed be novel and singular
school Of ethics, from which this modern
class Of moralists emanated, who profess
10 recognize on the part of the State Of
Mississippi, moral obligation to provide
for the redemD,ion of the bonds sold By
III. Union Bank, and bought by the Y.
S. Bank Of Pennsylvania, through their
respective agents, in direct conireventlon
of express prohibitions contained IN the
charters Of both institutions; for strange
and not less deeterious than strange, IS
that system Of morals, which would wiring
from an already oppressed people, the
products Of their industry, for the unholy
purpose Of redeeming bonds illegally and
rraudulently conveyed into the hands OF
swindling bankers and which, tho they
bear the aggregate name of the people OF
Mississippi, are not in law or justice their
bonds. (They have never received one
cent from the proceeds Of the sale of these
bonds, hut on the contrary, instead Of
being benefited by said proceeds, have
thereby, beee sunk lower in pecuniary
distress; and yet by this newly discover
ed system of morals, they are to be taxed
20 paw said bonds, upon the fraudulently
received proceeds of which, few bankers
and their especial favorltes RECALLED them
selves, in all the pomp and luxury OF a
princeIy nobiIi'yl This code of morals
may receive the approval of gamblers IN
stocks, aud such as theyican convert into
mercenay allies; but the honest and IN"
. ,elligent freemen Of Mississippi, will sci
; the seal Of their disapprobation upon it.
: Its fact which no sensible man will
r attempt to controyert, that in country
, like ours, where the people are the great
y source and fourlain Of all power, they can
> only be bound TO the extent OF the powers
intrused 10y those to whom they are nee
essariIv compelled to enirust certain pow
ers: and that all acts done by heir'agent,
: whether executive. judicial, or legislative
beyond the limits Of the powers delegated
= to them, are not the acts of the people, &
would not be so regarded by the stric,es
= code of laws, or morals.
By the original charter Of the u Bank
the State was not stakeholder in th'
institution; but proffered upon certain
y condition, to become the accommod iior
drawer Of bonds to the amount Of ti(teeI
! millions, five hundred thousand dollars, o
= perhaps, more properly speaking the war
! rantor of the payment of a loan of tina
amount, which said bonds were to be is
sued and delivered to the bank from tim
to time, and in amour, proportioned Il
q sums subscribed for stock, and secured b,
- mortgage on unincumbered estate. From
these provisions Of the charter, it plainI,
+. appears that the state was IN no event, I
Sc become the payer of the bonds, but wa
CT merely to lend its name and credit to th
in individual stockholders TO ensure the de
ID sired loan.
j. In 1888, The Legislature passed sup
ID plement, SO called, to the original cbarte
by which the Governor of the State wa
"a authorized to subscribe for stock in sal
. institution, TO the amount of five million
10 Of dollars which he accordingly did, an
Ia being called upon by the bank, deivere
70 to it, bonds drawn in the name Of the stat
- for the sum OF five millions Of dollars,
This supplemental act is evidently sue
n an act the Legislature as is contempla
IA ed by the ninth section Of the severn,
;, article Of the Constitution Of the state; 1
N thence could have no validity, unless re
a II