Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1841-10-28

to self-preServaton. Had it not been for
this power during the late war with
Great Britain, our Government would
probably not now be in existence
Mr.. Natte tells US, claws Of Nations,
p. $3.50 shat whore lawful power
contracts in the name OF the State, it lays
an obligation on the State itself, and
consequently on all its future rulers"
The whole subtratum Of the objection
TO the power is loIacious The princi.
pal insisted on to support it, is, that one
generation Of men canno, bud a succeed
Slg generation" No sucn principle exists
so far as succeeding generations claim
rights and privileges, personal and poI!.
tlcaI, from and through those which pre-
cede them. The debt ola State bind It's
citizens only in their corporate capacity,
II " Sot the citizens Of today Or to-mor-
row that is bound, but the citizens Of the
State so long as it exists as State.
The citizens Of state may change by
death Or removal but still SO long as the
legislative, judicial and executive lunc
tIohs Of the government are exercised,
and SO long as there is subject matter for
them TO operate upon, the State itself
exists as "mora person" The debt
OF the State only binds the property or
persons within its jurisdiction. The
citizen who parts with his property and
leaves the State, is not bound to pay any
portion of the debt afterwards But all
who choose TO hold property, or reside in
the State, aud avail themselves of the per
sona and political privileges Of It's cltl>
zens, implicitly agree to contribute their
due proportion towards the payment OF
its debts and the support OF the govern
ment.
The right ofthe Legislature to contract
this debt, for the State, unless restricted
by some fundamental rule, superior to all
legislative power, being, as think, clear
undoubted. will next inquire, wbether The
po,cer IF tie Legislature Of Mississippi Is
restricted, and, if so, to aohat cctem2
The restrictions imposed on the States
must be contained either in the Constuu-
ton of the United States, or in that Of the
individual Sta les.
The only restriction to be found in the
Constitution of the United States, is that
contained in the tenth Section and first
artl Gle, that ''no State shall have the
power TO emit bills of credit
"ln general and enlarged sense, the
term bill qf credit may comprehend any
ins,ragasnl by which State engages to
pay fhohey at a'Iuture day" 1t would
10 such sense apply to all instruments,
bonds, bills of exchange, promissory
notes, or other evidences Of Indebtedness.
If this were the sense or meaning OF the
terms as used in the Constitution, it would
clearly prohibit the STATES from executing
any bond or other instrument as evidence
Of its ndebtness. But such a meaning
never was thought of by the trainers Of
that Instrument TO give to the words
their correct meaning we must look to
The sense in which they were generally
used at aud before the adoption OF the
Federal Constitution. The Legislative
History Of the Colonies and OF the States
prior 10 that period, proves beyond dis.
pute, that the term "6iilS Of credit" was
appl,ed onlyto paper emitted and intended
to circulate as money and containing a
pledge of the faith Of the Government
which issued the paper The States and
colonies at different periods issued large
of these "bllIs Of credit" aud
from subsequent inability to pay them
they become much deprecated, and en-
tailed ruin and poverty on many persons,
The fact that this kind OF paper had
been always emitted by the State and
Colonial Government in times OF CONNER
ciaI embarrassment, and that IN all pro.
liability the States Of the coniederacy, II
not restricted, would always resort to It,
at such periods as it afforded Il Temporal,
~ remedy for the evil, cause the proh>
bition TO be inserted in the Constitution OF
the United States. And in making the
prohibition, the convention used The term
"bil of credit" because that was the
name by which all paper emitted oy INC
STATES and designedt to be used as money {
was known.
The question as to what constituted
a "bill of credit came before the Supreme
Court Of the United States upon Two oc-
casions. Once in the case OF Craig vs.
The State of Missouri 4 Peters heP'
The other in the case Of Brtscoe u.s. COM
nonweallh Bank Of Kentucky ii Peters,
e57.-On both occasions 1t was examined
With great care, and alter most elaOo.
rate invest igation the court declueu''na'
bonds issued by State .ior money 'oaneu
,r advanced, or other Indebtedness, were were
lot "bills Of credit" A bill OF credit
iays the court, "conveys to the ldea u
ssuing paper intended to circulate as
money, which paper is redeemaoIo al
uture day'' "And this" adds the court,
is the sense in which the term 'Dil'' o.
redt' has always been understood IN
4 d. ls.iy a III ii