Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-08-28
W 7 ~ 7 ' =
THOMAS y. WOODWARD
DIOR the Denncrat.l

In The Ponotoc Spirit orthe Times of the l4h
IN which he consents to become candidate for a
seat in our State Legislature lie did not desire the
nomiAalon, and to prove his sincerity in this pani-
GUAR he alIudes to lis having declined a nomlna
ton Tor a much higher station. Honor may not lave
been sufficient to have pricked him up to the
one, but interest may have spurred him on TO the
other. lie appears TO be apprehenslye, that an at
tempt will be made, by the next Legislature, to rem
der the woupd-have-been Stockholders liable
Against any such attempt he enters his protest in
the following language, "ths Legislature should not
interfere IN any way, with The liability oil The sub
scrbtrs for Stock in the Union Bank-lhat being
| legaI question" II it be question, altho local
one and ma orty oil the Legislature shal BE- of The
! opinion that The subscribers are liable it will be
their duty to order the proper officer TO institute
proceedings at the proper TIME to determine that
liability. Mr. Williams, 50 far from suggesting the
proper course to be pursued or the prope- TIME for
the institution OF proceedings TO determine this ques-
ton oIImhlIlN gives us plainly TO understand that
| NO such proceedings should ever be had. He Is for
maintaining the honor Of the State but not Tor lew
inr a tax at this time would,put the Bank in uui-
dalion and lot her pay as fast as she can-says that
the honor Oi the State does not require more hasty
action that the State is to pay, if the bank makes
default (here lie settles the question in laver u
the non liability OF subscriberS) and wiGdS up by as
suring VS. that honor-whal stcker Tor honor
yes that honor only requires Of the Safe upon he.
ING notified of the default olthe Bank 10 use rea
eonable exernn to meet he deficiency Not hint
throughout, that Honor or any other consideration
or obligation on the part Of the subscribers io
stock, will require OF them to make up any deGcien.
| cy. VIII II not be well for the citizens OF Pontoll
TO ascertain whether erreuctant candidate is no
subscriber for stock, and, if so, to what extent?
Amsorty Of Mr. Williams bond paying friend
contend, that the liability of the State is also Judi
cial question, yet he with the aid of konnor-not q
la,c or equity--lntmates. il lie does not distinct
: contend, that the Legislature can determine he
/. Liability. tie does not appear 10 understand the pt
Sltlun Of the ant. bond paving party. They com
10 the conclusion that the SAFE is not liable becsu Us
II the subscribers for stock in their opinion are no
=, They contend that the bonds were not issued unde
- the original charter, but under something called
| supplement, which conferred no authority on tn
> | Governor 10 issue them, that the Legislature an
Governor attempted TO borrow five millions on tn
' credit Of the State not requiring any indemnify an
If finally that the subscribers have not executed eitht
: their bonds or mortgages 10 indemnify tie Stat
against the payment OF the bonds olready issued a
N NnlCh Inc origlnAl charlcr, 10 winch the people AZ
l., sented required and leiore the subscribers Nc
being liable, the State is not. Il would be intere
~ ting 10 enter into iull analysis # Mr. William
y argument but time viii moi permit will howeve
;, cal the attention OF the reader to one or two of h
assertions or premises lie says that the bonds wei
J. executed 10 secure the State Stock, bv which h
: means that the State became surety for The BAN
They should have been issued for that purpose bu
" we contend, they were not.
5, Again he says "rhe charter Of the Bank co,
- alns provision that the bank shall pay both II
principal and interest OF the bonds as they several
e become due; aud the onglnal charter beng inco
e porGttd INTO and made a part OF the white
- contract IN the sale Of the bonds, the purchas,
" could only rely upon the state for ultimate secuyif
1t and not Tor paRctudl payment" He must reco
: ect that the pIscaled Suppement--thst eB.phat
caily repeating supptemSnt--waS also made part
this contract: and doubt very much whether NJ
& Bddle or his tranSierees their counsel learned
a the law, will agree with Mr.. Williams in n
construction of It, No doubt. they will be yer
{ much surprised 10 be to'd by one OF Their fren1
y too. bond payer, an Honorable man-"thev NJ
!, all oil the SUBSCRIBERS honorable men, that The
u are to Iook to Bank for The puucuaI payment I
bonds issued by the state to pay for her owa soel
r. NERBUM Sat