Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-08-24

passed pledging the faith Of the state, ITO rase
a loan Of money upon the credit of the State,
upon her own bonds as principle, to the Mis-
sissippi u. B. to facilitate it in procuring its
capital In the original charter, nothing
but the 100000 and ten per cent on
the profits of the bank and her love and afec-
ton for her citizens could have been the NOV
ing considerations for the pledging the faith
ofthe State, but a. an other and !most valua-
BILE consideration, by the first section Of the
second supplemental act She was to sub
scribe for. through her governor "ffty thou
sand shares Of the stock Of the original capital
of the said bank" This was not changing
the liability Of the State, or altering the rea-
ton Of the parties, but it only provided adj
ditionaI obligations on the part Of the Slate to
afford to her citizens that relief, which they
supposed, was Of the highest importance to
themselvs, their creditors and the State itself.
She became stakeholder in the bank to Sc
cure herselfagains, any loss which she might
sustain, for having given her name and credit
to her citizens through the bank, taking,as she
had right to dO,a supervisory power overland
upon the actions OF the directory.
For the purpose of securing the payment of
the principal and interest of the U. B. State
bonds, by the eighth section of the original
charter, Hthe subscribers shall be bound to give
mortgage to the satisfaction Of the directors
IN property, equal to the amount of their
stock' which is, as understand it, that after
the bonds are executed to the bank BY the
State, the subscribers as guarantors, shall ex-
ecute their mortgages to the bank. This Sec
ton bears construction corresponding with
the law governing contracts; at most it does
not conflict with the law, unless it is placed
under forced implication, which might be
done when constituting other laws than these
Incorporating banks. have understood some
: gentleman, who have discussed this question
with much ability, to say that the bonds are IL
, legal, because they issued before the time APP
pointed in the charter; to this Iwould agree il
their promises were true. The Both section
of the original charter, points out the duties o.
! the governor in regard to this branch of the
, subject, which says: "That SO soon as direc.
E tors are appointed as therein before provided
e for, they shall proceed to the election of {
President, and the same shall be notified Il
e the governor of the State, tcho lCiH, there
upon execute TO the saidIpank from time to time
S bonds in amount proportional to the sum SUBJ
t scrber! Here learn so soon as directors ar,
2 appointed they are 10 elect presidnet, (which
e is to be notified to the governor; what is he 4
a dol "thereupon," Immediately for such is tn,
y meaning of this word,) or in consequence O
: the election of president, he, the governor i
e to execute to the bank Immediately after tn
: election of a presiden) bonds an amount pro
!. portioned to the sums subscribed; and by tn
. construction of the same sentence he is L
e "Secure" evidently the bonds flor this wor
e used as it is, can have reference to. nothin
S else "to the satisfaction of the directars as re
e quired by the charter" (the 9Th section of tn
e charter "until the whole amount of fiGtee
: millions FIVE hundred thousand dollars shall
Ie furnished in bonds, herein before provided fol
: "Therupon" means. Immediately this positio
e. assumed by gentlemen is untenable. Bu
}. they viii tell me, we mnst take the whole &C
= together, and consirue it in that way; this
a true in regard to law, but according to m
d defination of law and an act, in this case tn
: principle will not apply, for the 30th section
it law Of itself. standing upon its own bottom
ct imposing separate and distinct rule of az
1 II EnJ 81 Al
l. charter which conflicts with this provsio
but supposing the 18th and I4th sections dic
re the 30th is the last law and must take prece
fy dence over both of them, in other words tn
2 Both section repealed all other L VS. which'ar
20 before it in the charter conflicting with il
or provisions. For instructions touching the tim
I'd at which the bonds should lbe executed
OF the governeror was 10 look to this sectio
e alone.
) The 2nd section ofthe original charter pro
b. vides for keeping the books for subscription (
stock open for six months at the seat of gov
or eminent; the third section provides, that tn
e, books shall be kept open in each county of tn
IS State for at least three months; but there is
Is, where in the charter any designated tim
he mentioned at which the provisional director
or shall be appointed unless it is in the I4th seq
u ton. What Is the terms of this section
s. "That SO soon as FIVE thousand shares sha
IS have been subscribed" (not that the book
RS shall have been closed) sin the manner herei
or provided for, the governor of the State sha
We Professionally appoint Is directors, who sha
dis erve for twelve months" From this law tht
TO governor, before the subscription books wer
IN closed, was invested with the power ofappoiIl
k ting Professionally 13 directors, that is after
he as soon as five thausaud shares were subscri
y bed for; and by the 30th section as have be
nm fore stated, so soon as the directors were ap
he pointed president elected, and that fact mott
fed to the governor, he was immediatel
Ut ("thereupon. to execute to the bank tn
w bonds provided for in the 9Th section. Their
to without the fear Of contradiction, say, mas
Mt much as what | say is sustained by facts. tina
it in five minutes after the opening of the book
nd for subscription ofsIock, if five thousand shar
in were subscribed for, the governor was author
I'd Iszed to appointed thirteen directors and /
execute the State konds 10 the bank undt
u the original charter. G.
or Owing 10 the quantity of our adye rtie