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


lriumphantly over a victorious party, at
ths next election, bearing, not the inscrlp-
ton which he 10 the fitness Of his yindic-
tivcness was pleased 10 indicate, but far
different inscription, suggested 10y The hos'
of freemen that rally beneath its majestic
folds. That inscription, will be THE
PEOPLE AND THE PEOPLES RIGHTS.
Our first position is that there is no
legal, moral, or honorable obligation res
ting upon the State Of Mississippi, in its
sovereign capacity, to pay or cause TO be
paid the debt created by the sale OF the
bonds now under consideration This
may be regarded as broad position, but
it is, 10 our opinion, one which is fully
sustained by the principles Of justice, and
the s,rictest code of good morals.
An elaborate argument on the Legal
liability OF the State, in the premises,
would be superercgation, as majority
OF those who advocate the payment OF the
bonds, do not contend for such liability.
We will not, therefore, notice IN minute
detail the history Of the Union Bank, or OF
the illegal creation, and fraudulent dIspo'
stion of the bonds sold on its account, but
bring to view. only, such plain and incon.
troyerti tie facts, as are essential TO estab.
Iish beyond the doubt Of reasonable
sceptic, the truth and justice OF our posi-
lion. First, on the catalogue, stands this
fact 10 which we accord more weight, in
the consideration OF this subject, than Is
usually awarded to it, The issuance Of
these bonds is q direct con,roveniion OF
of that provision of The constitution Of the
; United States, wblcL prohibits TO the
; States the exercise OF the delicate and
: -asly-to be-abused right to emit bills
; of credit; five, in this instance, recog.
; nze the claims Of foreigners, contracted,
, in open and known violation Of the fun
r damental law of or nation, with our cit
! liens, flor the bonds of which we speak
i are not in law or iC Justice, the bonds o.
F. the State( we establish PRECEDENT which,
| gathering force from time, will ultimately
:, destroy and trampIe into ingnominiou'
e ruin the great buwark Of American lib.
/, erty, the sacred palladium Of the peoples
/, rights. Again the true policy of this ma
. ton, and the implied contract into which
: tevery individual member thereof, has en-
!. tered by virtue Of citizenship, renders
# every contract made in contravention o
d the provisions Of our great magma chart
!. totally and absolutely void J Another ada
!. mainline pillar of supper. to this portion Of
!, our position, is, that the parties who con
h tracied the sale of these bonds Travelled
II bey oad the ter1ninf OF their con slituiona
J, powers. in the negotiation. ! The Unior
r. Bank through lis commissioners, disposed
. of the bonds, not only in manner, unau
Il ,horlzed by It's charter, bnt'expressIy pro-
. hibited by the provisions OF said charter
and the purchaser which was in fact, thu
= United States Bank, as palpably appear
!, from the correspondence between the com
a missioners and Mr.. Bddle, was prohibit
/, from dealing ir such stock by an expires
. provision Of its charter hence the contrac
. was, to all intents and purposes void, i
= law, alb initio; and the parties to the frau
a alone, must suffer the consequence Of thei
own wrong. But, say the deluded, an
- mercenary allies Of swindling, bankers
q and stock -jobsers, the long silence Of tn
% people of Mississippi, works an acquies
ccnce in the contract, and consequently
they have ratified it, and become liabl
: under it. Upon this point we take issu
= with them. A contract void in law cal
J.. not be SO ratified as TO be enforced al law
i, which constitutes the difference between
void and voidable contracts; nor coul
/; such contract be enforced even in cour
# OF equity unless it could be plainly show
that the party sought to be made liable
4 bad received some real benefit therefron
: either directly or Indirectly. The con