Lexington union. (Lexington, Miss.) 1838-18??, 1841-07-24
From the M1ssissippiau.
STATE B0NDSNo o
Amsterdam, Holland.

Inc alterations made by the supple
ment, to which the people never agreed
are important ia the consideration of TIM
subject. The original charter provide:
That the state shall be entitled to oue-tentl
OF the profits Of the bank, and shall be en-
tltIed TO credit of two hundred thousand
dollars What was the object Of giving
TO the state this portion Of the profit, and
the standing loan Of Two hundred thou
sand dollars? 1t must have been in COM
pIance with the lst section of The LIST ar,i.
Gle OF the constitution which says" That
no man or set men, are entitled to excIu-
slve, separate public emoluments or priv.
'eges from the community, bat in consid.
Grafton of public services p Well the nor
ton OF the profits and loan of $500 coo
were the services 10 be rendered by the
bank as a consideration for the exclusive
privileges granted them by the stale, and
IT thus service WAS not performed il was y
violation Of the article above Quoted. Bv
reference tothe 18th section of the snpsle.
menta! bill IT will be seen that that psu
OF the original charter renumerating The
state for the privilege granted is repealed
and consequently leaves the matter in
violation OF the constitution. The lIth
section of the original charter requires the
sum OF ten dollars an cash to be paid on
every share subscribscribed. What is
the meaning of cash as understood by the
people when they we're examing the ori>
ginal charter at the time of its publication?
II was undoubtedly gold and silver; the
legislature could have intended nothing
else; the people thought Of nothing else
but that the ten dollars in cash required to
be paid was 10 be paid in coin. Well, the
l9ih section OF the supplemental SO alters
and changes the acquisitions of the lltb
session of the original charter as to allow
the payments 20 be made in bank notes.
and reduces the amount two and half per
cent on the stock instead of Ten. This
was another positive violation of the agree.
ament of the people.
The 18th section of the original charter
provides for the appointment of a provis.
onal directory by The governor, and that
directory was to Judge of the suf1iciency
IF the mortgages, Sc.-The 9Th section
u the supplemental charter repcpIs that
md provides for another and a different
directory TO judge of the mortgages; this
8 another violation Of the agreement of the
'eop!e. In the original charter the faith
II the state is pledged "lor the SECURE.
L OF the capital and interest of the whole
mount TO be borrowed and for SECURE.
iY ONLY Ii never was intended nor
vas 1t ever thought of by the people that {
hey would agree to pledge the faith Of the
tate IN any other way than rs security, {
M that too upon the terms embraced 10
be charter. But what is the case uodcr
he supplement? The lst section pro. s
Ides Tor the issuug Of five millions Of
onds by the state as principal, which was q
ontrary TO any thing ever intended by /
'e people. The supplement then, not {
nIy places tie State as PRINCIPAL /
IT the 100000 instead ofSECURITY '
Ut it alters nearly all the conditions ard
rms upon which they agreed to be secu.
iy for the ten millions and half.
ink sir, that enough has been said to c
low to the entire satisfaction of everv L
ilonal man that the people are not bound Il
pay the bonds under this law. The e'
'nds were sold under The provisions Of h
g 9th section of the supplement, which k
unconstitutional and void, and of course
thing done in pursuance Of its provis-
ms can be binding. think that have ar
own that no obligation Of a legal char 81
Ter can rest upon the people or The state m
and as remarked in my first number re
lateycr is law is justice, and that which
contrary 10 law is not justice.