Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-10-26
From the Vicksburg Whig.
THE LIABILITY OF THE
STATE TOPAZ THE BONDS
ISSUED FOR THE BENEFIT
OF THE UNION BANK.
BY GEORGE S. YERGER.
BY GEORGE S. We
CONCLUDED.

d. 0EO10E De 16h0GAes
CONCLUDED.
tits, however, objected, that admit
ting all this to be so, still the 30th sec
ton Of the original act imposed a con-
dition, which condition was rot COM
piled with. The section reads as fol-
lows:
Sec. 80. Be 1t further enacted, That
as soon as directors are appointed, as
herein before provided for, they shall
proceed TO the election Of president,
and the same shall be notified to the
governor of the state, who will there
upon execute the said bank, from time
TO timey bonds in amount proportioned
TO the sums described, and secured to
The satisfaction of the directors, as re-
'quired blythe charter, until the whole
amount of fifteen million FIVE hundred
thousand dollars, shall be furnished in
bonds, as herein before provided for.
This connexion was not condition
annexed to or in any manner qualify
ing the absolute power conferred by
the 9Th section, because it is not con-
tanned in that clause, nor was it referr-
ed to the action of the subsequent leg
islature. | admit however as unques-
tionable, the right of the legislature,
acting in course of ordinary legisla-
ton, by contemporaneous or subse-
quent law to impose conditions or res
trictions upon the delivery ofthe bonds
not inconsistent with the objects of
the 9Th section. The legislature there
fore had right to pass that section,
but it was not required TO be annexed,
it could, like an ordinary act, be re-
pealed or modified. Admitting, how
ever, that tie 3Oth section only author
lied the governor to deliver the bonds,
when the stock was secured as requiI-
ed by the charter, who, / would ask,
was, by the words ofthe section, 10
judge whether the condition was per-
formed? Ianswer, the Governor, the
managers of the bank. The Cover
nor is only to issue them when the
stock is secured to the satisfaction OF
tie directors. When the bonds are
issued, and the seal of the state is af-
fxed,is not this as to third persons, con-
elusive evidencethat the directors were
satisfied, and that the condition was
complied with.
But do not found my opinion on
this ground. This section was. as to
the 1--WE millions Of dollars for which
the bonds issued, repealed by the first
section Of the supplemental act. This
first section is as follows:
Section 1. Be uenacted 6y the leg
isluture Of the STATE Of Mississippi,
That as soon as the books of the sub
scription forstock in the said Mississip-
pi Union Bank are opened, the COVER
nor Of this state is hereby authorized
10 subscribe for, in 5behalfof this state
fifty thousand shares of the stock, of
he original capital of the said bank,
the same to be paid for out ofthe pro-
ceeds of the state bonds, TO be execu-
ted to the said bank as already provid-
ed for in the said charter, and that the
dividends and profits which may ac-
crue and be declared by the bank on
the said stock subscribed for in behalf
Of the State, shall be held by the said
bank subject to the control OF the state
legislature, for the purposes Of intern
al Improvement, and the promotion of
education.
A statute or law may be repealed
or by implication. When
two statutes are inconsistent with each
other, the last operates as a repeal of
the first. The Both section required
that the bonds should be issued from
time to time for such amount only as
was secured by mortgage of stock by
the individual stockholders. The first
section Of the supplemental act prollib-
its FIVE millions Of the stock from be-
ing subscribed for by individuals, be-
cause the state took that amount her
self; and it provides that the state stock
shall be paid for out Of the proceeds
Of the bonds, when sold. Consequent
" this five millions of stock could not
be taken or secured by mortgage, as
no individuals were authorized to sub
scribe for it. No security was requr-
red as 10 this amount, to secure the
state, because the state took it herself.
Nor was any required 10 secure tne
bank, because it was to be paid for out
of the bonds to be delivered to her BY
the State. The conclusion therefore.
is inevitable, that the Both section was
repealed by implication, as to the de-
lHwy Of bonds TO the amount Of FIVE
nfnlion of dollars, and that the Cover
nor was right in issuing bonds to this
although that amount was not
secured by individual mortgage. And
as | before remarked, this Subsection
being an ordinary legislative provision,
constituting no part Of the 9Th section.
nor necessary tobe referred for the ac-
ton Of a succeeding legislature, it was
perfectly competent for the legislature
TO repeal It. No person could be de.
oeived by this. The people when they
read The law, knew that the 9Th see