Holly Springs gazette., 1841-09-23


lnent on earth who would repuiIae debt which had been
soiemny decided to be Just and legal by properly constu
TED power2 The bond holiers will for moment enter
tain the opinion judgment his excelency for they have
Gear and constitutional right be heard superior
court OF Chancery and the bonds should be decided be
egai instruments there need be apprehension but that
the State will discharge them the uttermos arthng
The next proposition which shall attempt establish
tina the State bonds created accordance with the
qus itons Of the Constitution and SUCH legally sold
and negotiatedThe bond upon their face, eyince evi-
depce OF their egally-They in due FORM signed BY
the Executive countergned by Treasurer AM are
tested by the Great Seal of the State Clothed with all the
solem nies OF law and sovereignty ITSELF they prima face
are legal obligations But it urged that they
ted Tor the purpose OF raising loan money upon the faith
and credit of the State and the law Incorporating the
MI sssippi nion Bank, by virtue of which they
ecuted not passed and approved accordance with the
requ ons of the Constitution the bonds unconstitutional
and void because their validity depens upon the validity
OF the law charter authorizing their issuance. Then the
question resolves itself into thss the Incorporating the
Mississippi Union Bank constitutional ac2 All remember
the general suspension of the banks in 81 and the serious
of en5arasments which followed upon the heels of that
event The monetary affairs of the whole Union felt the
shock. Despair brooded the whole land The veIy
wheels OF Government cloggedindividual cnterpze
dropped and the face of business melancholy aspect
1t needless to remark that state and people expert
enced the fatal consequences of suspension What be
done2 Credit seemed destroyed and the people threat
ened with ruin and bankruptcy In the midst of the alarm
and panic, the Governor convened the Legislature That
body met and proposed measure of relief the establish
ment of the Union Bank None doubted the right of the
Legislature charter bank The of any Legislature,
an ordinary bank but the 9TH section OF the Union Bank
Charter contains the following provision "Be it enacted
that order facilitate the said Union Bank for the said
loan OF fifteen millions five hundred thousand dollars the
faith of the State be, and is hereby pledged both for the
security of the capital and interest and that thousand
fve hundred bonds of two thousand dollars each, to wit
egheen hundred and seventy ve payable twelve years
eighteen hundred and seventy fve IN fifteen years. eighteen
hundred and sevenyfve in eighteen years. and eighteen
hundred and twenty years and bearing interest
the rate OF five per cent peannun shall be signed by the
Governor, &c Now it is contended by those who are
opposed paving bonds that proposed
RAISE loan OF money upon the credit OF the state ana peds
the State faith for the payment redemption of that loan
and therefore, unconstitutional unless passed and
approved accOdance with the forms and acquisitions the
9th section of the 9TH article of the Constitution, which as
folIows"No law shall be passed raise loan OF
money upon the credit of the State or to pledge the faith Of
the payment redemption of loan debt
unless such law be proposed the Senate House Of Rep
and be agreed by majority of the members OF
House and entered their journals with the yeas and
nays taken thereon and bereerred the succeeding
L. and published for three months previous to the
regular election in three newspapers Of this State; ana
unless majority oil each branch OF the Legislature so eced
after such publication shall agree to and pass such law &c
The Constitution then requires that the proposing
to of money upon the credit of the State,
Of any debt shall be proposed the Senate House OF
Reps I'd that shall be agreed by majority of each
House 3d. entered their journals with the yeas and nays
taken thereon 4h be referred to the next succeeding Legs
aure 5h be published three newspapers the State or
the space three months previous the general election
6h passed by majority oi the Legislature elected next al
such publication and 7th approved by the Cove
Were all these acquisitions fully complied with least
contemplation of law and the purvew and meaning of
the Constitution That the originated in OF the
branches of the Legislature form matter OF doubt
passed by majority OF each House. the journals
the Legislature prove entered the journals
with the yeas and taken thereon the journals also estab
lsh referred the People and the next Legsa>
ure the 4h section of the Charter itself shows, which
that Ae h sctto where by faith of this State Is
pledged be referred to the Legislature pursuance OF
the 9Th of the article of the Constitution that
passed by majority ofthe next Legislature the journals
of body testify and that approved by the Execu
tive the 5h of February 1888 will contEovcrt
But conended that the Published IN three
newspapers ohs State for three months previous to the mex
general election and therefore, law, and the
bonds we're issued under void authority The Journals OF
the legislature of course do show whether the necessary
publication madeor That such publication was
made is asered by and denied by others How the
fact really have OF ascertalnng-nor does
maer latter clause of the 47 section Of the charter
Of the Bank provision made for publication under the
direction of Governor proper person could not
have been selected superntend its publication The Constr
tuition merely declared that the should be published ano
did not designate who should attend its publication LII Ger
tainy did contemplate thai the Legislature as body
should do ay thing than order the act to be published
for if published any tme by any person. in obedience
such order three months before the next election oil mem
hers the would assuedy have been consider
cd legal publication Then seems to me that all me