Lexington union. (Lexington, Miss.) 1838-18??, 1841-07-17

and that foreigners are not bound TO know
whether the bonds have been executed
agreeably to the forms Of our constitution,
any more than they are bound TO know
whether the charter has been read three
several times on its passage; from this it
would appear that we are under more or
greater obligations to the s,ock gamblers
of Europe, than we are to our own citi-
zens. Had my friend H. lived in the
days Of Alexander Hamilton, he doubtless
would have borne off the highest honors
in the school Of federal politics, for his
faculty Of making state debts and Hamil-
toms to assume them, the liberties Of the
people would quickly disappear, and the
government be entiIely remoddeled, and
fashioned an English plau. A national debt
is national blessing, we know is the
motto Of certain political sect in our
country, an clearly Of opinion that the
existence OF our happy form Of govern
ment is involved 10 this question; for il
such vast debts can be created with ..such
facility, we have no security for our liber.
ties. ! must think that my friend How.
ard has made great mistake, in embra-
cling this offspring Of federalism, as Don
Quixote did on the night after his bella
boring IN the valley Of Pack.Staves, by
the Yanguesians, and the Don's amorous
embrace Of the Austrian wench Mari
torneS) was no greater delusion than that
under which my friend Fl. labor at this
time. would further add tha,Imy friend
III. had better be careful, or he may excite
the jealousy Of Mr.. Pren,iss, who has
priority Of claim in the matter and possibly
he may prove TO be the 'honest carrier
Upon the passage Of Mr. Yerger's reso.
lutons, declaring the State to be 'legally
and morally bound TO pay these bonds,
an argument much relied upon, was the
action Of the legislature upon the subject;
aud the majority was determined TO add
strength to that argument by driving an
other nail in the passage Of them; not con.
tent with one set Of resolutions, but they
must pass second declaring that il the
Union Bank failed TO make provision for
the payment Of these bonds, and the in
terest as they fell due, mat the State
would do 80. / then said, as ] now say,
that these resolutions were such as the
Legislature have no more right to pass,
than the same number Of individuals as
sembed at any other place, for any other
purpose and that those resolutions have
no more effect in binding the people to pay
those bonds, than il they were passed by
the Jockey Club Of Columbus Indeed
it would seem from the action Of the legis.
lature during the last sitting. that the only
Objec. in acting upon this subject, was 10
involve the state and exonerale the stock
holders; when, 10 truth, this is purely a
judicial question, and not legislative one
for no action Of the legislature can ei-
Their bind or release, unless we tax the
people and pay the bonds; and as have
before said, will never to co this. If
these bonds are entirely state bonds, why
The letter Of instructions to the commits
sioners for the sale Of the bonds were
'doubly secured;;' that in addition TO the
pledge of the state. that the bonds were
secured by mortgages on some of the
best cotton growing estates in the Union.'
After thoughts are always most correct
but sometimes they come too late.
Another argument, if it can be go Dig
ni6ed, is that Great Britain will make re-
prisals on all cotton shipped from Miss
This assertion may possibly frghten some
Of our old women who have some recol-
lection Of jays treaty; but ! would say
to all such, that the principles Of that
treaty have been repudiated by the great
body of the American people, and Great
Britain cannot more rightfully interfere
in this, than she can enforce the collec-
lion OF the many millions which our mer-
chants owe the British merchants. This
notion is not worthy Of any notice. For
whenever it is the interest Of Great Brit
hin to make war upon our commerce, she
will never want for an excuse. So much
Tor the legal obligation to pay the Union
Bank bonds; If there be any created by
he supplemental act, it has been very
clearly shown that it has been brought
.bout by an admitted violation Of the con.
this would be TO create legal
by palpable violation ofthe
'rganic law; even the legislature that en-
cted tho supplemental act, declared that
hey had no power to alter ii, sunless it
hOuId be again submitted to the people"
Next, as to the moral obligation, which
/ is said rests on the state to pay these
Onds. What is moral Obligationi 1t
) conscientious conviction resting upon
ur minds that we are bound by the laws
Justice, TO do or not to do certain thing