Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-07-13
THE ACKNOWLEDGEMENTS

the SUBJECT OF the obligation oil the people OF
Mississippi to redeem the Union Bank State
Bonds. Judge Shattuck commenced the dis
cussion, which he managed throughout with
a gentlemanly courtesy and force of argu-
ment that contrasteG most favorably for him
with the disengenuous tricks, indecent ribald-
ry and desutory jargon of his competitor. He
began byIgiving clear and succinct account OF
the measures, which had been pursued by the
Democratic party, after the prostratlon of the
U. s. Bank. Upon the failure of tie State
Bank system, which both in their state.and ma
tonal policy was the favorite measure of the
Democratic party, they devised i'm this state
the Union Bank experiment TO remedy
the defects of the former state bank system
In January 1887 the Union Bank charter was
passed by the Legislature and in the fall Of
that year nine tenths of the people of the State
were in favor of it, no measure was ever more
popularE throughout the State
In 1888 the original charter, together with
the supplemental act, was passed by the Legis-
lature and sanctioned by GOvSraor McNutt
having no constitutional scruplss then in re-
gard to it. Judge Shattuck was opposed al
that time to pledging the faith of the State,but
the bill became law and the general anxiety
manifested by the citizens to take stock in the
institution is proof of public opinion in re-
gard to the policy of The measure. By the
original charter the state was to have a loan
upon interest of $500, 900, and ten per cent. on
the profits of the institution for its bonus, and
| TO pledge its faith for fifteen and half millions
of dollars TO be obtained upon a loan. By the
supplemental act the State was &c take $50.
600 shares Of stock and 10 pay for it out of the
proceeds Of the State Bonds already provided
for in the original charter. This supplemental
act did not receive Ihesanction, before it was
carried into effect oftwo distinc: legslaturesbut
that was not considered necessary at that time
The bonds were made out in due form, placed
into the hands of commissioners, were sold to
the amount of five millions of dollars to capital
lists, theproceeds received INTO the State in
stitution was carried into extensive operation.
and the whole arrangement was sanctioned by
the constituted authorities of the government.
lnjudlclous and improper persons were placed
over the institution, excessive accommodations
were granted in every quarter and with little
prudence, its funds were squandered with
wasteiul extravaganza and in 1889 the Dem
ocratlc party in their furious crusade against
all banks stopt its further career either for
good or for evil. In 1910 the Democratic
party after they had sufficiently gorged the
people with their abortive experiments, were
thrown from their high estate and it became
necessary for their leaders TO devise some plan
to regain their former political ascendency.
McNutt thinking the occasion favorable
one to make political capital for his party by
appealing to the sordid and interested feelings
of the people, ventured to suggest the plan of
refusing TO pay the state bonds, but so grossly
dishonest and revolving did the proposition at
first appear that both houses of the legislature
published their Acknowledgement
OF the obligation on the part of the State to pay
the bonds, and Governor McNutt was left to
founder under the odum of his own scheme.
Ike harpooned whale, huge mass of grease |
and corruption. The Democratic convention, |
Jackson about this time nomina-
ted their candidates without regard to their |
opinions on this..subject, since then despairing
Of success otherwise and determining 10 rise !
or bury themselves with this question the |
Democrats have made it the test of parties in |
tins 5 ate. They affect to place their repug-
nance to pay these bonds on their patriotic re-
gard for the constitution ofthe State, which |
requires the action of Two legislatures upon all |
bills pledging the faith of the State, and as the !
act was not carried through these |
orms and was intended to alter the original |
bill that therefore the bonds are void which |
were prepared and sold IN conformity TO this
act Judge Shattuck contended |
hat the notifications made in the supplement
al bill did not effect the original charter in re-
gard 10 Pledging The faith of The State, that the
provisions had been complied
oith, in that respect, and that therefore their
objection could not be maintained. He arpu-
I'd that the appropriation of the funds arising
rom the sale of the state bonds, in the pur-
chase of stock, could not be considered as
1ledging the faith'of the State and the re-
zeal Of the ten per cent. provision could not
'e looked upon in any other light than an or
linary repeal of law, which was not in vio-
alton ofany provision in the constitution.
The Judge then proceeded most forciblv 70
how the moral obligation to redeem these
'onds,and independently of the disgrace which
would attach to the state by refusal to pay
hem, he deprecated the debasing effects 1pon !
he principles of society which would follow l
UGH resolution. He accounted for the p1e-
ent high rate of taxes, aid proved most con-
luslvely thatthough the state should resolve
assume the payment of these bonds, it t
would lot cause an Increase of taxation as the
resent is amply sufficient and he was deci-
edly opposedlto further increase.
Mr.. Ticker followed the Judge in an at. b
empted.reply Blu: he struggled on like woun- !
ed snake dragging his slow and toiIsome y
'ngth along, obviously without direction i
nd shifting his course to avoid every opposing a
bstacle, which he seemed conscious his fee 3
lie energies and tortuous winnings would not I
nable HIM to surmount until he arrived at the /
nd O'-nothing except the patience of his au- e
,opoa 1 :