Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-03-20
For the Democrat.
STATE BONDS NO III

In my last number promised TO discuss in the
next The manner in which the loan for the Union
Bank was affected this shall defer in part for the
next or some subsequent number, and in the pres
ent resume the argument contained in the last.
Namely The right OF the Stale to make loan.
have SAID that the Constitution Of this State par
takes OF the nature of compact, Tint compact
promise proceeding direct from us and the
whole tenor Of It's language is will or will not shall
or shall not, When therefore is said in the compact
THAT scperate hereditary emoumcnts or privilege
shall not be granted but in consideration of pu bic
services, we are naturally led to inquire under what
authority il is that the Legislature presume to Dor
row money on the faith and credit of the Stale
loan the same 10 individuals TO speculate on by way
OF issuing three paper dollars for every one OF
silver. say that in as much as all laws purport to
be made IN pursuance OF Tie Constitution, we ave
ed to argue by what authority such laws are
made. 1t might be considered insulting 10 an inteG-
gent community ike this to attempt to dcfnc the
EiymoIogy ofthoSe terms such for instance as "sep,
crate emouments" and exclusive privilege" bu
ea some IDLE and vain mag nation of the mind ma,
lead away the human intellect from correct under
standing Of this matter, viii state that "emou
ment'' according to Walker means profit ana adj
vantage and privilege means peculiar advant
age The enJoyment olthsse by peculiar set y
persons by virtue Of law are forbidden by the com
pact unless they are paid for ia public services
shall not stop here 10 cnquue how our bank
have paid for those privileges or how it is possible 10
them 70 do 1t. But shall proceed to enquire b,
Uhal authority The legislature pcsumcs to grant then
and more particularly in the case of banks, as thei
bills are dcfdets bills Of credit, which are expreSh
prohibited by the federal constitution II the Slau
Of Mississippi has no right 10 issue t OF credit SIN
unQuesltionabIy has not the power to confer tia
night on corporations. understand a bin of credi
10 mean any thing which clrcuIates on the faith an,
credit of the State, in he form OF money. "Bul be
hold The wonders Of Jaghng art" let US see how Tin
suhuliiy and ingenuity ofinterested designing mel
have gotten around this and perverted It's meaning
IN order 70 enable them 10 establish State banks 49,
They say that the prohibition in The federal consi
| luton upan the States to issue bills o credit wa.
solely aimed at, such as were issued by The STATE
during the revolution shall here give the opinion o
James Madison 10 member oil the convent:on) as {,
what IS meant IN the constitution by bill Of credit
would qune as soon take him for my Judge and in
| lerpreter Of tho constitution, as the wise men @
these days, who 10 answer their own designs anc
snhServe their own views, make the constitution
bend 10 suit their own wishes. II there there is any
thing plain that all others in reference I,
the memory of trainers of the constitution, il wa.
that tbs was 10 be hard money government, and 81
The ancient paIrarchs understood it and so all hon
est men understand it To this day. Take that man
whose conduct Is marked BY lie pa,nest and sim.
pes rules Of honesty and candout, and who by his