Lexington union. (Lexington, Miss.) 1838-18??, 1841-07-17
From the Columbus Democrat.

From the Columbus Democrat.
GENrLEMEN:-Through the columns Of
YOUR paper, l will present to the citizens
Of Lowndes, my views upon the subject
of the State Bonds, sold for the benefit Of
The Mississippi Union Bank; the opinions
and facts herewith presented were given
BY myself in the Legislature in opposing
series Of Revolutions known as Yerger's
Resolutions, which declared that the
State Of Mississippi was legally ard NOR
ally bound to pay the Union Bank Bonds
from these Resolutions ] entirely dissent
and my reason for 50 doing l will now
proceed to give. In order that we may
arrive at q correct conclusion, as TO the
liability of the State on account of the
hopdr issued for the benefit of the Missis-
Il BR Bank, it will be necessary
nv ,qa sbp!ace to examine the constitu>
.on ofthis State. Art. VII. Sec. 8.
"No law shall ever be passed to raise
loan Of money upon the credit Of the
state, or TO pledge the faith Of the state, for
the PaNWent Of the redemption Of any loan
or deb apnless such law be proposed 10
the Senate or House Of Representatives,
and be agreed to by majority of the
members Of each house, and entered on
their journals with the yeas and nays ia
ken thereon, and be referred to the next
succeeding Legislature, and published for
three months previous to the next regular
election, in three newspapers Of this state;
and unless a ma orlty OF each branch OF
The Legislatures 50 elected after such pub.
LEGATION, shall agree to, and pass such law
and in such case the yeas and nays shall
be taken, and entered on the journals of
each house."
AgreeabIy to this provision of the Con,
sttu.ion the original act incorporating the
Union Bank was enacted for the first
time: and approved on the 2lst day Of
January 1887, a new house Of Represen.
tatlves was elected, which convened in
January 1888, and the Journals of the
house at that session presents the follow.
ing facts.
House Journal (lo3s) page d, shows
that resolution, referring SO much of the
governors message as relates 70 the Union
Bank to joint select committee, to consist
Of 7 on the part Of the house and - on
Inc part OF the Senate was appointed.
AT page II, same Journal is The fol-
lowing joint resolution, "Resolved, with
.Oe concurrence OF the Senate that the
JOINT salec, committee. to whom was re-
ieIred the Bill entitled IAN act to incorpo.
rate The Mississippi Union Bank, be in
0'fuc'ed TO inquire and report whether the
same can be SO amended by the legisla-
'uFe' and become constitutional law, and
!" So how far and whether il would not
10 expedlent so TO amend the same as to
convert the said bank into an institution
owned ~ and entirely controlled by the
e'a'e; which was decided in the affirma-
lives.
At pages ll6 and III, of same journal
Mr. Philips from the joint select commit
ice, TO whom was referred the bill to char.
. .s me Mississippi Union Bank, submitted
'De following report to wit:
MT Speaker.--The joint select COM
M'ee to whom was referred the consider
I IT. Of the bill to charter the Mississippi
Union 0nlon Bank; and also, a resolution in-
uIuc'lng the committee, to examine
"nsller the said bill can be amended.
,"u II SO, whether il be practibIe to change
loto a State Bank exclusively, and re- re
'Or' the same to this house; have had the
ame under consideration and have in.
"acted me to make the following report
That the said committee ore OF the opin.
nat it is within the province Of the leo.
stature to amend or change the details Of
aid MisssipPl Union Bank charter.
But as that portion of said charter
mich relates to the subscribers or stock.
0lders to the said institution, being a pri.
'ary condition on which the faith of the
'a'e is to be pledged, and as such consti.
u'es vital part Of it, we have no power
coange the same, unless i, should be
gam submitted to the people for their
melton, which, would have a tendency
postpone for at least two years its con.
lm,al'On. This course your COMMITTEES
I ';.s would be directly at war with the
''"e' Of our constituents, and prove Sc.