Lexington union. (Lexington, Miss.) 1838-18??, 1841-02-20

"'''y NV pAPVuitHCy VI tHe measure, alter
mature deliberation, came to The conclu-
sion to oppose the supplement. In all
cases OF doubtful expediency, or where my
conviction Of unconsitulionality of a bin
was not clear and decided, have welded
tothe deliberate opinions Of the legislature
II will be remembered iha, the fourteenth
section Of the Charter Of the Mississippi
Union Bank provides, "That so soon as
tye thousand shares shall have been sub
lscribcd, In the manner therein provided
for, the Governor Of the State shall provi.
sl'nally appoint Ii directors, who shall
serve IL months, aud il shall be the duty
OF he said directors TO choose President
of the said Mississippi Union Bank, who
shall be chosen from among themselves,
and the President thus chosen, shall remain
IN Office II months, following Al. appoint.
nent; and that so soon as the directors are
appointed, and The President chosen, The
power Of the commissioners appointed TO
receive the subscriptions, and tho papers
relating thereto, and in the possession Of
the commissioners, shall be delivered over
to the board If directors The supplement-
al act repealed that section, and provided
for The appointment Of ten managers Of the
bank, to be chosen by joint ballot Of both
branches of the legislature. l(l had been
corrupt, md desirnus nf making the bank
| 4 political machine, could have retained
The power Of appoi'ing the directors for the
| lirs. year of the existence of the institution
il my own hands. Had been venal, and
soIieilious Of obtaining large discounts for
myself and friends, that power would have
been retained. Soon after the managers
had chosen their president and cashier, the
bank called on me % pny two and a half
per cent on account of the five millions Of
stock reserved for The State. Believing
The call unauthorized by the Charter, and
The legislature having failed to make an
appropriation for iha, purpose, | declined
acceeding to the demand This was my
| first difference wih the managers. From
that day to this, We have differed in rela
'inn to The policy and husioess If the bank
| bad no personal views to snhserve il Up.
posing the system pursued by the bank.
Five Of the managers, believe. voted for
me in 1880. Many Of the officers and
stockholders Of the bank supported me
warmly at that election, and some of them
vet sustain me. neither courted the hos.
tllty Of the mammoth institution, nor
dreaded lis power. 1 was firmly persuad
ed that the people would sustain me in nv
etfars 10 protect their righis--l have no,
been disappointed. When The books were
opened, ! subscribed for fifty thousand
shares Of stock in the name Of the State.
and when the bonds were prepared,
signed them. The original charter Of the
bank places no material restrictions in 70
gard 10 the sale of the bonds. The 9,h
section Of The supplemental act provides.
that The pre<ii mt and directors of the
said Mississippi Union Bank, Or the mana.
gers thereof, shall have ample power 10
appoint three commissioners. t. negniiate
and sci! the State bonds, provided for in
the 9th section of an act incorporating the
subscribers 10 The MIssisslpoi Union Bank
il any market within The United States. or
in any foreign market, under such rules
and regulations. MS may be adopteIby said
president and directors, or managers, not
inconsistent with The provisions OF the
charter Of said bank: Proridcd, said bonds,
shall not be sold under their par value, ana
that said commissioners shall moi accept Of
any commission or agency from any other
banking or rail road company whatever,
for the disposal Of any bonds for the rails.
ing OF money, or acts as agents FIR the
procuring Of loans uron The pledge of real
estate, for the benefit Of any other corpoa.
ratlon.n
| am aware that it's commended TINT the
whole supplemental act is unrons.itu.
lional, andlhat therefore the bonds could |
have heen legally sold under their par val.
ne. Should this position be rue. the first
five millions Of bonds were illegally issued.
because stock to that amount was not Sc.
cured at the time Of their execution in ac-
cordance with the original charter Of the
hank. The 49sh section Of the charter Of
the bank provides, 'ihat the 5lh section
Of this act, whereby the faith Of the state
is pledged for the payment and redemption {
Of the loan contemplated by This act, be |
referred 10 the next legislature Of this
state, in pursuance ofthe 9th section Of the k
l7th article ofthe constitution; and that
thus act be published, under The direction
Of the governor, in at le'st three newspa. :
pers Of this state, for three months previous
to the next regular election; and TINT this 2
net, together with the yeas and nays there. Z
On, be entered in the journals Of the Sen y
ate and House Of Representatives. The c
rfih section of the charter Of the bank
alone was referred 70 the next succeeding 9
legislature. II therefore seems, that If said r