Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-01-16

o'' nay and July' lcS9-iniefesl accrued on
Tue Bonds from the day OF the contract. tn.
l'0"c'aal performance oi the same was guaranteed
~ me Bunk OF the United States. and Their uu,.
,"Sse was undoubtedly made on account Of tha,
''>'""Non, and the }ayments made with her
iunu'' he charter 90 The Bank Of the United
C'"'r' con'e'ns the following clause, "Ths said
~, l''a'oh saat not directly or indirectly dsal or
"aoe "a any lhing except bulls Of exchange. gold
a"u S'Fef bullion or IN tho sale of foods really
ana "u'Y pledged Tor money lent and not redeem.
ed ~ due tme;-of go'd s which shall b. The rr,.
ceeus OF us lauds-neilher shall II make ans
loan 10 any ioregu Pnnce or State, unl.s. D,.v,.
oust authorized by law. The SAID cornora,;on
shall not be at liberty to purchase any stock abs,
ever except taeir own stock, Treasury notes, or
puo"t stocks created by the Government, Of The
lnhrd States, or Of this State, or stock Of or
loans to- any OF he incorporated companies Of
ms STATE Tor construction and improvement, Of
roads, bridges canals, or iGland Navigation. or
o'ner stocks, which may be bona fide piedcsd n.
s'cuuly tor debts To the Bank, and ne, d1y "a.
deemed. II therefore follows that the purehas.
by That Institution was Illegal aud IN fraud Of h.
ehatjer' have understood that the LARGER no,.
u"h "l those Bonds have not been sold nv the
hank but are hypothecaled with European Ban.
kers and loans obtalLed upon them. II sa well
settled principle OF law, that where no au,hor,,v
Is gwen to M agent TO sell on time, no legal sal.
can be made except for cash. The chartc, of
The Mississippi Unou Bank is EXPRESSLY made .
pa'' OF the agreement for the sale of the State
nohaS' N 1888. That sale was was illegal and
fraudulent, and either of the following ground.
are Sut'lclenl to prevent its having any obligatory
force on this State.
lsi The Bank Of the U. States is prohibited BY
Is charter tom purchasing such stock eli Iber d..
reclly OF ID EectIy. '"'' "
ID ItTT4nudnlrnI on the part Of that Bark
Ina'nuct asHh contract was made m the name
OF an individual; when IN fact i, was for III. hen.
eii' ol The Bank, and payment was made with il.
funds.
Sd The sale was illegal lnasmuch az the
bonds were sold on credit.
9TH. Interest to the amount Of about one h,o.
dred and seventy thousand dollars HAVING NJ.
cru'd on those bonds weTo IN fact sold n, lee.
man thrIt value IN direct violation of the chatter
of the bank.
1t no doubt will be commended that, innsmuch
ms those bonds may have passed into the hand,
OF innocent purchasers, lha the State is bound 10
redeem them. This argument vanshe,, when
1t Is considered that under our Statutes all del.n.
ces may be set up against n payee.
Inc Constitution Of the State having deslgna.
led wI'n great precision tho manner in which
The lalh ot The state alone can be plcdpod and
the statutes having been made pa,, Of The a.
gtooInfni Tor the sale Of those bond., ali petsons
purchasing them must be considered as doing 20
at 'htIf peul Admitting that it is compelen, (or
the state 10 accept and affirm mn Illegal sale Of
o'alr bonds, It can only be done by The passage
oil biIt Tor th1t purpose by two 81 ccessVe Leg.
isIaIares. II will be remembered that the com.
mlSsloaers charged with The sale Of the STATE
Bonds, were appointed bv the corporation Of
the unon Bank, and we're not anne enable 10
me Legislature or the Executive for the man
her IN which they discharged the trust confded TO
| men, lhs Executive Of the State has never
| admuted The validity 81 The sale of the State
DohdS-~nellher he Executive, Senate House Of
Representatives. nor all Of them CONT me- could
faH'y an unconstitutional pledge of tie faith the
state or an Illegal sale of State bonds. The
Constitution would be Of llltle value If il could DO
uamped upon with lmpunty aud unborn millions
| ~" . H'"' '"HHh'NeH W ppONlllun 10 lis
| express provisions Our ancestors after sltup.
| gle OF eight years continuance, conquered her
independence Of Great Britain because that En-
pure sought 10 impose small Tax upon tea, wllh-
out Their consent to AID IN exlingulshng The tea.
| Wy debt incurred IN wars carried on for our pro.
lection against our French and Indian nelphbors.
The ireemen OF Mississippi are not so degene.
rate as to submit n heavy taxation 10 pay
claim not contracted IN accordance with then su-
| pfeme las" trust that the day is far dislan, when
! TIE light OF Heaven, the fire that warns US. The
bread "e eGt, the clothes We wear, all articles Of
| produce aud every necessary Of HE, will be lax.
"a 10 pay demand founded heIhcr in justice nor
! equity Should the Legislature differ with ne
IA oPuoa, and resolve 10 impose sufficient lax
on ID" persons and property Of all the people Of tho
| state pay me interests on the State bonds and
! TO provide lor the principle az il falls due, The fol-
loving sums must be provided for al your pre-.
ent session.
! Interest advanced BY the Bank ofthe l.. States
on The Phhers' Bank bonds, SI2I,al2 ~
| First nstameu doe July,
/ 1874, $4,000
/ Exchange 10 pay the same