Columbus Democrat., 1841-09-18


ea,es To Subscribers or s'ockho ders TO The sa j .
being 'he primary co4dIuon on which /
he faith Of the state IS 10 be pledged, and as such
constitutes vital part of i, We have 10 power +
10 change the same, unless Il should hs again sub f
lutc5 TO the people f5r their sanction, which /.
would have lie 'eudency To postpone al least for
.wo NearS rs eouSummaron. ! his course yolr
believe would be dusc,ly at war ~,lh /
he wishes flour constituents &c,
THIS report was received eud unanimously
adopted BY he Legislature. A. that time, ~hlo
The charter IS siil peuurg and open Of course to
all amendments sdmsS bic under the constitution
q, IS The unanimous opinion that the VITA parts of
the blI canuo, be changed without rc.submlssion
OF he charer TO the people. Consequently The
original charter become, aw on the 9th day of
" thou, calling n quest on the cons,rutioneHJy of
this charter, might STOP and trJumphantly ask
Has single bond Of the state been ISSUED and
sod under this charter lfso, Who we've the
directors appojutet by the Governor TO manage
the bank Who were the subs rherS isr stock
Had he books Of subscription been kent open SIX
months How many subscribers had paid ten
dSlars upon each and every share subscribed -
How many bonds for stock had been given and
secuted by satisfactory mortgage Not one Of
these things had been done, al the time the bonds
in question were issued and sold, aud tile purcha'
ser must have known H.
But here follows the explanation Ten DAYS
AIeI the passage OF the foregoing charter, the
same Legislature that determined by unanimous
vote that the chatter could not be amended whle
pending before them, passed An act supple
mentary to an act to incorporate the subscr bers
to the Mississippi Umon Bank wherein, under
the mage tile Of supplement, they endcavored
TO do indirectly what the conscience of every
member checked him IN doing directly They
made changes IN the charter, BY way Of supple
men', which, but few days before they had de
ciared under oath would vta- the whole lnslru
meuL This procedure vas IN vo1Ion OF all
parliamentary rule, known IN this or any other
enlightened county; and II can be considered in
no other hight Than legislative itauu because
Il violated not only the constitution, according 10
their own showing, but also one of their express
rules Of order, whch prohibited the repeal OF
any law the same session at which II Wa. passed.
On the 10th February 1888, this ac took the
form and shape oIIaw. The very first section
changed altogether the attitude OF lie State to the
Bank. In the original act, the State beng amply
lndsmnIHed, agrees TO stand ss the security Of
the stockholders IN tbs suppl rl'mental act she
becomes primarily liable lot $5,00u,uOO, In the
original act, no individual but ca, zen OF tie
state can subscribe and take stock IL ibis act
The state becomes a subscriber for stock, aud by
express repeal gives up her ten per cent Of tie
.ltt. I.trt t,., L 4 -.
loan OF S2O0,000 and h-comes partner IN The
banking adsen'.,e, Al this IL done under the
h'itmEnc word supplement without submitting It
~ aLy way to the people Now it must he appa-
renl to the commOnssl understanding, thai II was
not IN tho power Of the Lcgrlu ure to make the
state subscriber loI sock N that lauk-lo rtn.
GER her liable for the sum Of Sj,t00,UUV, or any
other amount-lo change her attitude in any re-
,pect towards the stockholders IN the bank--to
enlarge OF diminish her interest IN The bank, as 1t
stood at the passage oD The original chatter, with
out submitting It to the action OF the people. THIS
right had been expressly reserved 10 The pe"ple IN
nrir fundamental law and unIi they had been
consulted 10 the mnuuer prescribed, all action by
their supposed agent, va, null and void and The
whole void we're bound 10 take notice Of H.
These propositions are 80 self evident no man
Of Candor and discrimination wl dispute them.
/ he only question 'emanmg, ~, Does the
present supposed liability arse under aud by vi.
tue Of the supplement! II Is apparent that II
does 50 arse Isl, from the very terms Of the
mortgages 10, stock which were dawn up BY lbe
officers Of the bask, and which have been rrcor.
ded IN almost every equity oI lie Slale, IN Which
It j. SET lo,Dh that the ulert Of the motgage is to
secure the payment Of Only Sl05U9,0O0 leaving
S5,OU0,L0v, tie som already sold, 10 be PAID by
the State by virtue OF the supplemental act. ID
II is apparent from thee facts that, al the time o
The issuance OF tie i've millions Of bonds nov
held abroad there we're 40 subscriber, Tor stock
save the STATE alone that the books Of subscnp'
ton had not been kept open as required by the
original charter Fix months, that no bonds Tor
stock, and 10 mortgages 10 secure lhem had been
taken; that no directors bad been appointed by
The executive to examine aud pass upon the va
Ildity Of the mortgages and that bol dollar bad
been paid in on a single share ol stock There
fore, they must have been issued N purs0ahce q
he suppIemenla aci, or else there Is more base
ness 10 this whole transaction than ever chsIac'
terZed ary other act 81 pubic luhc'oH"-
rles. Sd, 1t IS apparent, from the very terms o'
the power Of attorney from the managers OF 'Ge
bank to the commissioners who went abroad to
,e these bonds. Thus power Of attorney, alter
recIung that the act to incorporate the subscrbefs
to the Mississippi UnIon Bank had BEEN passed
by one Legislature, aud IN conformity to the
constitution been published and referred to The
next succeeding Legislature, which had passed
and coutfmsd the SAID original act, and that the
same was approved by the Governor on the 5'h
day Of February, 1898, continues: And whereas
he SAID Legislature last above mertloted, passed
an act entitled an act supplemental to an act 10
incorporate the subscribers OF tie Mississippi
Union Bank, Which was approved by 'he Cover.
nor, February l5th, 1888: and whereas the GSV-
ernor Of the State Of Mississippi has, pursuant
10 the provisions Of III, sad supplementary ac''
subscribed IN behalf OF the sad State MY thou
4. lfaVuH anf