Southern pioneer, and Carroll, Choctaw and Tallahatchie Counties advertiser. (Carrollton, Miss.) 1840-1842, 1841-10-02

NAAAOASS ~ uiO WIIIC ONtI lily GuQOTS0mGnL,
81 guaranty the payment of the within note
in diamonds" Does it bind YOU to paw in dia-
monds! Certainly not. And does it release
you from the payment in the currency in
which you contracted to pay! Just as certain
ly not The liabilities of the State could not
be changed by any endorsement on the bonds,
unless made with the consent of the State
through her Executive, sanctioned by an act
OF the Legislature. The inference therefore,
that this endorsement is sufficient to invalidate
the contract, and release the State from her
obligation, is wholly groundless.
Nor does the assumption, that because the
sale was made to the Bank of the United
States, party that is prohibited by her char
ter, from dealing in State stocks, the State is
thereby Released from her obligation, rest on
any better grounds. In the first place, there
is not a shadow of evidence to prove that the
sale was made to the Bank of the United
States, or to Mr.. Biddle for the Bank. Mr..
Blddle was the purchaser in his individual ca
paclty. The whole correspondence was in
his individual name and character; and the
| Commissioners had no right to know and
would have been deemed impertnent had they
/ inquired for whose use or benefit the purchase
was made. If the sale had been made to an
idiot or minor, his guardian might have pro-
tested against the consummation of the con-
trac and refused to deliver the money; but
even such a sale could not release the State
from the moral obligation to pay after she had
received and used the money Nor could she
have escaped her moral obligation, had the
! Commissioners gone to Texas with the pro-
ceeds OF the bonds, OF in any other way squan-
dered the money for their own use and plea
sure.
1t matters not therefore, to whom the bonds
were sold, if the State received the money for
them, she ismorrally bound to provide for their
payment. know, that one of our courts has
decided in the case of the commissioners of
the sinking fund against the Hon. r. j. Walk
er,-that because the commissioners had no
specific grant OF power to make loans, there
fore the defendant could not be held legally
liable for his note, executed for money borrow
ed" But / have heard that the Jury would
have unanimously decided that having re-
ceived, used and enjoyed the money, the de-
PENDANT was morally bound to pay the note
with interest. and this ] think would have
been the verdict of every honest jury under
similar circumstances. And here / may re-
mark, that the whole question of responsible
> ity, is one OF purely moral character. The
State cannot be sued on her bonds, and hel
legal liability can therefore never be tested
and the question for the people TO decide is, i:
she morally bound to make restitution for mon
ey had and usedl That she received the mon
ey and the full tfUe millions too, there canno
t be doubt, for she received script from thu
Union Bank for flee millions Of her stock, ant
appointed directors to manage the bank, ant
: superintend the States interest in the same
), She in fact appointed all the directors for tn
first year or two, and is therefore solely re
Z 0ft tho hanl
and the improper use of her funds. The stock
holders elected no directors, as believe, 70
the first two years. Certain it is, the Stat
appointed all the directors who had any agen
: cy in the appointment of the commissioners
}; or in negotiation for the sale of the bonds, an
r if there be any thing wrong IN the matter,
5. she not responsible for itl The errors, if any
Q were those of her own agents, and surely
cannot be morally right to take advantage {
: the Encouragement of her own agents,
q evade the payment of her obligations.
: You, am sure, would hardly contend, tina
re because you purchased your plantation
i 1886, when property was far above its re;
j value, and the purchase had proved, from tn
= mismanagement of your overseer, or frol
T. causes beyond your control, most unfort'
nate one; that therefore you were release
from the obligation TO pay for it, after havin
It. used It for years, and that you would be ju
= tilted in running the negroes off to Texas!!-
", And yet, | do conscientiously believe the
to would be quite as much justification for SUI
! an act, as there is for the State to refuse
IN pay her bonds, in the hands of innocent hol
ers, after having received their value and u.s.
is. the money.
y If the State is not bound for the payment
no her bonds, then there is, there can be. no co
a. tract that cannot be evaded Even the ma
re rage contract; the most solemn of all engag
ny ments-may be violated on pretexts quite
to frivolous. To contend for such doctrines,
BY to sap the very foundations of all virtue a.
ng morality; and neither the State nor her CT
to zens would expect to have any just claim
character or credit among her sister States.
he Tie people must be identified with the Sta
he in all her acts; and you who have family