Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-09-11
Vel s No. 10

10 be m al cases equal 20 tho amsuni Of their re-
spec,se stock, winch mortgage may bear on cul-
tiyatcl lnds, plantations and slaves, &c, &c.-
/ BY the Ssh section tie bonds Of the SiOckhol-
ders as vel as these mortgages, wersto be ~de-
posted IN lhs office Of said institution as SseHTi-
I " for tie reimbursement OF the capital a. we'll
as interest Of SAID bonds granted By the Siais.-
/ Is tho 3oth section the governor was authorized
and required 10 execute TO the Bank. as aforesaid,
/ the bonds Of the State, ss fast az. but no faster
llan, the subscribers executed their mortgages, a.
an indemnity 10 the state.
| Il now remains (or ne to show that, by The
original ac;, there could have been no Mississippi
/ lulun Bank until six months after It's appro-
al; and, that the governor was mol authorized
10 issue the State bouds nil that time.
BY tho second section alread. rcad.tcn com,nts-
slouers were 10 DO appointed, under whose inspcc-
ton, after twenty DAYS notice. hooks OF Subsclip-
ton, Tor stock, were to be opened and kept open,
a., Jackson, for s,r months. Tho lpth section
Directs.
That after tho closing Of the books Chat IS
alter SIX months aud, a, least, twenty days shall
have elapsed tom the re-nprroyal OF tive original
blll and when il shall appear that, at least five
hundred thousand dollars shall have been subscri-
he'd and paid IN on the rgnal stock olthe capital
Of SAID Bank Chat IS, "hou a: any time after tho
closing OF the books, II shall appear &c,l the sald
institution shall 20 INTO immediate operation UNI
der the provisions hereafter, mentioned" The
lIh section reads thus, That as soon as five
thousand shaes shall have been subscribed, in tho
manner herein before provided for, treerng TO
the 2lh section, which has been eNpianed) the
governor Of the state shall appoint thirteen drec-
tors; and that so soon as tho directors
are appointed aud the president chosen, the paw
or Of tho commissioners appointed 10 receive the
subscriptions, and tho papers reinting thereto, and
in ths possession Of tho commlss oners, shall be
delivered owe to the board Of directors"
1t appears hom lhls section, also as well as
from the that the directors were not 10 be mp.
pointed, tiIl the time should arrive. when the pow
or Of the commissioners should cease which from
the second session could not be, I'LL after, a,
least SIX months from the reapproya OF tho bill.
By the 30h section, already cited, the governor
was to commence issuing bonds TO the Bank, az
,osn as directors should be appointed; bu, dlroc-
tors, as we have SEEN were not TO be appointed
consequently no Bank was TO be in existence, to
which, bonds could be issued--tl tho closing
of the books. The books were not 10 10 CLOSED
: TIL Mt least six months and twenty days from the
ro.apprcyal Of the charter; therefore tho bonds
could not have been issued Till that time.
: Ii may be asked, why, have so strepnously la
bored this point answer. Because, the bonds
in question, were actually issued Two months. at
least, before the time specified in the bI consc-
quently there was something called the MI'slssIp-
I pi Union Bank, before ii could have come into
existence under the charter. These bonds, there,
= | 49,, o1.Su a,.4r' nTo 1nattSN, not was
his Bank,to which they weromade payable, he
y creature Of this charter. The govorncr and the
n first duccos are, consequently driven 10 take
= shelter under The modifying act, called the sup-
u pfemeni, the provisions of which, we will now
i compare, with those Of tho original bill.
The frs, section of the supplement IS in those
words. I"Be it further, enacted NC, That as soon
2 as the books Of subscription for stock IN the said
i Mississippi Union Bank opened, the governor
Of this Staio is hereby authorized and required
ed TO subscribe for, in behalf this State. fifty
thousand shares OF the stock Of the original
! capital Of tho SAID bank; the Same TO be paid
I for on, Of the proceeds of tho State bonds TO
: be executed 10 the SAID bank as already pro-
yided for IN the said charter; and thArhe dlvi-
jends md profits which may accrue and be de.
clarcd by the bank on the said stock subscribed
for in behalf Of the state shall bo held by the SAID
bank subject 10 the control Of the State legislature
: for tho purpose afinlcrna Improvement, and the
, promotion Of education"
! BY the original charter, tho state could no, be
.,ockholdor. BY he supplement, she wnst .
} he a stochheldcr to the amour, Of five mlhons.
BY rae one, she was to b. surety merely mud To
. be fully UNIDENTIFIED. BY Tho Other enc was to
be principal, and. consequently not to be lndem.
fed. In short, by tho one, IN tho language OF
the eousutgtion, sho was to pledge her faith for
the redempliou or payment Of loan or debt TO
, be raised or contracted by the Bank, by tho other
; she was to rsise n loan Of nancy on her credit
, and fo, hsr4elC bin IN pledge tho faith Of tho
, Stale &c. must be submitted TO the people and
} repaned, before It can become law. SO must "a
bdrto roi.e loan on tho c,sdh Of the State
The Supplement WAS a oil TO raise such loan
it never wa. submitted 10 The people or repassed
by subsequent eglh,lle,lt therefore never wns
law To show that the members Of both Houses
nj the Legislature ofls3S, before some rnalgn IN
1nence had oyoftaksn them, were unanimously
Of the opinsn that such bill as this supplement
should be submitted to The people, will rtleryon
10 tho report OF oiut committee oil both H-dses
made nj the commencement, Of The session Of thai
year. sod bu, few days before TIA passage. 1t
is az follows.
The Joint select committee, 10 whom was re.
rerrcd the consideration Of ihe bill TO charter the
Mis.I.sipp Union Bank. and also nrssolulIsn IN
,,fucr,ng The eemmlt,se to examine whether the
sa,d bill can DO amsnded, aud If so, whether It be
practicable 10 change 1t INTO State Bank erciu'
ir,2v and report lha same to ths House have
had the ssas under consideration and have IN
,rructed me mir Philips to make the following
report That The SAID eommhtee are OF The oP'n-
/ a., . tha
To amend Of change the details ol the SAID Bank
chsrter but as hat portion oil The SAID charter.
which relates 10 the subscribers OF stockholders
IL 4.