Lexington union. (Lexington, Miss.) 1838-18??, 1841-05-01
For the Lexiogton IIo;on

yVuI PupoIt W SuRBcSt W tlo minus oil The
people, brief review ofpart OF q speech
delivered by Judge Shal,uch, on The 23d
inst, at the Court House. The forepo-
ing part Of his speech was very good, and
somewhat consonant with truth; in which
he displayed very correct view Of the
rise and fall Of the bank empire Of Mis-
sissippi. But when he cameto handle the
Union Bank Bond question, he showed
himself capable Of descending far below
The character Of Judge Shattuck. He
abored hard, in an attempt to alay public
concern Ia this matter, by telling the
people that he was informed that The
bank was able to pay its crculation--to
pay its five millions Of bonds, and have
million Of surplus on hand. In proof Of
this, says he, the bank has eight millions
of assets. II has million and half of
circulation, after paying which, would
leave a balance Of six millions and half;
then paying the five millions Of bonds
would leave a balance Of one million and
a half and allowing a half million TO
cover insolyencies and other expenses,
would leave still on hand surplus Of one
million. But 10 whatpurpose il should be
applied the Judge did not so much as in
innate. He told the people, in substance,
TO keep cool, thai there was no cause OF
alarm, even if the hank should fail, for
eight or nine years 10 come; that il was
time enoungh to prepare for the future
when the crisis arrived; that if the people
agi,atec this bond question it would pros
trate the credit of the state; that treasury
warrants had been as low as 80 cents in
the dollar, and that the passing OF resolu.
tons, by the last Legislature, in favor OF
paying the Union Bank bonds, had raised
them to GO cents, which he thought a
fair specimen of how much depended on
the payment of those bonds to restore
public confidence. Such discourse,
from such a man, on such an occasion,
must be truly astonishing TO every intel
ligent man, acquainted with the worthy
character of the Judge. II can only be
accounted for in this way, in my estima.
ton, and that is to suppose him out Of his
proper element. He shows well in the
pulpit, and on the Judges bench; but if
this speech be fair exposition of his pc.
Utica sagacity, |, who have esteemed him
highly as man and Judge, would adj
wise him to decline political career. As
to the consitutionality or legality of the
obligation, the Judge very Significantly
told the people, that before them was not
the place to argue the question. VIVA,
he meant by this, ! can only conjecture
from information derived, from one Of the
bond paying nominees for the legislature,
who told me afterwards, tina, the Supreme
Court of the Unled States was the proper
tribunal. The Judge, however, give il as
his opinion, in round terms, that the state
was Legally and honorably bound to pay
the bonds ; and as an Illustration Of his
view Of the subject, he compared the state
to swindllng lawyer, Of Tennessee, who
wishing TO assist an insoIyent friend in
getting some bacon, without mourning
any expense on himself, signed blank
piece Of paper, and instructed his friend
to fill it up in such manner as 10 get
the bacon. On the day Of trial, the
lawyer plead, that he never signed any
such instrument. This must have been
"corGmnobis" lawyer, and by the by,
very ignorant one, not 10 know that sign
ing a blank paper was general letter Of
credit. But what l wish The people par
icularly to observe, is, that the Judge and
the leaders of the bond.paying party are
now beginning to contend that the assent
Of the people to pledge the faith Of the
state is general letter of credit, TO be
filled up for any amount, appropriated to
any purpose, and that the balance Of the
Union Bank charter was mere append.
age to please the people, in order to gain
their assent. Ii behooyes every voter OF
Mississippi, who expects TO live by honest
means, and has the spirit ola freeman, TO
ponder this matter well before be makes
his decision. What are the facts Of case?
The legislature resolved 10 charter a
Union Bank, the capital of which should
be raised by loan to be obtained by the
directory OF said Bank. To facilitate
SAID Joan, they proposed to pledge he
faith Of the state. But lest the people
should not grant permission, under the
the 9th article Of the 7,h section Of the
constitution, they engrafted 10 The charter
very safe condition--ihat there should
not be bond sold, until it was first Sc
cured by mortgage on real estate: in
accordance with which, thus reads the
Both section: Be il further enacted. That