Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1842-06-07

liquidation. These several provis-
ions are all that are necessary TO con-
slider under the first plea.
Although much of the argum ent
was directed TO the provisions OF ms
act and its constitutional validity, we
must believe that it was done from
laudable zeal to discuss the whole case
in all its possible aspects. Whatever
NAV think ofthe constitutional pow
er oflhe legislature to impose restric-
tons, limitations, and forleitures on a
bank, by an act subsequentto the char
ter. without the consent of the corpo-
ration, cannot conceive that any such
question is presented in the present
case. The act does not profess to lm-
pose an absolute and instantaneous
forfeiture Of bank charter for fail
ure TO pay specie, but it declares that
it shall work a forfeiture Of Its bank
ing powers and privileges" But,
ain, the latter part Of the 10th sec.
ton declares that after such proclama-
zion, "such corpoi alton shall retain and
use its corporate name for the purpose
ofwinding up and liquidaling its affairs,
and for no other purpose whatever. 7"
Here is an express continuance OF It's
corporate existence for the purpose OF
winding up and liquidatlng It's affairs.
by its charter it had been authorized to
discount notes; its effects, therefore,
necessarily consisted of bills receiva-
bic. The power to wind up its affairs
necessarily reserved to it the power to
wind up its affairs necessarily reserv-
ed to it the power 10 collect all notes
previously taken, either by suit or 9th
erwise; for, without the power to sue,
the power to wind up and liquidate
amounted to nothing. If its legal
remedy was taken from it, its rights
were destroyed, and there was moth
ing, or but very little, TO wind up.
This note was given long before the
act Of 1910 was passed, and on any
such note it has right to sue. This
power has not been taken from it. 1t
is impossible that the legislature could
have intended to take away It's capacity
to sue or be sued. If they had really
done so, the note holders would have
bad the greatest right to complain; for,
there is no reservation in the act in
favor Of the creditors Of the bank, ex-
cept that which | have mentioned, and |
if the corporation was absolutely ami
hilated, the holders Of the circulation |
were left without any remedy. They
might we'll have complained that the
the obligation of contracts.
then that the act Of 1910 is
valid in all its parts, still there is moth
ing in it which prevented the plaintiffs
below from suing on contracts previ-
ously made, and the matter pleaded in
the first plea was, therefore, no bar to -!
the action,
The second plea is, in substance,
that the act supplemental TO the char
ter Of the Union Bank, was not agreed
to by majority of each House of the
legislature, and entered on the journals
with the yeas and nays, and referred
to the next succeeding legislature, after
publication in the newspapers, accor-
ding 10 the provisions Of the 9th Sec
ton Of 9TH article Of the constitution,
but that said supplemental act made
material alterations in the original act,
and was only passed by one legisIa'
ture, and that no loan Of money can be
raised on the faith of the State, with
out the assent Of two legislatures, Civ
en- in the manner prescribedby the con-
stitution. On this point it is argued
that, the whole Of any law by which
the faith faith Of the State is pledged,
must be entered upon the Journals,
with the yeas and nays, and be pub
lished in the newspapers the required
time, and that it must be submitted 10
tho succeeding legislature for approval,
and that as the supplemental act is
part of the charer, by which material
alterations are made, that the action Of
two legislatures was also necessary as
TO this supplemental act and that as ii
was only passed al the regular session
of 1888, the Whole charter is, therefore,
unconstitutional and void. | shall,
then, proceed to notice the cons.itu-
tional provision, and to enquire by an
application Of it to the bank charter,
whether the position taken can be sus-
tanned.
The ninth section Of the seventh ar
ticle Of the constitution is in these
words: "No law shall ever be passed
to raise loan Of money upon the cred
it of the State, or to pledge the faith of
the Stale for the payment or redemp-
ton Of any loan or debt unless such
law be proposed in the Senate or
House Of Representatives, and be
agreed by majority Of the members
Of each House and entered on their
journals, with the yeas ahd nays taken
thereon, and be referred to the next
succeeding legislature, and published
for three months previous TO the next