The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-07-27


bas q exhibit q he proceeds O. avaas Of these enor-
nous liabilities. lsi The sinking fund 10 the Plan
lers Bank, supposed 10 amount 70 between $4,000
ma el.OO0O00 but uncertain a. 10 tho nominal g.
mount and sil more 80 as 10 the real and avuiable
value thereof. "a. e2O00000 Of stock IN the Mis-
sissippi Rail Road Company. This Company has
-nsbended both IN the paym5ni Of Il liabilities and IN
The performance Of the pubic works Contemplated By
its charter The stock is d but little, Il any value
The Rail Road being completed only for short DIS
lance yields but small profi,h any beyond ne current
sxpenses Of the Company. Under thh depofabe state
Of aairs the rights Of the people and the duty Of the
as The same improssos Itself upon my
mind imporiously demand the most prompt and ener.
rec action Of the Legislature which can be resored
10 under the provisions Of the constitution 10 obtain
Command Of and render available the state the sink
inc fund and the stock oftho slate in and the effects
of he Mississippi Rail Road Company 10 meet the
real and Just liabilities Of the state and thereby to pro
tec The people from an increase u taxation above he
present ruInUus rate.
The legislature Of the state at is last session rcsov-
ed that the people Of the STATE were neither legally
nor morally bound for the payment Of the bonds is-
sued under The provisions Of the supplemental charter
Of the Mississippi Union Bank amounting 10 $5OOQ,-
600 and that said bonds could never Be paid while the
forms Of the present constitution remain Tbs n %
my,opinion Just and correct decision consider the
question OF the states hauhy setueu " ms aO'oh VI
the Legislature. This resolve howcverin no manner
effects the liability Of individuals who assumed to act
as agents for the state and without authority from the
state executed and sold these bonds and received the
money therefor The extent Of their liability can only
be determined BY the judicial tribunals the country
This resolution and also the one passed al the same
session asserting the validity Of the Planters Bank
bank bonds am we'll satisfied have met the approba-
ton Of large majority Of the people Of the state
r A. aHasa NIB anil
The stock and effects Of the N. r. r. Company IS de-
pendent on the validity Of the Planters Banh bonds II
the state is not bound for the payment Of these bonds
what right can we set UP to The sinking fund and the
stock and effects ofthe NJ. r. r. Company which are
the proceeds Of said bonds | am aware that these
bonds have been pronounced unconstitutional BY some
persons and the people have been loudly called upon
10 "repudiaie' them A brief history oftheir origin
and creation will enable Us TO come 10 correct eonclu-
son as their validity and conslitulionality. On the
l5thday Of August 1917 the people adopted Their first
constitution. The first section Of the declaration Of
rights declares that mo man set Of men entitled
to exclusive separate public emolumonts or privileges
from The community but in consideration ofpubic serui
ces" After the adoption Of this constitution, (vlz } on
the 4th day Of February lSlShe Legislature granted
charter to the stock holders Of the Bank OF the State
Of Mississippi The 4th section Of this charter provides
that the corporation created thereby may continue
provides that no other bank shall be established by
any further law Of this state during the continuance Of
the charter for which the aith the state is thereby
pledged. During the existence Of this charter VIZ }
the 10Th day Of February 1890 the legislature ineOr
porsted the Panter Bank The charter ofthe Plan
ters Bank and the acts amendaioy thereof authoriz
ed the issuance Of the bonds known as the Planters
Bank bonds, amounting to S20OO000. BY the 9Th
section of this act the faith Of the state is pledged for
a. affa of hn art in
cooperating the Planters Bank it was couiended by
some distinguished lawyers in behalf Of the Bank Of
Mississippi that the act creating said Bank of Msss
sippi was "a contract between the state and stock
holders Of said bank that the act eharerng the Plan
tiers Bank during the existence Of the Bank Of Mssis-
sipp was in violation Of the lO;h section Of said con-
tract and was unconstitutional in as much as i I'M
l. aired the obligation Of that contract. differed at
hat hue and sun DO from those gentlemen learned IN
the law. wb1se opinions are sometimes influenced by
lie weight of heir fee, believed then and still do
that the sixteenth sseen Of the charter Of the Bank
of Mississippi declaring hat no other bank should be
established during the existence Of hat charter was ID
violation OF the first section Of the IL 'araiion Of rights
which declares hat mo man or set q Een shall enjoy
any exclusive privileges bot in consideration Of
public services" did moi believe that the exercise
Of the business Of banking such public service as
entitled these bankers 10 the exclusive privilege of is
ty years. On ;he contrary considerable public Ca
amity, indeed public curse, destructive Of the best
interest and energies Of the community, / do not
doubt but that many who were paid to utter different
opinions at that time, and who differed with me as 70
the public service Of banks and bankorswil now agree
with me at least to this extent that the system Of
banking in The State Of Mississippi has moi rendered any
essential public service or benefit to the community.
In 1882 the present constitution was adopted. The
,rovfar, rnafou n fba arfteo dootaroe
"that nothing in this section shall be construed as
to prevent the Legislature from negotiating further
loan o. 8 100000 and vestng the same in stock re-
served to the State by the charter Of the Planters
Bank" This provision recognises in the most palpa-
bic manner the legal existence Of the charter Of the
Planters Bank" In addition to this direct admission
and recognition Of the constgutionaty Of the charter
Of the Planters Bank tie fourth section ofthe schedule
Of the revised constitution provides that aa laws Roo
force in this State not repugnan 10 this constitution
shall continue to operate until they shall expire BY their
own limitation or be altered orrepeaed by the Legs.
lature." The prOvso TO the 9th section 9Th article
recognises the charter oftho Planters Bank as a law
then in oree the 4th section Of the schedule continues
its operation. The revised constitution abolished the
former constitution recognised the charter ofthe Plan.
tiers Bank as law then in force and continued The Cd
Grafton Of the same. If The charter Of The Planters
Bank had been in conflict with the old constitution ana
there by void, when the old constitution was abolished
by the revised constitution and the charter ofthe PAN
tiers Bank recognised as a law then in force and ts
operation continued by the revised constitution, this m
effect enacted the charter and removed al objections
which bad existed Of its non conformity to the provs
ions Of the old constitution. By The convention of the
delegates o the people TO revise the constitution. the
entire elements Of the former government were dis
solved. The charter Of the Planters Bank being he.
cognised by the revised constitution not only as law
~ force but also law not repugnant 10 that constit
ton, and being continued in operation as such, has
more certain claim to constitutional validity than any
other law on the satuIe book at the time Of s adop
uon-cerlainy more constitutional validity than the
charter Of the Bank Of Mississippi as no special refer
enee e made TO that charter and it IS even questiona-
bic whether i is embraced within the terms Of the 4th
section Of the schedule. Ifthen the power of the L.
gsature TO enact the charter ofthe Planters Bank be
doubtful yet Il IS certain beyond doubt that the revised
constitution has recognised the charter as law then
~ iorce and continued the same This makes the law
AL uHrHn