Holly Springs gazette., 1843-08-25


ment provides for the issue of only 5000
900, and that under the authority Of the ori
ginal bill 1t also changes ie details of thit
first bill. so far rs TO make tbs State stock
holder in the bank. Her stock in the Plan
ters' Bunk had been profitable TO her, and i,
was contended that the dividends accruine
to The State from the profits Of the institution,
wonld relieve the people from taxation, and
and thus afford to the State better security
than was provided in the original bill
This argument was so powerful and plaus-
bic. that the supplement passed by much
larger majority than the original bill had ten
days before. The vote IN the Senate was
% to. 81. in the House 55 to % Among
others who were convinced by this argu-
ment. we fnd the name Of the editor of the
Guard, who voted for the supplement no
doubt under The impression that The security
was much better than that provided in the
original bill If the Bank had been prop
erly eed no doubt it would have been
as profitable as the Planters Bank had been.
which laid up a sinking fund of near mil
lion OF dol ars, to pay off the State bonds.
The question of the consItutlonality OF
the supplement comes up in the case before
the Supreme Court as fatty as If the State
were sued by the bond holders. We have
never coa,cnded that the Court have decl-
ded expressly "that the bonds were cons.l-
tutionahv sold. and State liable" but we do
contend lha, the principle upon which 1t
turns has been settled by the Court. and
that every man may see for himself, we give
that portion of the opinion which relates TO
the constitutionality of the supp lemental
bill
"The second plea is. in substance. that
he act supplemental TO the charter OF. the
Union bant, was no agreed to by majority
OF each House of the Legislature, and enter
ed on the journals with the yeas and nays,
and referred TO the next succeeding Legisla-
ture, after publication in the news papers ac-
cordng TO the provisions of the 9Th section
of 9TH article of the constitution, but that
said supplement made material alterations
in the original act. and was only passed by
one Legislature, and tba: no loan OF money
can be raised on the faith OF the State. with
out the assent oftwo Legislatures given in
the manner provided by the constitution.
On this point it is urged. that he whole of
any law by which the faith ofthe State is
pledged, must be entered upon the journals,
with the yeas aud nays, aud be published IN
the newspapers the required Time, uIId trIat
il must afterwards be submitted TO the sue
ceeding Legislature for approval, and that
as the suppl, mental &C. is part of the char
Ter, by which material alterations are made.
hat the action oftwo Legislatures was also
necessary as to this supplemental act& ina
IS il was only passed at the regular session OF
S3S, the whole charter is. therefore. ,uncon
truional and void [ SHALL then. proceed
0 notice the constitutional provision. and to
inquire by an application of it to the bank
harter. whether the position taken can be
ustaine6.
The ninth section OF the seventh article of
he constitution is In these words:.' No
aw shall ever be passed to raise loan of
money upon the credit OF the State, or to
,ledge the faith ofthe State for the payment
,r redemption of any loan or debt. unless
ueh law be proposed in the Senate or
House OF Repres' n,asives. and be agreed to
~ majority of the members of each
House, and entered on their journals, with
he yeas and nays taken thereon. and be re-
er.d to the next succeeding Legislature.
md published for three months previous to
he n xt regular election. in thee ne.spa-
lers Of the State, and unless a majority ofl
ZACH branch OF the Legislature SO elected,
,fter such publication, shall agree TO pass
such law; and in such case the yeas and
lays shall be taken aud entered on the Jour
4 Is OF each House" The fifth section of
he original charter provides: THAT in or
Ter to facilitate the SAID Union Bank for the
aid loan ni Is millions five hundred ,hou-
and dollars. the faith oftIs State be and is
lereby plrdged. both for the security of the
apitaI and interest," &c. Itappears that the
'riginaI charter in which this provision is
ou,ained was passed in accordance with the
PROVISION in the constitution IL changes in
ome respects a mere d. tail OF the ori.g iaaL
ia. fsr,,n The mode Of fcarrying the corpora
ion anto sueeessf fuL operation. and authorizes
he Gortrnor to subse. ibe for stock on the
art Of fLe State. The oL1tef ofthe pledge