The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-08-10

SATURDAY EVENING. i5th July.
UPON THE LEGAL LIABILITY OF
THE STATE TO PAY THE UNION
BANK BONDS.
GEETLEmES.--At the Wing Convention
which met in this city in the month Of June last
a resolution was unanimously adopted. recon.
mending the Establishment ID every county il
the State Of Clubs, to be composed Of bond
payers Of parties, in order that, By their uni
ted and concentrated Efforts they might the
more surely and readily succeed 10 rescuing
the Stale FROM the disgrace and obloquy which
now rests upon It, IN consequence 81 the doc
srines Of reputation, promulgated at the last
session of he legislature. In accordance with
Tie Recommendation ofthis resolution. we have
formed this Climb, il which members Of each
political party in the State have pledged them
selves TO each other and the world, to use al
honorable and legal means to efface the stigma
which now derkens our character, and to place
Mississippi in the proud and elevated station
which she formerly maintained IN the Amefi-
can ConiedeTacy.
At the request ofmany members Of this As
ISOLATION, / have consented to address you to-
night; and IN the few remarks | shall make,
will attempt to demonstrate that, By the laws
ofthe land il which we I've, aside from the die.
titles Of moral honesty and sound policy, the
State Of Mississippi is bound to discharge the
Union BANK bonds, aud the accruing interest
thereon, even TO the uttermost larthing. have
selected this subject. in the investigation Of
which must necessarily appear dry and tedi-
Gus to a promiscuous audience, because | am
well satisfied that the great mass Of those op-
posed to paying these bonds, base their opposi.
ton upon the want Of legal liability on the
State to pay them, and because know Il once
convinced Of the legality Of the claim Of those
who hold them. no party IN the state, save
| few reckless and desperate aspirants, will re-
list the demlnds Of those who. BY the well es-
tabshed principles Of our laws, arc entitled to
call upon our State for payment aad redress
The arguments Of those opposed to paying the
Union Bana bonds, may be reduced to the
three following propositions:
l. The State is not bound because the orig
inal charter Of the Bank, and the pledge Of the
faith ofthe State thereby, was unconstitutional
and therefore void.
3 The supplemental chatter changed the
original liability Of the Stale; and being passed
| BY enc legislature, only. the faith Of the Stale
thereby pledged, was unconstitutional aud void.
3. The commissioners appointed 10 sell the
boRds, exceeded their powers; and falling to
comply with their instruction, their acts IN sell
ling the bonds were Unauthorized and illegal.
and the State IS not therefore bound to pay
them.
viii proceed 10 notice these objections il
the order in which have stated them and first
as to the legal obligations growing ON Of the
original charter. The constitution OF the Safe
declares Use art. Z, sec. % that "No law shall
ever be passed to raise a loan ofmoney upon
the credit Of the Stale, Or to pledge the faith Of
tho State for the paym ri redemptiun'ol any
Ioaa or debt, unless such law be proposed IN the
Senate or House Of Representatives, and be
| agreed to By majority Of the members ofeaeh
House, ana entered Oh the journals, with the
yeas and nays taken thereon, and be referred
to the next succeeding legislature, and publish.
ed for three months previous to the next regu-
lar election in three newspapers of this State;
and unless amaiorty Of each branch Of the leg.
stature soeleeted, after sueh publications. shall
| agree to aud pass suGh law. and IN such cases
the yeas and nays shall be taken, and entered
on The journals ofeaeh House."
+ From this provision it viii be seen that there
are three things essential TO the validity Of {
law, pledeing the fallh Of The State.
| l. The passage of such law by majority
Of two different legislatures.
q The entry Of the law upon The journals Q
both Houses Of the legislature, by which j
shall first be passed, together with an entry o
the yeas and nays upon the journals Of boil
/ Houses Of each legislature,
| 3. A publication ofthe law three months il
three newspapers in the State, before the reg
ular election ofthe second legislature, which j
TO act upon the law.
Let Us recur 10 the history oftho State an
to the journals Of the legislature, and test th
Union bank charter by the provisions Of th
constitution.
AT the January session, 1885, The bill {
charter the mississippi Union Bank, an
J piedging the faith OF the State for the loan 3
! S15.500,000, was proposed to the Legislature
No further action was taken upon It At tha
session. In November, 635, a general cleo
tian was held, and at the session Of the legisla
ture commencing ia January, 1886, on the III
Of February 1886, the bin chafterHg the Unlo
Bank, passed the House Of Representative
; there being 10 votes 10 the affirmative, and
II in the negative. This bill, together with ID
5 yeas and nays, as required BY the constitution
+ was entered on the iournsIs 81 the House
d Representatives. t
s The same bill, on the 18th Of January 1881
passed the Senate, By a vote uf II to s al
The bin, together with he yeas and nays va
. entered upon the journals Of The sanate.--Se
journals ofihe louse Of Rep. At the called SCI
: sion in 1857, page 13S, and Senate journals
], the same YER page 95.
The 47th section Of the law referred eih
9th section Of the act, whereby the iaili Of u
State is pledged. &c. 70 the next legislature
this State" de-, and directed that the act, III
der the direction Of the .iovefn0r, abe publsl
ed N at least three newspapers Of this STA
for three months previous 70 Inc rexl regul.
s election" &c. The act was also approved
the Governor. So far, then. every coustiti
I. lional requisite had been complied with.
/ November 1887, another general election vi
s held; and On the 22d Of lannlry 1888, &
House Of kepF esentatieea enacted the bill cha
tegin0 the Union bank q second time---the
being 53 Affirmative and "a negative vote
= The yeas and nays were entered upon the lou
pa. 0nshe2 0lh Of January 1888. the sena
passed The law a second lime. BY vote Of
% la-lhe yeas and nays bang entered up
The loarnal Gee House Journal. page Is7, Sc
ate joHfual. page 207) On the 9Th Of Fehr
: zfY Is3s The Governor Alexander q. Migu
& approved tie law. Tins then il viii be Sex
4. 81 recurring e The journals IF The legislsu
s 4hsE every thing which the constitution emo
~ Aa1 r. alhseh anv record Naa rssauirsa Il