The Weekly register. (Ponola [sic] Panola, Miss.) 1843-1844, 1843-10-14

cessary means ofinvestigating the sub
ject.
We viii review these objections in the
order in which they are presented.
1st. As to- opening books under ter
managers, &c.
The End section of the original char
ter provides that the books shall be O.
pened under the inspection of 10 mana
gers, to be elected by JOINT ballot of the
Legislature for the space of six months
and then be closed. In 1888, ten man.
ayers were elected by joint ballot OF
both houses in the manner directed by
the end seesion of the original charter.
GSee joarnas Of II. ef R., 1888, pages
55l, 1885, tits Presumable that these
managers performed the duties pre-
scribed by the charter. They did act,
and the books of the Bank will show to
the curious whether they acted correct
ly or not. @
End. As to the necessity of a stock
holder being al owner Of real estate in
Mississippi and citizen thereof, &c. -
1t is sufficient reply that the State con-
sists of all the citizens, and does own
real estate in abundance. She cannot be
embraced in this restriction, because it
was only intended to exclude non resi-
dents, and certainly none will contend
that the State is a nonresident. This
objection is too trifling to be argued, and
is only mentioned here to show the i'm
potency of. cause which can only Be
supported by such absurdites.
3rd. As 10 giving sufficient mortgages
to the satisfaction ofthe Directors and
paying ten dollars &c. when required
by the Directors. Q
2 The 9Th section declares that "the
subscribers shall be bound to give mort
cages to the satisfaction of the Direc-
tors on property" &c.
The nth section provides that "those
declared stockholders shall each pay 10
dollars on each share of 500, at such
time as may be required by the Direc-
tors.''
BY these sections the Directors, and
they alone are made Judges of the fact,
whether the mortgages offered were
satisfactory or not and also for the lime
when to require payment of $40 per
share. The performance Of this duty
BY the Directory, either well or i'll, or
their totalneglect CT it, could not affect
the issuance Of the bonds or the rights
Of those who purchased them, because
these are facts which these purchasers
had no opportunity or means Of ascer-,
tanning or investigating, unless they h-'d
created special commissioning q court
of Enquiry in Mississippi With power to
inspect the books of the Bank and take
such other testimohy as might be ne
cessary for the purpose of ascertainlng
whether the Directory had performed
their duty or not. But even had such
a commission been created, it would have
proved aboftive, because commissioners
thus appointed by foreigners would have
had no power of compelling the atten-
dance Of such witnesses or the prodVc-
ton of such papers as might be necessa-
I
ry, and especially would they have been
debarred from an inspection Of the books
of the Bank which alone contained the
evidence they would be "a quest OF, be-
cause BY the cath section of the original
charter, or the mode Of inspecting said
books is declared 10 be, by committee
to be appointed by the Legislature ofthe
State. Hehce i. will be manifest that
by the charter, the Directory were the
sole and exclusive judges of the subject
and matter confded to them in the 9th
and lthlsections, and that the proprlety
Of their Judgment could not be inquired
into, and that therefore, the purchasers
of the bcnls had right and were bound |
toact on the presumption that the Dl-
rectory had performed all the duties ct
their sfftce-a presumption corrobora
ted By iheac of the Governor in sign
ing, and Of the Treasurer in counter
, signing the bonds, and by the ennexa-
/ ton of the Great seal ofState which az
| fords the highest degree of authentici-
ty known 70 the law of evidence and re-