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

. pss ,.a &c 10 pledge The iaiths9f the stat,
1Os ~ Hampton Of any loan of debtsha
pent o. -. - manner? Iapprehend this vii
tie - Did the pledge Of the faith o
rOEerIus.u., ,oe,It of the debt Of Sl5 SOC, OOt
TIE Pss.J.t---contemplated 10 be borrowed
d Inss,oSSv The original charter for the use
un Hana a.Jj;v;dual stock holders upon ample
q y ~ furnished by them--authcrlze the rails
DC so" new as in theisupplementary act, upon
pOI "tate on tie bonds Of the state and fOr
We e The stated none will contend that II
ftbe Legislature should pass law
1s' ~ If the State for payment of all the
al - red bAnkrupts within the State, and
dI y !" areferred. published and repassed, as
quo .. y constitution, such law would be a
s ~ ofthe State for the payment of these
es N."rts and purposes, and the people of
n pa he compelled, in good faith. to pay
se u";og = the ability. would be disgraced II
Os .adeeno this plighted faith. Would any
U in denv that such a law would be
sas f,,th Of the State I" or contend on the
~, sucb law provided 'sfor the raising of
l.s IN the credit of the State :" Such
r;be manner prescribed in the constitu-
n.Iv create debt it would not provide the
1. ~" nssvment of To provide the means to
S.bt would be different and distinct ques-
+ egislature should conclude to raise the
ss;ng a tax for that purpose, 1t would have
a. 30 BY the passage of the law at SIM
II the ordinary mode. Bat should the
INCLUDE to raise the money on the "credit
= The law for that purpose would be a null
s.,.ed as required by this section ofthe con-
ma fact that the debt was incurred by a
hth of the State, would rot alter or af-
'.,ion. The constitution requires that all
"a loan ofmoney on the credit of the State
.u1 to the purposes for which the money
he applied, shall be passed as required BY
mthe constitution.
stature may levy tax for any amount Cat
mo legitimate wants of the State, of which
cel at single session, because there is no
Gthis power; but when loan of money
Non the credit of the State, that power is
: we'll as the power 10 pledge The faith of
the payment of any loan or debt, by the
The people Judging it prudent to retain
s certain power and rights of action on
Its.
snced that the STATE ratified by its silence
even the unauthorized acts by which the
he S5OOO,OOO of bonds was obtained. The
4 admitted, that the acts of agents without
their agency or power, may be ratified by |
S-tot instance by heacherouS silence. That |
els correct as to States as well as ind. |
a is admitted only where the constitution Of |
permits such doctrine to prevail. The con-
/ this State provided the only means by |
State shall contract debt or incur pecun-
n which is by passing the law for either pur-
Srtrular aud extraordinary manner by two
legislatures and not otherwi e, which pre- i
doctrine ofimplied ratification,
lon Bank Bonds already sold, were not ex-
account of the Individual stockholders on
/ their bonds and mortgages, to insure the
1ftheir stock, nor for their benefit Or use.
OroDerty of the individual stakeholder con-
he mort gage, executed long after the bonds
be opinion, liable for the payment Of said
1ementary act not having been passed in the |
aured by the constitution, is. together with
been done under its provisions, not only un.
but expressly; prohibited by the constitu-
uOid-not voldable rler ely, but is. an ObSo.
so far as the State is CONCERNED. The State |
Dcy in executing these bonds nor in get I
mey thereon, Ii they WIRE executed in the /
G State TO the amount OF $5,O0O,0O0, and |
received, (Which acts are admit ed to have
such acts were performed by individuals
' authority from the State, and are not the
State. The supplementary act was passed
rs of the legislature without authority;
was received by t4pir agents without auth
e are all the acts of individuals, acting with
ty on the State. The persons who receiv-
hey, and their associates, are, IN my opn-
BY every principle of Justice and sound NOR
qost probably 10 sttict law, to refund to the
the money thus obtained. The purchas-
bonds had notice of the provision in the
which requires that . law to raise loan
4 the credit ofthe State must be passed by
sVe Legislatures. The constitution is no.
the world, and those who deal with the
State, can never be ignorant ofthe extent
ers Of such agents, If persons contract
gents, without the scope of their authority,
hide the result Of their folly.
erence, then, between the bonds of the
lted under the character of the Planters
hose executed under the supplementary act
ter Of The Union Bank, must be obvious to
Planters Bank bonds were executed under |
ofthe constitutional authority-the Union
J were executed without authority, and in
laton the constitution.
izen ofthe State in (my opInion) who pro-
oates the force of solemn obligation, and
T ofthe State who comprehends the mean
ficlal oath ''to support the constitution"
that the Planters Bank bonds shall be
lscharged by the State-and that not
funds ofthe State shall ever be applied to
n fhn 1ns1 11 hn l
shall hereafter assume said Union Bank
aW passed for that purpose IN the manner
the 9th section of the 9TH article of the
b admit this could be done under the
) but should consider it an at ofgreat in-
questionable morality.
e Legislature agree With me in opinion that
xecGted on account of the Planters Bank
nmental obligation and on that account
sets ofthe sinking fund and the stock and
e Mississippi Rail Road Company belong
and that the same should be made ayaila-
phed to the payment ofthe bonds of which
proceeds, then the question arises as tothe
% effect so desirable and so important an
:sanot bring my mind to the conclusion
stature under the constitution of this state
inc charters of private Incorporation,
and contrary to the will of such incorpora-
's q: sollcItious am for the final extinction
uGlng Incorporation in the state and union,
- however that the banking interpretations
nave forfeited their charters and would
11egment of the courts be ousted of
alses upon the subject being in a proper
ught 10 their consideration and action. /
proceeding by writ uf Quo Warranto ex-
'A'e' but lapprehend that such proceeding,
~ present. would hn fn,,na 1nrasfa dilafnev |