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

uis's a. il does hw 70 pledge ne faith q The state
ior hepaymenl Or redemption q any oau q debt shall
D passed in Tie same mannefl Ispprehend this VIII
4ot be controverted. Did the pledge Of the hath OF
The state for tie payment Of The debt Of els 100000
principal and interesi-coniempaied 10 be borrowed
By The Union Bank b The original charter for the use
end benefit Of The individual stock hoders upon ample
indemnity 70 be furnished By hem-auihorzo the rss.
thg loan Of money as IN thelsupplemenary act upon
ne credit Of The state tie bonds q the state and r
the use alone Of the stated none VIII contend that
did.
For Illustration, 1.-THE Legislature should pass law
pedgmg the faith Of the Slate for payment Of ell the
dobts Of the discharged btnkrupts within The Staeane
tins law should be referred published and repassed as
provided BY the constitution, such q law would be
pledge ohe faith ofthe STATIC for The payment Of these
debts 70 al intenE and purposes, and the people Of
the State, woud be compelled, 10 good faith. 70 pay
them and having the ability would be dseraced #
they failed 10 redeem his pghted faith. Would any
intelligent person deny that such law would be
"a pledge ofthe faith Of the State = or copend on tie
other hand that such law provided eor the raising Of
loan Of money on the credit Of the Statel - Such
law passed in the manner prescribed in the consttu
ton, would only create debt il would not provide the
means feF the payment Of To provide the means to
pay such debt would be different and distinct ques-
ton. ffthe Legislature should conclude 10 raise the
money by evyng tax for that purpose, Il would have
the power TO do 90 BY the passage Of the law at SIM
Legislature conclude 10 raise the money on the acredR
Of The State, the laR for that purpose would be- null
y, unless passed required BY this section ofthe con-
stiluiion. The fact that the debt was incurred By
pledge Of the faith Of the State, would tot alter or az
feet the question. The constitution requires that al
laws to raise loan ofmeney the credit ofthe State
without regard TO the purposes for Which the money
raised s to be applied, shall be passed required by
this clause in the constitution. -,
The Legislature may levy tax for any amount (at
least within the legitimate wants oflhe State, Of which
il s the iudge) at single session. because there no
restriction on this power but when loan Of money
il be raised on the credit Of the State that power is
restricted as well as the power 10 pledge the faith Of
the State for the payment Of any loan or debt, BY the
constitution, The people judging it prudent to retain
10 themselves certain power and rights Of action on
these subjects.
Il NAV be urged that the STATE ratified by its silence
FOR time, even the unauthorIsed acts by which the
money on the e5.OOOOO0 Of bonds was obtained. The
doctrine Is admitted, that the acts Of agents without
the scopeof their agency power may be ratified by
mphcation-fot instance BY ueacherous silence. That
this doctrine is correct 70 States well as lnd-
vduas also, is admitted only where the constitution Of
the State permits such doctrine To prevail The con-
situation Of this State provided the only means oy
which the State shall contract debt or incur pecun
larry liability which Is by passing the law for either pur
pose IN a particular and extraordinary manner by two
successive legislatures ana not otherwi e which pre-
cludes the doctrine ofimplied ratification,
The Urion Bank Bonds already sold, were not ex-
ecuted on account Of the Individual stockholders on
the aith Of their bonds and mortgages 10 insure the
payment OF their stock nor for their benefit or USE
Nor is the property Of the individual stakeholder con-
tanned in the mort gage executed long after the bonds
in nv humble opinion liable for The payment Of said
bonds. ....,....
The supplementary act mol having been passed in the
manner required BY the constitution y togehel win
all that has been done under IFS provisions not only IN
authorised but expressly prohibited by the eonstitu-
tion and is uoid-noi yoidabe merely, but IS an obso
lts auHiigso af as the state copceFned The State
had no spency in executing lhese bonde nor N get
tinshe Hdney thofeon. II they wEre executed IN the
name Of the State 10 the amount oil S0iVUu0uN and
the money received, (Which acts arc admit ed TO nave
been donel such acts were performed by individuals
without any authority from the State and are not the
acts of the State The supplementary act was passed
bv members Of the Legislature without authority
the money was received BY thpif agenls without auth
ory these are all the acts Of individuals acting with
out authority on the State. The persons who recev-
ed the money, and their associates, are IN my opn-
ion bound BY every principle Of Justice and sound NOR
aty and most probably % strict Jaw 10 refund to the
bold.hodef the money thus obtained. The purohas-
ers Of these bonds had notice Of the provision IN the
constitution which requires lhate law to RAISE loan
Of money on the credit ofthe State must be passed BY
two successive Legislatures, The constitution ls no
tee to oil the world, and those VINO uesI win tit
agents o. State can never be ignorant ofthe extent
of the powers Of such agents, II persons contract
with such agents without the scope Of their authority
they must abide the result Of their folly.
The difference, then, between the bonds OF th'
State executed under the character OF the FAINTER
Bank, and those executed under the supplementary &C
"a the charter Of Che Union Bank, must be obvious (
All. ne Planters Bank bonds were executed unde
thesapcton Of the constitutional authority-he Uniol
Rank bonds were executed without authority, and j
palpsblo violation ofthe constitution.
Every citizen 6fths State in (my opinion who pro
6efv appreciates the force Of solemn obligation, an
everv 5ficer ofthe State who comprehends the mean
~ n ne Official oath ITO support the constitution
IN require that the Planters Bank bonds shall b
fsibfslle discharged BY tho State-aud that not
Soar III the funds ofthe State shall ever be applied
m navrsent Of tfe Union Bank bonds, unless III
legislature shan hereafter assume said Union Ban
bonds BY law passed for that purpose IN lhe mamie
REQUIRED by the 9th section Of The 9Th article Of h
constitution, / admit this could be done under u
constitution but should consider It an at ofgreat
Justice and Of questionable morality
Should the Legislature agree with me in opinion h'
the bonds executed on account Of the Planters Ban
arc of governmental obligation and on that accouI
that The assets ofthe sinang fund and the stock an
arrets Of the Mississippi Rail Road Company belon
"a the state and that the same should be made avail
abe and applied TO the payment ofthe bonds Of who
tbsv are me proceeds then the question arises toll
best means to effect desirable and 90 important
object. I cannot bring my mind to the couolusiC
tbst the legislature under the constitution ofthis sta
can repeal the charters Of private incorporate
N pleasure and contrary to the win ofsuch ncorpor
ton. however solicdous am for the final exthctiC
ofevery banking incorporation in the state and uno
am satisfied however that the banking incorporation
In lis state have forfeited their charters and won
bv the Judgment Of tho courts be busted
their franchises upon the subject being in a prop
Ia "a thar and
suppose the proceeding By writ Of Quo Waranto e
80 n this state but apprehend that such proeeedn
AS il exists at present, would be found quite dlato
,en5 impeFfsct / would therefore recommend d