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

with integrity and good faith, the COM
mittee of the Legislature reported and
the Legislature confirmed their report,
''that the sale of the bonds was highly
advantageous to the State and the Banks,
and in accordance. with the injunctions
Of the charter, rejecting the highest
credit on the commissioners and bring !
ing timely aid TO an embarrassed COM
munlty."
In 1910, the Legislature appointed a
committee on the state OF the Union Bank !
but the idea ofrepudiation was not then
preached.
In l84l both houses Of the Legisla-
ture appointed a committee TO report on
so much of the Governors message as
related TO the obligations of the State
on account of these bonds. Both COM
mttees made reports affirming the OBJ
legation and p,edging anew the faith of
the State for Its redemption.
After such repeated recognitione of
the validity Of the Union Bank bonds,
whereby additional inducements were
held out 10 the purchasers of the bonds
to pay over the remaining three-fourths
Of the Union Bank bonds, after major
| ity OF the voters of the State, Of both po-
litical parties, had received and enjoyed
the benefit of the capital thus thrown
into circulation, with what conscience
can the State attempt 20 evade payment
of this debt. , If an individual should
act thus, he would be universally de-
nounced as dishonest and fraudulent
And surely the State, whose first duty
is to foster good morals among the citi-
zens that compose it, should not claim
the privilege Of repudsting, by her
own example those principles.on which
good morals depend. We will be told
that the acts of the Legislature are not
the acts Of the State, in reference to the
loan Of money, that the constitution re-
quires the concurrent action Of two Sue
cesslve Legislatures and an intermediate
reference Of the subject to the people,
in order to pledge the faith of the State
for the redemption of such loan. But
we have already shown that the reason
of this rule is to enable the people il
they are unfavorabic to the measure to
electa Legislature unlayorable to it.
Had not the people this opportunity al
forded them? After the Legislature OF
1888, by which the act incorporating
the Bank was ultimately passed, new
Legislature was elected which in 1841.
affirmed all the acts Of the preceding
Legislature. The members composing
the Legislature of 1871, were elected
) with reference to the question of the
!, constitutionality ofthc bonds, and there
fore The acts of the Legislature of 1888
and all the acts done by their authority
were submitted 10 the people, as fully
TO all intents ana purposes, as if re
ference and publication had been made
: in the manner pointed cut In the constI
tuition, and the people tacitly affirmed
| those acts by electing a new Legislature
favorable to the recognition and pay
ment of the bonds. Our readers havt
!" doubtless borne in mind Gas requested il
= foregoing part Of this address, that tn
! only evidence ofthe peoples will afford
/ cd by the mode prescribed in the const
Is tuition, is tacit one, resulting merel,
M from implication, which implication dc
e ponds on the mere fact, that the peopl
lie elected Legislature favorable to an
10 proposed measure. And we now as
ie them, whether the implication arisin
Nc from the fact, that the people elected 70
% 1841, majority of Representatives f
nc versble to the recognition and paymer
y of the Union Bank Bonds, after the ques
a ton had been fully discussed befor
To them, is not as strong as vas the impl
us cation which arose from their electing
I'll majority OF representatives in 1888, Fl
no vorable to the passage Of the Unto
70 Bank charter,) that the people were
~ favor Of that charer. The reason
- both cases is the same-the people
60 both cases, had the same opportunity {
making known their will, and the ev
ne dence on which the expression Of thu
re- mill rests; : :, bo,h H.