Holly Springs gazette., 1843-09-22

i bv the legislature In 1886 and 81, refers I
the 5th section thereof, by which the fait
of the State is pledged. for the purpose
therein declared. TO the next legislature, am
directs the act under the Supervision of th,
Governor, TO be published in three newspa
pcrs previous 10 the next reg uar election
That such publication was made canno
now be controverted because, lst, he
| Legislature, whose legitimate ard exeIu-
sive province it was to ascertain this fact du-
ring their session in 1888. passed the bill BY
a majority of both Houses, thereby raising
the presumption that they had evidence salts
factory to them that such publication as the
constitution requires, had been made la
fact, 1t is well remembered by one of The un-
dersigned. that one of the members from
Rankin county, moved to bring the public
printer to the bar Of the House. In order
that he might be examined as 10 the fact of
publication, bat that this motion was lost be-
cause las was generally stated by lis oppo-
nents) the House were satisfied from other
sources, Of the fact, and required no addi-
lional evidence Whether such publica.
ton was made or not, cannot therefore be
now questioned, especially in regard to
third persons bona fide purchasing the
bonds created by the law: The legislature
was the only constitutional agent and Judge
respecting this fact. and if they were either
fanhless or ignorant, the State, who ought
IN the exercise of their elective franch chise to
have chosen wiser and more honest repre-
sentatives is and ought to be made respon-
sble.
2dly. The report of a committee of the
House of Representatives in 1912, respect
ing the Union bank bonds, (which commit
tee was composed of RepudIating Demo
crats) admits that such publication was
made as is required by the 9th section OF
the 9TH article of the constitution [See
journal of II. OF r, 1912, page 720. in pa
renthesis. ofreport, signed j. Z. Matthews,
Chm
We therefore hold it as incontrovertib.y
true. both in point of fact and presumption
Of law. that all the preliminary forms re-
quIred by the 9th section OF the 7th article
Of the constitution were observed up to the
final passage of the bill Incorporating the
Mississippi Union bank in 1888, under and
by virtue of which the State bonds were is
sued and the faith Of the state was pledged
for their redemption
Forced reluctantly to concede the con
s;i,u,ionality of the original charter, the
Repudiators now rest their defence on 9th
er grounds, posterior in their origin to the
passage of the original bill For these
grounds, we will again refer 10 the report
above cited. (see journal of FL. of II. pages
72O. 72l) not beccuse the arguments there
used possess any inherent strength, but be-
cause they derive fictitious influence from
the circumstance of their having emanated
from committee selected to represent a
majority Of the members Of the Lagisia-
ture. and were fabricated for the purpose of
misleading. bv that influence. the people of
the State, who had not the necessary means
of investigating. the subject.
The objections there set up are.
lst Books Of subscription were TO be
opened and kept open under ;lffe he inspection
of ten mana ger-s. to be chosen by ioiat bal I
lot of the Legislature, during the period of
six months.
2nd Owners OF real estate in Mssissip-
pi and citizens thereof were the only per
sons entitled to subscribe.
Srdly To secure the amount subscribed, I
mortgages on property of an impeflshable I
nature, were to be executed, to tie satEsfac-
ion of the Directors, which property was
n all cases to be equal 10 the amount of
stock subscribed.
4tn. ExdCn SlOEhuOIuCA was hCdAiiCO W
paw s5s cash, the sum OF ten dollars to The
or Directors. or their agen's,
IN each and every share subscribed for by
aim at such tame as might be required By
he Directors.
5th. When S500,O00 should be subscri
,ed, the Governor was TO appoint provis-
onally, l3 directors. TO held their Office II
months
9th After closing The books. and when
should appear that S5o0,00o had been
ubscri5ed and paid on the original stock OF
aid Bank, the institution was to go into I'M |
MEDIATE operation.
7lh So soon as the directory should be
ppointed and their President elected and {
he same mofifsd TO The Gorern0r Of the I
tate, he should ihereupon execute 10 SAID s
Bank from time to time. bonds 10 amount
roportionate to the amount subscribed and
ecured to the satisfaction OF the directory
5 required by the charter, until the whole t
rs. 100000 shall be furnished IN bonds.
&C,
"All these" (says the report) "were con-
atoms precedent TO the issuance OF any 4
onds oftae State as provided for 10 the O. Z
einal act of Incorporation The Cover
or had no authority to issue single bond 5
nil the conditions were fulfilled s
The committee afterwards add - Y
I rrrfIf