The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-09-21

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B managers. to Be chosen b. JOINT ballot oF The
Legislature duunF ne period Of SIX months
md Owners q zeal estate IN Missis.
sppi and eitlzena thereof were the ouly per.
sons entitled 10 subscribe. -.
srd. To secure the amount subscfibsd
mortgages oni pTopstyj Of. an imperish-
! able nature, were 70 Be executed % he
satigarti0u Of tie Birsaf0ra which property
wasin al cases 10 be equal to the amount q
stock subscribed.
9Th Each stoekholder was required to
pay u cash, The sum IT Ten dollars 10 the CON.
missioner or Directors, or their agents, on
each and every share subscribed for BY him
a such tune as,nigh b required By fAs Diree-
Tors.
/ 9th When s5OOOOO should Be subscrib-
ed, the Governor was 10 sppoint Professionally,
IS directors. to bold their ONCE IL months
| 9th. After closing the books aud when i
should appear that e5O0000 had been sub
soribed and paid on tina original stock Of said
Bank, the institution was to 60 into immediate
operation.
Tth, So soon as the directory should DO ap-
pointed and their President elected and de
same notified 10 The Governor ofthe State, lie
should fhereuPon execute to said Rank from
time TO time, bonds IN amount proportOnate to
the amount subscribed and secursd % DE sa..
igactioH Of che directory as required BY the
charter, until the whole 10, 800, coo should be
furnished in bonds, &C.
"All these" [says the report were eondi
iioHs Precedsla 10 issuance Of any bonds ofthe
State as provided 70; in the original act Of in
corporation. The Governor had no authority
to issue a single bond until the conditions
were fulfilled"
The COMMITTEES afterwards add
"The supplemental act 0i 1888, changed the
amount Of stock TO be subscribed br By stock
holders from SIS, 100000 to s O500,000 and
left S5,OOO,OOO 10 be subscribed for by the
Governor in bohalfof the State, fd whicl the
people wero primarily liable without other
security than the assets Of tho BANK. That
hereby The supplemental ACT eh ngad the origin
al charter aud amounted TO aeiC lao 10 obtain
loan Of S5,000,000, contrary % the provs.
ions Of the origin charter" ~
%We wlrevew these objections in tho Or
derin which they are presented,
LIST. As to opening books under 10 mana
gers, SC.
Thd 2nd section Of the original charter pro
vides that the books shall be opened under the
inspection Of 10 managers, to DO elected By
j0iat ballot The Legislature f.r the space Of
six months and then be closed Ia 1885 ZEN
Managers we're elected bgjobl ballsiof bo6
houses IN the manner dg5ttai - Ire 2nd sec
ton Of the original charter ea iaurnal Of
II. Of R., 1888, paaesssl so Il presum.
able that these mad nefllsmed rs daly
prescribed b. theehsfs1 'rsAy &c ~, aud
the looks olthe BagkVil ii1a d ne cugiens
whether they arted ,aserilB ~ e
2nd. Asto the neeeaiiyoa s,oskaol5sr Be-
ing an owner ofraalesistain Missiasipl asia
citizen thereof DC. Il s a sufhcieni rag
that the State consists Of al Ale cilizaha asd
( does own real estate in abunaaaeo. SIZE naa.
not be embraced IN this hestneta because il
WAS only intended to exonje n0ls residents
and.ceuainly none wl contend that the SiGis
| is a non resident. This objection is too tri-
lng 70. be argued, and is only mentioned here
/ 10 show the impotenoy Of cause which can
only be supported By such absufdi'ies.
Bed. AZ 70 giving sufficient mortgages, to
/ 10 he satisfaction offhs Directors and paying
ten dollars, 8-c, iehea required By the Dirse
t6rs.n
The 9Th section declares that athe subscri-
bers shall be bound to give mortgages 10 he
satisfaction gftis Directors On property" DC.
The llth section provides that those de.
clared stockholders shall saca pay ten dollars
On each share Of Sl0O, At aieh fine IS aaey Be
/ REQUIRED 81 he Directors
by these sections tho Directors and they
alone, are made judges ofthe fact, whether he
mortgages offered weee satisfactory or not and
also IF he time lbLeH 70 require payment Of
$40 ~ share The performance Of this do
~ BY the Directory, either wen or n, or their
total neglect oft, c1nd not affect The issuance
ofthe bonds d the rights Of those who pur
chased them, because these ars facts which
these Purchasers had no opportunity or means
Of ascedainiug or investigating, unless they
had created a special commissioner on court Of
Enquiry in Mississippi with power toinspect the
/ bonds Of the Bank aud take such other testi-
m0ny as might be necessary for the purpose
Of aseeuaIning whether the Directory had
performed their duty ornot. But even had such
| a commission been orsated,it would have pro
! we'd ab0rtive, because commissioners thus ap-
pointed By foreigners would have had no pow.
/ er Of compelling the attendance ofsuch wines
ses or The production Of such papers as might
be necessary, and especially would they have
been debarred nom an inspection ofthe books
Of the Bank which alone, contained the evil
denoe they would be IN quest Of, because, BY
the 9lth section OF the original charter, The
mode Of Inspecting said books is declared TO
! be appointed By committee to be appointed
/ BY the Legislature Of the STATE. Hence It
VIII be manifest that BY the charlerthe Direc-
I tory were TIE sole and ercliiSiUe Judges Of the
subject and matter confdCd 10 them in The 9Th
I and lIth sections, and that the pFoprietY Of
| their Judgment could nos be euquired into and
that, therefore, the purchasers Of the bonds
had right and were bound 10 act on the pre-
sumtiOn that The Directory had performed al
the duties oftheir ofiioe--a presumption cor.
r0borated by the act Of the Governor 10 sign.
! inc, and Of the Treasurer ii couniofuigning ihe
/ bonls. and By the annexation Of the grea seal
Of State which affords d e highest degree Of
authenticity know to the law ofevidence and re.
! cognizsd ~ al the tribunals Of the worh--It
Is a remarkable fact that this and al the other
objections made by lhe Repujialors involve At
every step. soHie one orolheF Of The sporn Of
hcars Of the Slate D. lie aAnrga 81 fclhsian.
iraud,oF neglect Of Z, ana alsoin the iHtheg
ansu diiy Of sgppoa 'at flfci11sra knss
tat our public AID sscls3ied o4sefs we're
| thus gully and corrupt Wide ge ourselves bra
FEES 70 have been uholly iguofaut Of Z, alth mon
possessing al iho fles aud opportunities q
knowing sach fact BAD taez sied.--aas this
too, ia the taeih oiitatnngarsaI presnmnfion
that every public sGisog hss d8as biz daty and
ID the absesaceofsl e idence which might
tend 10 rebuff that presumption. ID SHIRT he
tendency Of these objections isio stuliiiy Tie