Holly Springs gazette., 1843-09-29

iG,lanthor;,,. IN contract and matters remain
| in their situat:en. the state may simply disa-
royv the contract. which thereby becomes
rs rerfect y nutlitv as If it never existed.
! Put his disagowal should be made as soon
"a knouicdre of the transaction has been
oft,ined iflbe state does not intend 10 rally
/ he aoreement made in her name for, other
N-izc il would be a breach Of laHh on he's
,art II suG.ra sufficient time 10 elapse ior
| The other marty TO execute on his side an
rrerment which she herself never intended
| 10 ratify. And that, when party thus con
tractiag with the public agent or govern
ment of state, who has not lawful authorI-
~ 10 make the agreement shall DO any act
in execution of the agreement; such rs TO
deliver property, or to pay money although
! Il be on his part an act OF ineXcusable folly,
the state ia whose behalf the contract was
made is not iustifable in taking advantage
of his folly and retaining possession OF what
has been delivered but is bound 10 restore
thinrs TO the condition in which they were
before the agreement was made, If she does
not choose to raiily the agreement See
Vattel, L. N. page 224.
Let US apply these principles which
founded in reason and Justice are acknowl-
edged TO be binding throughout the chris
ti4n world, to the subject under consldera-
tion. We believe that case could not be
put where they would apply With greater
force.
II will, by all be admitted that the law
charteriig the bank and pIedging the fIlth
Of the state for this loan, was demanded of
the legislature by an unequivocal express
sion ofthe peoples will. The people knew
in what manner the legislature had carried
into effect this their expressed will They
were informed that the bank established by
that law had been organized: that the ex-
eculve had, in their name, subscribed for
the stock reserved 10 them in the bank thai
these bonds were executed, issued an plac
Cd in market for sale, under their presumed
pledge to paw them, and that they were ac-
cord:ngy negotiated They were fully
apprized Of The tefns of the sale; Of the re-
ception Of the money raised thereon, by the
managers ofthe bank, and Of its application
to the uses contemplated By the law. They
knew that The citizens were daily appropri-
ating this money 10 their own purposes, by
means Of discounts in the bank. and that
their government had ayaled itself OF the
same means for the public benefit.
During the progress Of these transactions;
amidst the deep interest which was excited,
and the earnest discussion Of which they
were the subject, what voice was heard
questioning the constitutionallv Of the law
or the obligation Of the state TO repay the
money borrowed on her credit? lflhe peo-
pIe of the state did not admit the validity of
he loan, their acquiescence in these acts
was a palpable fraud on the rights Of the
purchaser Of her bonds Nor can excuse |
be offered, in ex.enuation OF their breach Of
good faith, on the ground that no medium
existed through which they could righIulIy
act The leo isiature convened III January
1880 9uaiterihe~salenEthe bonds. ang before
he bond d-holders. If at that time the peo-
pie believed no obligation had attached to
Them, and were determined TO disavow the
acts which had been done in their name, il
was their duty, most unequivocally, to
make known such determination to instruct |
heir Legislature to suspend further recep- |
ion of the money, aud TO take effective |
steps for the restoration of that which had |
already been received. And if at that time |
hey, or their legislature, made no disavow- |
Il of what had been done in their name and |
1n their behalf; if they took no immediate |
measures to prevent further delivery ofthe
money, or to restore wha; had been receiv-
d, bu: stood silently by and saw the prop
,rtv Of individuals, who had confded in
heir honesty, appropriated by the citizens,
hey are bound IN their state character upon
the clearest principle Of International law
hey are bound by the principles of justice,
which regulate the relations between man
md man. Were any Of these things done2
Did the people Of Mississippi at the time
when they might have done so consistently
With their good name. and without inius-
ice to those who had imprudently confided
Il the integrity of .heir government, disavow
be loan or take measures to prevent fur
her loss arising TO others, by The acts Of
heir citizens? So far from such a course /
iaving been pursued by the people or the I
tate so far from dissatisfaction having ,
zen expressed at the acts Of the govern
1ent, or the terms on which the loan was |
ad. universal satisfaction pervaded all sec
ions oftbe state and all classes of the peo-
le The enterprizing citizen, who intent
pom the acquisition OF fortune, beheld in :
ne consummation Of this great scheme, BY
he obtainment of the bank capital. the cer-
lin means of realizing his anticipations,
nd applauled the wisdom Of the govern
nent. The unfortunate debtor, over whose
respects in solemn gloon. clouds Of ruin
we're spread, "who saw no end to black adj
~ folt - 10 r