The Ripley advertiser. [volume] (Ripley, Miss.) 1843-1897, 1843-10-28

nd By The {, neral government ond Nh'e"
IA linblo ~ any time 10 ~ fccallod--iwo
millions Of dollars, 10 ely pof cent bohds
cold by tho State 10 pay Tor stock 10 lbai o.
mount IN tho Planter. BANK, and fre NIL
lions Of do'iiv IN fire per rent bonds ~id
10 tote s,ock 10 m amount In me Wts@s
sippi Union Bdnk---oodl The annual interest
on that sum (no., Of i payable IN Europe
,,,oun,s 10 tho sum Of three hundred and
seyeniy thousand dollars. To presore he
honor ofhie state mSullied and her er'df
uaimpaired, IL Is Of he last Importance that
The interest should be purctpahy paid, cnd
ample funds prOrided for The principal"
This message was NOT only published IN
the newspapers, but circulated through The
State pamphlet form
Agnin. in letter, dated Oct. 5lS39 (oHy
!
month bcfnrc the elecrion) in reply TO an
invitation to parakc Of public dinner a
Grenada, he says:
tile faiM ofMe state has been pledged
for Tie redemption Of HE Union Bank
Bonds, and that institution being our only
hope for the restoration and ccninnance OF
a sound currency, il is essential that III
should be KEEP, within The barriers prescri.
bed by the CHI arler, and made as useful ~
possible to he people Of the whole state"
This letter was Published in the leading
journals Of the day, In addition to this,
the affairs Of The Union Bank were discus
,ed in the Democratic address Of that yeas,
but not a word iniimoted about repudia
ing the boods as void Aher ihcse publicly
/ " ayowed opinions, Gov, McNait, the
same man who had signed the bonds, was
reelected to Office. The greater porto n
Of the members Of the Legislature that had
approved the sale of them, were also re-.
elected. This was distinct ratification by
The people then, of what mad been dcne.
In Jan. 1910 the newly elected Legis'a-
iure, fresh from the people, assembled In
his message to dat body Gov. Nj, Mutt
avows the same doctrine that he held before
his reelection. From, that document we
take this extracts
"Ihe faith Of the State is pledged for
The mhole c0pital stock Of the Mississippi
Union Bana, and the property Of all her
citizens may hereafter be taxed to nuke up
its losses and defalcations."
The same legislature appointed joint
committee OF both houses to examine the
affairs Of the Union Bank On lie 18Th
of Feb. they made their report, which was
adopted. In that report is the follow ing
language:
"rhe committee, after Candid view q
the management and resources of the bank
we are fully persuaded that the state vil
ultimately be compelled to pay the grea,cI
! portion, If not the entire dmouat o. The Jond
a'rsldy negotiated."
Among those who sanctioned his repor
and voted to print it, was T.. nj. Tucker
now candidate upon the anti bond tickle
for Congress.
Now take the foregoing facts in connec-
ton with the clear principles of law aic
down by Mr.. Story respecting agency, auo
what unprecedented man can for moment
doubt the legal liability Of the state to redeem
the Union bonds?
"Where the principal, upon full knowI,
edge of all the circumstances of the case,
deliberately ra,ifies the acts, doings, or
omissions Of his agent, he will be bound
thereby, as fully to all intents and purposes,
as if he had originally given him direct an,
lhority in the promises, to the extent, which
such acts, do'ngs, Or omissions rsach.'
"ihus, for example, if an agent, who is
employed to purchase goods at limited
price. should exceed thai limit and Tho