The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-07-27

977V an WD
laS l;abities 1st The shaking fund IN the Fan
~ x,ank supposed TO amount to between OvOVVOO
nd nIOOOO00 but uncertain as to the nomMal .a
mount. and Still more so as tothe real ana ~
n,s thereof ID. $4,000 600 of stock in the MIS-
s.s;nni Rail Road Company. This Company nas
nanded both in the payment OF 1t liabilities ana 70
she performance of the public works contemplated ~
it's charter. The stock Is OF on. ses any 49, A.
lance. Yields but small proft any beyond the cufTenI
srenses OF the Company Under this GepioaDle state
- airs the rights Of the people and the 9nty OF the
representatives Gas the same -orct sr sna.
etc action of the Legislature which can DC resorted
- under the provisions OF the constitution, 70 outan
,and of and render available TO the state the sink
% f1nd and the stock OF tho state in ana tne eeces
- Ndssissippi Rail Road Company to meet the
o. | ;st liabilities OF the state and thereby to pro-
.t the neope from an increase OF taxation ABOVE ns
present ruinous rate: ,...o..,o. ~o.oa,,
al that the people of The slate were neither legally
nor morally bound for the payment OF the Donds rs
sned under the provisions OF the supplemental cnarer
Of the Mississippi Union Bank amounIng -
0o0 and that said bonds could never be paid while the
Gryns Of the present constitution remain: lbs 10 Ia
nvVoninon Just and correct decision. 1consioer the
cestIon of the states liability settled oy TINS acton OF
the Legislature. This resolve nowcveLn no manner
s agents for the state and without authority from the
state executed and sold these bonds and received Inc
money therefor. The extent OF their llaDLy can only
| hn
This resolution and also the one passed al the same
session asserting the validity of the Planters Bank
bank bonds am we'll satisfied have met the aPpro0a-
| ton of large majority OF the people OF the state
The interest of the state in the sinking und and IN
the stock and effects of the M. r. R. Company is de-
pendent the validity of the Planters Bank BONDS. II
the state bound for the payment OF these bonds
what right can We set up to the sinking fund ana the
stock and effects ofthe M. R. r. Company which are
the proceeds of said bonds !! am aware that these
bonds have been pronounced unconstitutional by some
persons and the people have been loudly called upon
/ to srepudiote them brief history of their origin
and creation will enable US to to correct conclu
sion their validity and constituhonallty Tn the
18th day of August 1917, the people adopted their nrst
constitution. The first section OF the declaration OF
rights declares that o man or set OF men are emitted
to exclusive separate public emoluments privileges
from the community but consideration oPubc SerUt
ces After the adoption Of this constitution (vz J on
the 4h day February lS1Sth Legislature granted
charter to the stock holders of the Bank of the State
of Mississippi. The 4h section OF this charter provides
that the corporation created thereby may continue
til the last day of December lS4O The 10th section
provides that no other bank shall be established by
any further law of this state during the continuance OF
the charter for which the faith OF the state Is thereby
pledged. During the existence of this charter VIZ }
the 10th day of February 1880, the legislature ncor
porated the Planters Bank. The charter ofthe Plan
tiers Bank and the acts amendatory thereof authoriz-
ed the of the bonds known as the Planters
Bank bonds, amounting to $2.OOO00O BY the 9Th
section of this act the faith of the state is pledged Tor
their payment. soon aef the passage OF the ACT III
cooperating the Planters Bank it was contended by
some distinguishes lawyers in behalf OF the Bank OF
Mississippi that the act creating said Bank of Mssis
sppi was "a contract between the state and STOCK
holders of said bank that the act charteTng te ran
tiers Bank during the existence of the Bank OF Mssis
spp was violation Of the 10th section OF SAID con-
tract, and unconstitutional IN as much as II I'M
aired The obligation of that contract. differed a
that iue those gentlemen learned II
the IaU yvb1Se opinions sometimes influenced BY
lie weight of heir fee. believed then and still de
that the sixteenth s6ctan OF the charter of the Banl
of Mississippi declaring that no other bank should be
established during the existence Of that charter
violation of the first section of the declaration of rights
which declares that "no set of men shall enjoy
/ any exclusive privileges but in consideration d
public services" did not believe that the exercise
OF the business OF banking such public service
entitled these bankers to the exclusive privilege of
suing paper money for the period of more than
ty years. On The contrary considered it public ca
lamity. indeed public curse destructive of the best
| interest and energies of the community. do not
doubt but that many who paid to utter different
opinions at that time, and who differed with me as TO
the public service of banks and bankerswi now agree
with me at least to this extent that the system OF
banking in the State of Mississippi has rendered any
essential public service or benefit to the community.
In 1882 the present constitution was adopted. The
provso in the 9th section of the 7th article Declares
that nothing in this section shall be construed as
to prevent the Legislature from negotiating further
loan of 100000 and vesting the same In stock re-
served to the State by the charter OF the Planters
Bank. This provision TeCOgHlSeS HI papa
BILE manner the legal existence of the charter of the
Planters Bank" In addition to this direct admission
and recognition of the consttutionay of the charter
of the Planters Bank tie fourth section ofthe schedule
of the revised constitution provides that a laws Yoao
in force this State, not repugnant to this constitution
shall continue operate until they shall expire by their
own limitation, be altered or repealed by the Lepis.
latuFe The proviso to the 9th section, 9TH article
recognises the charter of the Planters Bank as law
then in force the 4h section of the schedule continues
its operation. The revised constitution abolished the
former constitution, recognised the charter of the Plan
tiers Bank as law then in force and continued the on
Grafton of the same. If the charter OF the Planters
Bank had been IN conflict with the old constitution and
there by void when the old constitution was abolished
by the revised constitution and the charter fthe pan
tiers Bank recognised law then in force and lie
operation continued by the revised constitution this m
erect the charter and removed all objections
winch mad existed OF its conformity to the provis
ions OF the old constitution By the Convention of the
delegates OF the people to revise the constifn,or th
ehure elements OF the former government were dis
soVed. The charter OF the Planters Bank being re-
by the revised constitution not only as law
~ orCe' out also law not repugnant 10 that corstt
uou, ahu Oelng continued in operation as such has
oIe certain calm 70 constitutional VALIDITY than anv
other law on the STATUTE book at the time 81 ;ts d
uon-certanly more constitutional VALIDITY fho,H ~
CHARTER OF the Bank of Mississippi as no snec;ai %
ence 70 made to that charter and il Is even ,,os,;
Die whether 1t is embraced within thu terms 5f a. 1.t
section OF the schedule. Ifthen the noycrr of The
gsature to enact the charter of the PIar.erss
doubtful yet It is certain beyond donhf that the 1890
cOasutuon has recognised the charter AN q h y, a..
IN iOrce and continued the sanie This ms ka- AZ ~