The Democratic Whig., 1843-08-10

p 4 |sIs
ghe Governor uaes ihe ioll0wins rcInartable
= language
i arhe large Interest which the State posses.
|, ses Ia he Planters and 1a ion bank nakea 4
/. incumbent On me b raIl your particulsF atien-
ton 10 ths alaila and coaanci of those inaliiu.
/. tons. The hdh 81 he Stats : pledged for
. tho rodempiiou oflw0 millions q bonds, sod
! 10 take stock in toe Panser1' hank, and the
whole Of The capital Of the Mississippi Union
bank. A Just regard for the honor ofthe State
demands that those institutions should be man.
al aged with great prudence, Ia order that ample
provision be male lor the punctual payment Of
The interest q the bonds 81 maturity
At this time, only one fourth ofthe Eve mil
lions had been paid 70 the bank: and honesty
, " and good iaih required that the State
! should then, fever, dissent from the sale and
repudiaie the contract.
Atthe sane session oflhe legislature, a COM
niitiee appointed 70 enquire into the conduct Of
the commissioners IN selling the bonds, among
other things, made the following report
aConlrary, however, 10 the expectation Of
every one familiar with the distressed condl-
ton Of the stock market, negotiation Of five
millions Of The bonds was effected by the com.
missioners, highly advantageous 70 the State
. l
tons Of the charter, requiring them % Be sod
at par value. A sale rejecting the highest
credit upon the commissioners themselvs, and
bringing timely aid to an embarrassed eommu-
nifty"
From this report, only one member (GeH.
Fooiel dissented; but IN his dissenting report
he does not even hint as to the propriety ofre-
fnsino 10 ratify the sale. On the contrary, ho
-. AZ. "a ,..,s. fla stsrvrrfffou that fhc
money shall be received, and proceeds 10 in
dicate the policy which the bank, thus put into
operation, should adopt. In his dissenting re-
port, he uses the following language;
HAnd whatever respect the undersigned
may and certainly does entertain for the dis
tinguished commissioners, who effected the
. negotiation with Mr.. Bidde, and however he
may be inclined 10 look over yea, even Pei-
haps commend, under all q. cumstanees, tbeif
slight transgression Of the authority commit
ted 10 them IN the sale Of The bonds al less
I than the amount stipulated in the charter yet
the undersigned would esiee i at least it,
tic indisereot did he even feel special gladness
on the subject az al, publicly to congratulate
the legislature upon the sale Of the bonds as an
I operation at al surprising in It's character, or
to avow the least astonishmeut that the nego-
tiation was found to be a thing at all practiCa-
bic. The sale was, possibly the best that
could be made at the time IN the United States
and the undersigned does not at al doubt that
Nicholas Biddle was be only man in the Uni
ted States prepared at the time 70 buy SO
! largo an amount Of stock Of any kind"
And again; IN the same report, at page 227,
heniakes these remarks upon fbe character Of
the bonds Of this State;
aAlthough the sale oflhe bonds in Phladel-
pba is not A matter which tho undersigned
will complain Of and he freely Acknowledges
that the commissioners, under all The circnm.
stances, seem to deserve some credit; yet he
cannot concur with the majority Of the COM
/ mittee, he again AYERS, in declaring the least
surprise on the subject ofthe sale. All Europe
knows, or at least every man engaged in buy.
ing and selling ofstocks is bound to know, that
these bonds Of the State Of Mississippi const-
tute, well nigh, the best stock in the world"
Such was the action ofthe first session Of
tho legislature which met AFTER the sale Of the
bonds. Again in lS40, the legislature met,
and a report was mace on uiu Uiaion Dta.lsi-
which the idea Of Reputation was not even
hinied at The legislature again met in ls4l,
at that session the following resolutions were
adopted BY the House Of Representatives;
81. Be Il resolved by he Legislature Of he
Sale Of Mississippi That The Stale Of Missis-
sppi Is bound to the holders ofthe bonds ofthe
State Of Mississippi, issued ard sold on account
OF the Planters and Mississippi Union Banks
for the amount ofthe principal andinterest due
thereon.
-. BE il further resolved, That the State
Of Mississippi win pay her bords, and preserve
| her faith invirlate.
%. And Be Il further rssolosd. That the In
| sinuation that the State Of Mississippi would
repudiate her bonds, and violate her pllehted
faith, a calumay upon the justice, honor and
dignity Of the State"
AT the same session Of tho Legislature, the
Senate adopted the following resolutions;
IL. BE Il resolved by The legislature Of the
| Slate Of Mississippi, That Il IS the sense Of
| this Legislature that the character, the stand
| ing and true glory Of the State depend upon the
sacred inviolability Of ils engagements, and
therefore repudate the recommendation con
tained in the message Of the executive, not to
pay, the bonds ofthe State.
u2. BE Il further resalued, That the State
will fully recognize and acknowledge her obi
cation to pay the bonds Of iho State amount
/ ing to five millions Of dollars, sold in 1888 to
/ N. Biddle, ESQ, and viii Qfthe same shall be,
| come necessary bya failure on the part Of the
| II ssissippi Union Bank TO provide for them)
make every exertion to provide for the pay
ment Of both principal and interest as the same
may become duo. Passed the Senate January
%, is4l.
Thus, then, Il will be seen that so far from
| dissenting from The sale Of the bonds and relu
sing 10 recognize the same on account Of a Vi
olation Of their power by the commissioner,
the State has at lhfee different sessions Of the
Legislature, ratified their acts. II, then, Il be
admitted that the commissioners did exceed
| their power, the State cannot now avoid the
payment Of the bonds for that reason. The
rule Of law IS thus laid down on this subject BY
Mr.. Story in bis work on Agency:
| HWhere the principal, upon full knowledge
Of al the circumstances Of the case, deliberate
y ratifes the acts, deings, or omissions Of bic
| AGENT be viii be bound thereby, as fully 10 al
intenis and purposes, as if he had originally
/ given him direct authority in the premises, TO
the extent, which such aets, doings, or omis-
tons reach"
"Thus, for example, Il an agent, who is en-
| ployed 10 purchase goods at limited price,
should exceed that limit, and the principal, after
full knowledge Of the facts, should receive them
on his own account without objection It would
be presumed, that he intended 10 atify the
transaction"
so, III person should, without authority,
make a contract to borrow money for a corpo-
ration. and the money should be applied 10 the
benefit Of the corporation. which should after.
wards recognise i as a debt, BY paying inter.
est thereon, and passing accounls relative
a.