Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-10-14

Inc subscribers shall be bound +, o,r,
: mortgage TO the satisfaction of The dit s'
ors' On property TO be in all cases eou,l'
The amount oil their respective s,~k.s
were such mortgages executed prior to II.
creation of the bonds? So far from !,
mortgages to indemnify the State aO,;n.'
her liability on said bonds have neye, .,
10 this time, been executed. The Doc,o'
indeed, tells us that "there was no pecs.,;
'yior the stockholders properly to te DI,.
ced between the State and loss" Il il
principle oil law we'll settled in our svs,su
OF Jurisprudence, as well as the dictate q,
reason and common sense, that a,,,r
can be bound only according to the term,
OF his contract. The people of Mississin
Pi contracted to stand surety for the nav.
ment ofthe bonds, if, prior to their crea.
lion, the subscribers for stock in the h,,L
should execute mortgages on property to
secure the amount thereof. This contrac,
cannot be eniorccdagainsi them, unles, !,
can be shown that the condition precede,
has been periormed--that '.lhe stockhoM.
er's property has been placed between The
State and loss" AS there was no author.
ty given in the original act 10 create Ihs
bends except upon The performance of mis-
condition precedent, and as said CONDITION
never has Leen performed, it follows as
necessary consequence they derive ma
binding obligation from that source.-Wo
are again informed by the Doctor TINT a,bo
State had, in the 9Th section of the original
act, acknowledged herself debtor 70 ,hs
Union Bank for fifteen and a half mil
lions" This is contemplate sopbism
unworthy the intellect even of Dr. c.. and
is based upon the fact that the originalact
contains the form of the bonds, which tho
State was required to execute when tho
precedent, above mentioned. had
been performed. The Indebtedness bo,.
spoken OF, must be considered in refer.
ence to the whole tenor and spirit of the
lct; Tor, unless connected with the other
provisions, no consideration can be found
o support the promise made on the par, Of
he State. So that even upon this view
10 obligation to pay the bonds can DO
hown. The Doctor having, by this s2e.
lies of legerdemain, placed debt of five
Millions on the shoulders ofthc State, next
proceeds by a sort of hocus. pocus 10 con.
'ert the same into that amount of money
the vaults Of the Treasury. The de-
nonstration Of this singular problem wiD
doubtless explain the process by which Tho
Oafer was enabled TO live upon The interest
+ the debts he owed. This magical con-
ersicn Of the States deLt t. the Union
Sank into property belonging TO the State
'as, however, necessary, in order 10 give
ne Doctor pretextto inform the world,
lat he had read the 18th section the lA
rticlc Of the constitutional" and that zone
legislature has right to sell any kind of
80! most learned Theban."
ut, TO be serious, this right of The Legs.
ture is not questioned: it is presumed,
'wever, that the property must erist, be.
re it can be sold. This naked power Of
ling, notwithstanding the Doctors Won
'rful tact at mys,ifcation, will not enable
lie Legislature, by sale of bonds created
ithout lawful authority, to impose an oh.
yation on the people of Mississippi, or, in
her words, to pledge the faith of the
ate for the redemption Of loan Of mo.
". Yet his is what his argument means
it means anything. Can it be possible
ere exists an intellect so besotted as 10
imposed upon by such refined nonsense,
DOUGLASS.
TTo bo rontinued1