The Weekly register. (Ponola [sic] Panola, Miss.) 1843-1844, 1843-10-14

though possessing all the means and OPP
portunlties Of knowing such fact had i,
existed. And this too, in the teeth of
that universal presumption that every
public officer has done his duty and in
the absence ofall evidence which might
tend to rebut that presumption In short,
the tendency Of these objections 10 stul-
tify the whole government of Mississip-
j Pi, and toascribe omniscience to every
foreign government on earth.
/ 9th. As to payment of $500, 900 pre-
vious &c, commencing operations of bank,
&c. ,@-
The 18th section provides 'sthat after
! Repayment of 100000, the said bank
shall 60 into operation under the provi-
sions hereafter mentioned--namely:
Section 18th provides that as soon as
100000 shall have been subscribed
and paid in, &c provided in the 18th
section, the Governor of the State shall
appoin! provisional directory, &c.,
''his directory was afterwards composed
of the ten managers elected by Joint
ballot Of the Legislature, as mentioned
under the next preceding head of this
address. s -
Section 30th, provides that as soon as
the Directory shall have been appointed,
&c, (see section IA of original act, and
section II Of supplemental charter)
they shall proceed to elect President
and the same shall he notified to the
Governor Of the State who. will there
upon execute bonds in amount proper
toned to the sums subscribed and Sc
cured to the satisfaction Of the Directc-
ry. H..
By the foregoing sections which set
forth the provisions under which the
Bank was to commence operations, it
appears that the Governor was bound
to issue the bonds of the Sta lie upon this
being notified by the Directory that they
had elected President, and that GER
tain amount had been subscribed for and
paid in to their satisfaction.
It must be presumed, inasmuch as
the Governor. did so issue the bonds.
he must have been so notified by rhe
directors otherwise the Governor would
by mere presumption, be adjadged gull
ty CT an official crime, in issuing said
bonds We must also presume that the
Directors so notifying hin', were salts
fed, as required by ne act, or we must
again. by me- presumption, believe
them gully of official fraud. n
THe Directory may. have erred in
.neir Judgment, but inasmuch as they
were las we have before demonstrated)
exclusive ard competent judges of the
subject matter submitted to them by the
charter such error cannot affect third
persons injuriously, especially those liv-
ing STRENGTHENING had no voice in cleo
ting or empowering said Directory, and
who neither did nor could have access
to the books Of the banks, in order TO
know whether the Directory and Gov
ernor we're guilty either Of fraud or Of
error, cannot therefore now be enquired
into. They were the agents Of the
States, invested not with naked pow
er only, but also with judicial discre-
ton, and their want Of honesty or capa-
city, ought not TO be visited on the heads
Of innocent and bona fide purchasers of
these bonds. The bonds are negotiable
instruments, made so by the 9th section
of the charter.&And il is rule of COM
mercial law, applicable TO the States as
well as individuals, and indeed much
more operative against the former, that
the fraud or corruption Of agents shall
not affect such claims, in the. hands of
third persons who has purchased them,
for valuable consideration, without know
ledge Of or participation in such fraud
or corruption. He, who by reposing
confidence in another, enables him to
deceive third person, must suffer all |
losses arising from such deception.
Having now disposed of the bubbles
by.which the advocates of that nefarious
doctrine. against which we have been
contending, seek TO justify it, we will
proceed to examine the only objection
which possesses the dignity of an argu-