The Weekly register. (Ponola [sic] Panola, Miss.) 1843-1844, 1843-10-14
NUMBER 81.

provided by the original charter" This
does not alter the terms or conditions on
which the bonds aredirected to issue by
the original charter, nor does it provide
for the execution of any new bonds not
pirected by the original charter. 1t
does not pledge the faith of the State for
the redemption of any loan of money or
payment Of any debt. 1t does not there
fore conflict with the original charter,
but recognizes and adopts the provisions
of that charter, SO far as regards the is-
suance and sale ofthe bonds, and legis-
1 iates only as TO. sife t'Prooeedsn of said
bonds when executed as directed by the
original charter. Its only substantive
provisions are authority to the Cover
nor to subscribe for $5,00o,O00 of bank
stock, and an appropriation of the pro-
ceeds of the bonds to the payment of that
amount. There is no clause of our
Constitution which renders it necessary
that either Of these provisions should
have been passed By two successive Lee
| gisletures. The ordinary forms of Re-
gislation were, therefore, sufficient to
make it a valid law, and these forms
were all observed in the passage of the
supplement. .a.s,, ,... a.,
The bonds could only issue by virtue
Of the original charter, because the sup
Elemental charter makes no provision
foz their issuance. The only part of
the supplement which. refers to them is
the 1st sections just quoted, and the nth
section, which gives the. power of the
provisional Directory to the ten mana
gers, and directs the Governor to exc
cute bends upon the application of said
managers, in the like manner as is d.
rected in the Goth section of the origi-
nal charter. Even though the Cover
nar may have thought and believed that
he issued them under the supplement-,
the law Yves then otherwise, and has
been SO decided since. His opinions or
intentions could not alter the law. In
decd if was d question. which he had no
authority to Judge, because, as we have
already demonstrated, the Directory
were the judges of the time when the
Bank was ready to commence opera
tons, and upon their notifying the Gov
ernor Of that fact, the original charter,
and the supplement, required him to is
sue the bonds. therein provided for
Even Governor McNutt virtually adj
mits the truth of the foregoing positions
inhis reply, contained in the evidence
accompanying the report of the commit
lee before. mentioned, when asked whe-
Their she delivered the bonds to the Di-
rectory as payment for the $5,OO0,000
of stock, subscribed for by the State"
his reply was: 81 dii not, the stock was
to be paid for out Of the proceeds ofthe
State bonds executed, to be sold there
after. ~.
!. Small IS may be the respect due, ei-
Their to the statements or opinions Of
his Excellency, in this instance it stands
corroboreted by the law, and facts of
the case, and is a virtual admission that
he did not issue these bonds under the
lst section of the supplement, and the
only other section Of the supplement,
which relates to these bonds, to wit, the
18th, does not any wise alter the provi-
sions Of the original charter respecting
the form or the amount of the bonds,
nor of the objects for which they were
to be created, but only directs che Gov
ernor when to issue them in the form
and for the objects set forth in the origi-
nal charter. 1t is therefore plain, that
the bonds sold for the use Of the Union
Bank were issued under end according
to the provisions of the original and not
of the supplemental charter. /; q
The only part of the objection left
undisposed of is that which alleges that
the security of Tie. State was impaired
by allowing her TO subscribe for five
millions of stock, without having execu-
ted mortgages therefor. A briefexam-
ination of this part Of the objection will
show that it is more specious than solid.
For what purpose did the original
charter require mortgages to be execu-
ted by stockholders? To be deposited
with the State as security against her