Holly Springs gazette., 1843-09-22

} chang the original charter and amounte
20 netC iato to obtain loan of $4,000. 00
contrary TO the provisions oil the originq
charter"
We will review these objections in th
order in which they are presented
ist. as 10 opening books under 10 man
ages SC.
The 2nd section of the original chartel
provides that the books shall be opened un
der the inspection of o manages. to be e
! iected By Joint ballot of the legislature foI
the space of 6 months and then be closed
La 1888, ten Managers were ELECTED b5
joiut ballot of both Ases in the manner
directed By the End section Of the original
charter. [See journal of Il of II, 1888.
pages 35I. 1861 1t is presumabe that
these managers performed the duty pres
cribed by the charter. They did acl; and
the books Of the bank will show 10 the Gu
rious whether they acted correctly or not.
2nd. As TO the necessity of a stockh0tder
being an owner of real estate in MisSIssip
pi and a citizen thereof, sc, it is sufficient
10 reply that the State consists OF all the
citizens. and does own real estate in abun-
dance. She cannot be embraced in this
restriction, because it was only intended 10
exclude non residents. and certainly none
willeon:end ;nat the State is non resident.
This objection IS too triang to be argued,
and is only mentioned here TO show the i'm
potency Of cause which can only be sup
ported by such absurdities.
3rd. As to giving sufficient mortgages.
TO Administration Of The directors and pay
ing tel: dollars, &, when required by the
directors.
Oh L. bo
scribers shall be bound TO give mortgages
10 the satisfaction of the directors, on proper
ty." &c
The llth section provides that ''those de-
clarcd stockholders shalt each pay ten dol
lars on eacL share Of Sl00. at such time as
may be required by the directors.
By these sections the directors and they a
lone. are made judges oethe fact, whether
the mortgages offered were satisfactory OF
not and also of the time when TO require
payment of 8 10 per share. The perform
ance of this duty by the Directory. either
well or i'll, or their total neg lect Of Ii could
not affect the issuance Of the bonds or the
rights Of those who purchased them, because
these are facts which these purchasers I
had no opportunity or means OF ascertain
ing or investigating, unless they had created
a special commissioner or court of Enquiry
in Mississippi with power to inspect the
books of the Bank and take such other .esii
mony as might be necessary for the purpose |
of ascertaining whether the directory had |
performed their duty or not. But even had |
such a commission been created. IL would /
have proven abortive, because commission |
ers thus appointed by foreigners would have
had no power ofcompeling The attendance |
Of su b witnesses or the production OF suoh |
papers as might be necessary. and especially |
would they have been debarred from an in
spection of the books of the Bank which a
lone contained the evidence they would be |
in quest of because, By e-24lh section of
he he Gflg Gfflignial charter. or the mode ofinspec-
ing said books is declared to be 5y COM
nittce to BE appointed by the legislature of
he State. Hence 1t will be manifest that
by the charter, the directory were the sole
aud exclusive judges ofthe subject and mat
er con6ed TO them in the Sth and | lth sec
ions, and that the propriety of their judg
nent could not be enquired into, and that
therefore, the purchasers Of the bonds had a
light and were bound to act on the presump-
ion that the directory had performed all the
uties ottheir Office presumption corrCb-
,rated BY the act of the Governor IN signing II
nd of the Treasurer in countersIgning the
onds. and by the annexation of the great
cal of the State which affords the hie hest
egree of authenticity known TO the law of
v.dence and recognized by all the tribunals
t the world-h is a remarkable fact that
his and all other objections made by the
eepudIators involve al every step, some one
r other OF the sworn officers of the State in
he charge of colusion fraud OF neglect of !
uty, und also in the further ahsurdiy of
Imposing that foreigners knew, that our
ublic and accredited officers were thus gull
7 and corrupt while we ourselves profess 10
ave been wholly ignorant Of II, although !
assessing all the means and opportunities
knowing such fact, bad it existed And
lis too. in the teeth of that universal pre- t
lmption that every public officer has done
is duty and in the absence OF all evidence
Thich might tend to rebut that presumption
q short. the tendency ofthese objections is
stul:ify the whole government OF Mlssis-
pi. and ascribe omnisclenee to every for J
ign government on earth.
5th As 10 the appointment of provisional {
rectory, &c The 4th. section Of the o. J
ginal charter provides that so soon as
We thousand shares shall have been SUBJ /
.ribed, &c. the Governor OF the State d
'all Professionally appoint l3 directors !
no shall serve for I2 months. and i. shall I
. L r. a II T. / r