The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-09-21

ana NJ ehall Dc inc 1uiY OF Hat1 Iifeetora
to choose'apre Of The said AlissHsippl "a.
ion Bank and who shall b chosen from among
themselves, &c.
The 18th section Of supplemental act On.
acts, shat 90 much Of the i4th section (above
cilod) ss provides for the appointment Of ]
provisional Dirocfory,be, and ihesame is here
b. repealed, and The ten managers elected b
the provision Of the second section Of the char.
ter (the original acl) shall compose The pro-
visonal directory, who shall Be required 70
perform ali the duties required Of The said pro-
visional Directory, m the original charter"
The intelligent reader willperceiye that The
supplemental act, only repeals 50 much Of the
original act, as had given 70 The Governor The
power Of appointing the provisional Directory
and transfers that power 70 both Houses Of the
Legislature. The provisional Directory g not
destroyed. On the contrary the ten managers
elected By joint ballot Of both houses, are de-
elarod 20 be the provisional Directory, and re-
quired to exercise eli he powers and perform
all the duties prescribed BY the original char.
ter. i is true that the number is thereby 70.
duced from Is 10 10 The reason OF the was
that he hoard Of managers created BY the Sc
cond section Of the original act consisted Of
only 10, and as in order 10 unite the Office Of
managers and the provisional Directors in the
same persons, they must necessarily have eth
er increased the number Of the former or redu-
ced the number fthe latter; il was dseL
ed most convenient 10 adopt the last
course.-Ths only question is, did the trans-
fer Of the power Of appointment from the Gov
ernor to ne Legislature, or the reduction Of the
number Of the provisional Directory from -
to 70, work a change Of the original charter
in conflict with is true object and INTENT OF
injurious to the interest either Of the State or
Of fhe Bank We contend that il did not but
on the contrary that il operated benefciatly 70
both the State and Bank, while It was equally
efectual in advancing the objects Of the oiig-
inal charter. The original charter conferred
the power Of appointment on one man-a
mode which is repugnant 10 the general spirit
ofthe constitution itself BY which instrument
the appointing power is lodged Ia the people in
al cases except cases Of temporary vacancy,
oceasioned by unforeseen occurrences, for which
cases the constitution authorizes tho Legisla.
ture 70 make some general provision The
whole spirit OF tho constitution IS Jealousy Of
the exercise Of the appointing power BY any
other than the people Ct their representatives
in the Legislature, andthe transfer OF the pow
er Of appointing the provisional Directory from
the Governor 10 the Legislature, operated to
secure 10 the people an expression Of their
viii in the choice Of Directors more fully than
il would, had the power been left with the
Governor Il certainly does not consist with
Democracy to urge as an objection, change
having tendency ike this. As 10 the reduc.
ton 10 the number alluded 10, We cannot
perceive any ground Of objection, unless the
number Is possesses some magic not belong
ing equally % the number ten. Indeed did j
cumpUrt with the object Of an address Ike this
we might easily demonstrate that none OF the
mystical sisterhoods whom the ancents SUP.
posed 10 be busy with the web Of human des
huy ever consisted Of ID, and that no history
ancient or madern, affords any assooia lion cal.
cuiated to halow that number, except the old
colonial eonlederacy-on which account per.
haps, genuine Democrats are attached to IT,
while on the other hand the number ten may
be hateful 20 The repudators, because It cor
responds with the number Of Gods Command
mems, among which is included that precept
most repugnant 10 their notions ofthe natural
rights Of man, "thou shalt not eieal.1
9th As 10 the payment Of 100000, pre-
yious 10 commencing operations Of Bank, DC.
The 18th section provides that after The
payment Of 100000, the said bank shall 90
into operation under the provisions hereafter
mentioned" --namelY;
Section l4lh provides that as soon as $780,.
600 shall have been subscribed and paid m,
as provided 10 thell2th section, the Governor
Of the State shall appoint q. provisional difec-
tory, DC" This directory was Afterwards
composed Of the ten managers elected by Joint
ballot Of the Legislature, as mentioned under
tho next preceding head Of this address.
Section 30th, provides that az soon as the
Directory shah have been appointed, &C., (see
section IA Of original aei and section II ofsup-
elemental charter they shall proceed TO elect
a President, and the same shall 30 notified to
the Governor Of the State who will thereupou
execute bonds IN amount propjrtioned 10 the
sums subscribed and secured to the satisfaction
Of the Directory. sam.
By the foregoing sections which sel forth tie
provisions under which the Bank was 10 COM
mence operations, It appears that The Governor
was bound 70 issue the bends ofthe State upon
his being notified BY the Directory that they
had elected a President and thai a certain
amount had been subscribed for and raid in 10
their satisfaction.
II must be presumed inasmuch as the Gov
ernor did issue the bonds, be must have been
so notified by the Directors, otherwise the
Governor would, BY mere presumption, be ad.
judged guilty Of an Official crime In issuing said
bonds. We must also presume that the Di.
Feotors 90 notifying him, were satisfied, as re-
quued By the act, or we must again, By mere
presumption, believe them guilty Of official
fraud. The Directory may have erred in their
judgment, but inasmueh as they were (as we
havo before demonstraled) exclusive and com.
petent Judges olthe subjeCt-natter submitted
to them BY the charter, such error cannot af
feet third persons injuriously, especially those
living abFoad-having had no voice in electine
Or empowering said DiFeciory,and who neitheI
did nor could have access TO the books Of tbt
banks, 10 order e know whether Tie DmectoFy
bad erred Or not; whether The Directory ant
Governor were guilty Of fraud Of Of error, can
not therefore be now inquired into. Thes
woTe The agents Of the States, invested no
with q naked power only, but also with iudicia
discretion, aud their want Of honesty o. capa.
city, oughtnol 10 be visited on the heads Of in.
noceGt end bona fide purchasers Of these bonds
lhsb1nds are negoti5 BE instruments. made sS
by tho 9Th section Of the charter. And Il is
rule Of commercial law, applicable to STATES a.
vel as individuals, and indeed much more op
eFaiiFe against tie former that the fraud Of
corruption Of sgents shall not affect sucl
claims, in the hands Of third person, who hai
purchased them foe valuable consideration
wiihuut knowledge or participation ia snei
fraud OF corruption. He. wholly reposin0 con
idence il another. enables him 20 deceive 4
third person. must euffer al losses ariain0 fros