Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1843-10-07

, Ssdiliou acts wbfe every whore met, rs
donunciaiory pubic meetings aud solomf
! Ipfoiosts, hot ~ unconslitutiunal nv Wha
I. not discovered us about the foufil
/ Iyuuf Of the Banks existence, wheu II had
become unable TO lend tho politicians bnr
spectators any more money Then, ant
not until then, the alarm Of uncontiiti
'ionnlily was sounded, Anl The patriotic
people invoked to baslA to the rescue Of
their violated Constitution Tho alarm
was n tub thrown out 10 the whale, and
answered The double purpose Of amusing
the people with constitutional disquisllions
while, not the best men IN The world were
eysgoraling the bank, securing their Of.
locs and o'oping to Texas.
The supplemental act authorized the
governor to subscribe for five millions OF
stock in the Union Bank. The original
charter required bonds to be issued, as a
condition precedent. when five millions of
stock were subscribed. The State had
IN the 9th section vi the original act, ac-
know lodged herself debtor to the Union
Bank for 81 millions. The supplement
took five of the 90 millions from the bank
and appropriated it to public uses, The
/ State could have taken the whole l5l
millions, under the 18th section Of the LIST
article OF the Constitution, authorizing
one legislator TO apply private property
to public uses by making compensation.
! / he State made compensation to the bank
for the 5 millions, by relinqushing her
right to tenth of the profits Of the bank
and to standing loan of two hundred
thousand dollars. The State sold the 5
millions of bonds she took from the bank
and paid her subscriptions with the pro
ceeds. One legislature has the right TO
sell any kind OF property. The original
act created these bonds and not the sup
plement, so it was not necessary to refer
the supplement to succeeding legisla-
ture The bank, not only received ten
| per cent on the stock subscribed for, but
the whole subscription and accordingly
went into operation. The profits arising
on the States stock, was to inure to the
benefit of the State and TO be applied TO
the purposes OF education, and to the in-
dividual stockholders. There was no ne.
cessity for the stockholders property to
be placed between the State and loss, be-
cause it would have been unjust, unrea-
sonable and unconsttu tional for the State
to have bound any particular class of men
10 shoulder her losses, when that class of
men were MOTTO receive any Of the States
dividends in the event of success. The
State at that time was drawing 100000
per annum on her Planters Bank stock.
But if the supplemental act had been
never SO unconstitutional, an unconstitu-
tlonal legislative edict was not the right
ful de mocratic remedy Tor the evil. In
the democratic creed san unconsttutlon.
al corrective is never to be applied to an
unconstitutional law" But an unconsti-
tutonal law should be proceeded against
in regular and constitutional manner;
otherwise we would fall into anarchy at
every step, as the South American repub-
lies are constantly doing, by opposing one
wrong by another wrong, which always
makes bad worse. This sacred conslitu.
tutionol principle is maintained through
out in the Virginia and Kentucky Resolu
tons, and is the polar star, which has
guided the democracy in all their battles
for the constitution. The anti, bonders
lost sight OF this principle when they is
sued their unjust and unconstitutional
edict Of reputation to remedy The evil OF
a supposed unconstitutional law.
The confding people have evidently
misunderstood the lords of Reputation
by listening too much to their loud pro-
LESSONS of democracy without looking |
sufficiently close to their works. II the
tree is to be judged by its fruit, never
were the works Of the most despotic ty-
rant more inimical to the honor and inter-
ests OF any people, than has been the
works Of the repudiating arstocracy to
the honor and interest Of the people oil
Mississippi. On the other hand the anti
bond lords have certainly mistaken the
people in sUpposing, that they can coax
them into any excuses whatever, by
merely nameing their lordly, speculate ng
unjust and monstrous measures, democra,
tic measures. Brsco's Bill, understood
is enough to open the eyes of the people,
to the startling truth, that whatever may
be the intention Of anti bondism, It's: le-
gislation takes from the good and gives
to the bad. The people have only to look
at the acts and doings Of the antl-bond
junta, and then refer to the fundamental
principles Of democracy contained IN JET
lerson's Inaugural Address, to be able TO
vote Understandings at the approaching
election.
In question involving high moral
considerations, where private rights, par
ty politics and public. veal are commn-
gled and seem 10 clash, an orthodox stand
ard TO mete out to the several interests
involved, their due measure Of injustice, i