The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-08-10

SATURDAY. EVENING. I5fh INV
UPON THE LEGAL LIABIT,ITyOE
THE STATE TO PAY THE UNION
BANK BONDS. aa =
GENTLEMEN.-At the Whio e.onvant;o,
which met in this city in the month of lime last
resolution was unanimously adooted. recon-
mendlng the establishment 10 eyerv county in
the state OF Clubs to be composed Of bond
payers OF all parties in order that by their tini-
ted and concentrated efforts they might the
more surely, and readily succeed in rescninr
the State from the disgrace and obloquy which
now rests upon IT, IN consequence Of the doc
trlnes OF reputation, promulgated at the last
session OF the legislature. In accordance with
the Recommendation ofthis resolution. we ha We
formed this Club, in which members of each
political party in the State have pledged them
selves to each other and the world, to use all
honorable and legal means to efface the stigma
which now darkens our character. and to place
MISSISSIPPI in the proud and elevated statioo
which she formerly maintained in the Ameri-
can Confederacy.
AT the request ofmany members of this AS
ISOLATION, have consented to address you to-
night; and in the few remarks SHALL make, +
will attempt to demonstrate that, by the laws
ofthe land in which we 1--we, aside from the die
t1tes of moral honesty and sound policy, the
State of Mississippi is bound to discharge the
Union Bank bonds, and the accruing interest
thereon, even to The uttermost farthing. l have
selected this subject in the investigation of
which must necessarily appear dry and tedi-
Gus to promlscuous audience, because am
well satisfied that the great mass of those op-
posed to paying these bonds, base their opposi-
ton upon the want of legal liability on the
State to pay them, and because know If once
convinced of the legality of the claim of those
who hold them. no party in the State. save a
few reckless and desperate aspirants, will re-
sist the demlnds ofthose who. by the well es-
tabished principles of our laws, are entitled to
call upon our State for payment and redress
The arguments of those opposed to paying the
Union Bank bonds, may be reduced to the
| three following propositions:
j. The Statei is not bound, because the orig
inal charter of the Bank, and the pledge OF the
faith ofthe State thereby, was unconstitutional
and therefore void.
2. The supplemental charter changed the
original liability OF the Stale; ard being passed
by enc legislature, only, the faith of the State
| thereby pledged, was unconstitutional and void.
3. The commiss toner's appointed to sell the
bonds, exceeded their powers; and failing to
comply with their instruction, their acts in sell
ling the bonds were Unauthorized and Illegal,
and the State is not therefore bound TO pay
them.
will proceed to notice~these objections in
the order in which have stated them: and first
as to the legal obligations growing Out of the
original charter. The constitution of the State
declares Use art. z, sec. 81 that "No law shall
ever be passed to raise loan of money upon
the credit of the State, or to pledge the faith of
the State for the pa yInsn mt redemption'of any
loan or debt, unless such law be proposed in the
Senate or House of Representatives, and be
agreed to by majority OF the members ofeach
| House, and entered on the journals, with the
yeas and nays taken thereon, and be referred
| to the next succeeding legislature, and publish
| ed for three months previous to the next regu-
lar election in three newspapers of this State:
! and unless amajority ofeach branch OF the leg.
islature so elected after such publication, shall
I agree to and pass such law: and in such cases
| the yeas and nays shall be taken, and entered
| on the journals Of each House,
From this provision it will be seen that there
are three things essential to the validity of a
| law, pledging the faIh of the State.
1. The passage of such law by majority
of two different legislatures. i
@. The entry of the law uponfh Journals
| both Houses of the legislature, by which i
shall first be passed, together with an entry o.
the yeas and nays upon the journals OF bott
Houses Of each legislature,
8. A publication ofthe, law three months IN
| three newspapers in. the State, before the reg
uIar election ofthe second Legislature, which Il
to act upon the law.
| let us recur 10 the history ofthe State, and
to the journals of the Legislature, and test tne
| Union bank charter by the provisions OF tnt
constitution. 49, ;,
| charter the @Mississippi Union Bank, AM
| Dledoing the faith of the State for the loan 2
/ a15s5O6. 900, was proposed to the Legislature
| NJ, f,lrther action was taken upon lt az thai
/ session. In November, 1885, general cleo
t,,,, was held. and at the session OF the legsla
tnre commencing in January, 1885, on the III
/ nf FEBRUARY 1886, the bill chartering the. Unlol
Rank passed the House OF REPRESENTATIVE
/ there being 40 votes in the affirmative, ana
4 in the negative. This blI, togstner WIN ~
yeas and nays, as required by the cohsutuelou
4 was entered on the journals Of the HOUSE
Representative. 1e;97
lnassed the Senate, BY vote of IL to ?; an
/ The hill together with I he yeas and nays wa
an rered upon the journals of the Senate
/ journals of the House of Rep at the called ses
Sim n 1887, page 1873, and Senate Journals
the same year page 80.
The 18th section Of the law referred atn
Efh section of the act, whereby the ialls y y.
i Sfafe 4 pledged, &c. 90 the next legnslatu
th;s SFatesl DC, and directed that the ACT, IN
5eT the direction ofthe Governors be pnnllsn
ed n At least three neV'spapeFzsoi in's Stss
FOR three months previous to the rezt Lsggsi g
Il eIectioD.s &C. The act was also approved -. Y
Il fhe Governor. So far, then, every censsls !.
tionaI requisite had been complied WIN s.
November ANOTHER genera. .'3s 1soS 81
l5,nlTIs Aid al the 22d Of January 1055s 81
sr sf4 Enacted the bill cha