Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-08-06

and is, 50 far, unconstitutional iaamora
and roid.
AS between The debtors and the banks
ibey 100 contracted upon condition ina
Il, by forfeiiures Of charter, The corpora
lion was dissolved, and the franchisud re
sumed BY the State, the Indebtedness
should be thereby ertiaguishsd. Thi
condition was also sacred under the con
stitution Of the United States and of III,
State Of Mississippi. The eighth section
Of the act attempts to annul this condition
and is, so far, unconstitutional, immora
and roid.
But il Is said to be unjust that indiyidu-
ais who shave been enriched by borrow
inc from banks,' should be released from
The payment Of their Indebtedness. Show
me an individual who has been enriched
by borrowing from banks, and, paradox
cal as il may seem, will show you ten
who, though they have never paid, have
been bankrupted by it.
As between the creditors and the banks,
their interests also were acquired upon
condition of forfeiture, and seventy-fye
per cent. ofthat interest is in the hands OF
gambling spectators, who have purchas-
ed il at ruinous loss TO the fair-dealing
holders, in view Of the acts Of forfeiture,
and tie law Of the land declaring that for
felture. Their interests are, by the for.
fixture, ertingaished; and this amendment,
which reyives their demands against The
property and debtors Of the banks, is, so
far, impolitic, unconstitutional, immoral
and roid.
The English and American authorities
concur in regard to the consequences
which attach to forfeiture of chartered
rights, and the doctrine is fully recogniz.
ed in the opinion Of Chancellor Buckner,
in the case Of Robins ct al, rs Embry ct
al, decided at The December term, 1913.
In speaking Of the Rail Road Bank, he
says: "a large portion Of the assets con-
sisted in outstanding debts due the bank
il the charter had been forfeited, these
debts, upon nell settled principles off
lar, tcould all haze been ertinguished. Il
The real estate of the bank Dould hove re.
rerted back TO the original grantors; and
the personal estate hare rested IN the
government"
A late democratic correspondent of the
Sentinel, in speaking of the original bill
says that 1T is anii-American TO seize
the property Of individuals; il is the plum
dering practice Of the British confiscation. !"
The original bill does not, but the amend
ed bill, as Il "stands on the statute book,
not the adjudicated law OF the land,n
does "seize'' the reverted property of one
class Of individuals, TO bestow il on anoth-
err, and accords well with "lhe plundering
practice Of British confscalion.r II
might be sustained where the parliament
is supreme" and the "king can do no
wrong;" but in constitutional America. il
is at war with the principles on which The
government is based, and shocks the NOR
al sense Of the community.
What will be The practical operation of
this bill amended? For seven long years
these banks have been in state Of sus.
pension, and they are now no nearer
proper liquidation of their affairs than they
were on the day when they stopped spe-
Gle payments, and for ten more under the
present miscalled "law," they will serve
no other purpose than 10 keep the country
in excitement and litigation, and fatten a
lew hungry attorneys and assignees.
In conclusion | owe no bank any
hing, but on the contrary, am acreditor
of Mississippi banks, to considerable
advocate the original Briscoe Bill. so
amended as 10 meet the view of the Su- ]
lreme Court, as substantially declaratory
'f The Common Lar, under which all
rights irere acquired, and all penalties in.
;ured. COKE.
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