Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-07-30

EXTRACT FROM A. G. M,NUTT'S
ADDRESS TO THE PEOPLE OF
MISSISSIPPI, IN 1913.

THE BILL SUPPLEMENTARY TO THE uNIo
BANK CHARTER,
Passed each ranch of the Legislator
few Gays after signed the original Law
} Several members voted against the supple
ment, because it required branches to
established at Ripley and Ponola instea
Of Aberdeen and Tilatoba. Previous /
The passage Of the suppl menl ten mana
gers of the bank were elected by the LIE
gislature, who were authorized to contro
the bank until five hundred thousand dol
lars should he paid in by the subscriber
for stock. Tha. supplement took from
the Governor the power of appointing th,
thirteen directors Of the bank for the frs
year of its existence, and authorized III,
issuance Of five millions Of dollars in State
bonds, 10 be negotiated and sold by com
missioners 10 be appointed by the mana
gers Of the bank. "Prouided said bond,
shall not be sold under their par ualue. ,
The bill as it passed the House, contained
an addition to the provision OF the words
or ''lheir equivalent which was stricken
out in the Senate. The supplement- pass.
ed the House by vote Of iitty-five in ia.
vor of the bill to twenty-five against it,
Twenty-Five senators recorded their votes
in its favor, and but three in opposition to
the measure. deliberately and anxious
ly considered the bill, and son view Of
every thing which (was) urged for and a.
gainst it;' my mind was not tolerably
clear that it was unauthorized by the con.
stituiion." A just respect for the wisdom
OF the Legislature naturally decided the ba.
lancein their favor" | reflected that the
supplement took from me the power of ap-
pointing the thirteen directors of the bank
for the first year it would discount-that
this circumstance might, perhaps, imper.
ceptIhly exercise some influence over my
judgment, and that the original charter
vested "n the executive dangerous pow.
er, capable of being welded as an engine
10 advance the unhoIy purposes of ambi-
ton and avarice." The supplement also
contained clause that the State bond
should not he sold for less than their par
value. The original charter contained no
such restriction. The best FIVE per cent
stocks in the Union were not at that peri
cd selling at their par value. ! was con.
v,nced that Mississippi five per cent stocks,
never could be sold at par. fully believ-
ed that the supplement act would destroy
the Union Bank charter. Every member
then in the Legislature, as well as every
person congregated at Jackson, well knew
that was most anxious for the failure of
the whole scheme, and that would s,ran.
gle the monster whenever had the power.
These considerations induced me to put my
signature to the supplemental bill. That
act, so lar from doing mischief, has pre-.
vented the sale Of ten and half millions OF
dollats in the State bonds, and has relieved
the state from all obligations to pay five
millions of dollars more, sold in 1888 to
N. BIddle, in trust and for the use of The
bank of'he U. States. If 1 had been cor.
rupt. would have vetoed the supplement,
retained the power Of controlling the pa
rert bank and all lis branches, and have
welded the institution "as an engine to ad-
vance the unhoIy purpose OF ambition and
avarice." The immense army of appli.
canIs for the offices Of directors Of the moth.
er bank and branches, for the places Of
cashiers and clerks, and for loans to save
their properly from the grasp of their i'm
Fortunate creditors, would have courted
me with oriental adulation. lpreferred
remaining true to the people, and 10 my
own conscience. By SO doing, | brought
down upon my head the analbemas Of the
bank and all its worshippers. My life was
often threatened, and all the influence Of
the bank was openly used 10 defeat my 70.
election in 1889. During the whole peri
cd ofthe bitter contest waged by the bank
against me, never quailed--never lei an
pass Of giving ita well direct
ed blow, and 10 the course Of two years,
cheered and sustained by you my fellow
! extnguished the foul, corrupt
ing and enslaying monster. No personal
considerations governed me in this course.
At least one half oil the managers Of the
bank voted for me in 1887. | neiihcr
asked for nor obtained loans Of the bass,
Tor m, self or friends--never was liable to
i for single dollar. The directors would
Al any time, have gladly loaned me as
much money as ever was bestowed on eli.
her Of their most favored customers or on
Although ! was then being
borne down by pressing security debts
which were rapidly absorbing the labor OF
many years, ! was determined never ioI
ay myself under any obligation 10 the
bank, by receiving its favors. ! defied
her power, and on appealing to the So
screign, was most triumphanily sustained.
Many persons are now claiming great
credit for advising me to veto the suppIe-s
mental act We are assuerad by Holyl
writ q thai the hoarf Of man il deceit-