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

same authority as its predecessor, and ca
tax any property they please. The friend
Of the Union Bank always commended tht
lis profits would be great. These, so "a
as the State was concerned, were to b
appropriated to "thn purpose Of interna
improvements, and the promotion Of edu
cation"
The original charter Of the Unto
Bank, requested the governor 10 "execut
to said bank, from time to time, bond
proportioned to the sum subscribed, an
secured TO the satisfaction Of tho direc,
ors, as required by the charter, until tn
whole amonnt Of fifteen millions five hun
dred thousand dollars shall be furnishes
in bonds as provided for in said charter.
But for the passage of the supplemental
act, the managers Of the bank would have
hurried the securing Of stock. Il woult
soon have been secured to the satisfac.
ton of the directors,' and would have
been compelled in 1888, to execute ant
deliver to said bank, the whole batch o
fifteen millions and half Of dollars in
State bonds. The original charter placed
no restrictions on their sale--they would
speedily have been disposed of much be-
low their par value. The Morris Canal
Company, and other corrupt agents OF the
bank OF the United States, might have
bought most Of them on credit, and fail.
ed TO fulfil the contracts by paying for
them. The supplement, therefore, SO far
from being mischleyous in its tendency,
has been highly beneficial.
1t is commended that the subscribers for
stock, who mortgaged their property, can
be held liable for the payment Of the five
millions Of dollars in State bonds, issued
in 1888, and sold in Philadelphia. The
principle is well settled, that party cam
not be held liable for any thing more than
what is contained in his bond. The
stock mortgages were executed long after
these bonds were sold /; and the money re-
ceived and squanGered. All the stock
expressly state that they were
made
"To secure the payment of the said
bonds Tor the stock 80 subscribod as afore-
said, that the payment of the capital and
interest Of ten millions FIVE hundred
dollars Of the loan TO be obtain
ed by means Of the bonds of the State, is
sued in conformity with the fifth section
81 said original act Of incorporation, at
he times the said bonds for that sum shall
'everally fall due, may thereby be assur-
I'd, and to secure the annual payment of
our per centum upon the principal, and
seven per cenium interest on the loan he
nay receive from said bank, as stock
holder therein, according to the provision
IF the thirty-frst section of the original
ict Of incorporation, at such times and
places as the same may be required"
The bonds specified in those mortgages
AVE never been used by the bank, /
'efused, in 1889, to issue five millions
md half of dollars in State bonds, when
hey were required by the directors Of the
bank. In March, IS40, | prevented by
proclamation, the sale of the other FIVE
Millions issued in the summer Of 1870
The stockholders have not received the |
privileged loans secured to them b. the |
charter. They have wisely resolved not
o use the bonds in the possession OF the |
,ank, and never call for any more They
.annot be held bound 10 court OF law or
equity, on their mortgages, for the pay
nent Of any portion Of the State bonds
ssued in 1893. The legislature can, in
iowise, change their position in regard 10
hese bonds. have appended, fellow
iiizens, TO this address, my somewhat
celebrated letter to Hope g. Co. The
Jews therein contained remain unchaug-
ID. do not deem il necessary to repeat
he arguments advanced on that occasion.
am advised that the bank Of the Uni
ID Suites hypothecated about seventeen
undred thousand dollars in Mississippi
We per cent stock, with Morrison a.
ons, and Denison e. Co., Of London,
nd Hope g. Co., Of Amsterdam. These
TICKS were deposited to secure debt by
,e bank Of the United States 10 those
ouses, which was contracted before they
rossed the Atlantic. Those bankers
lereIy exchanged worthless paper for
iississippi stocks, disposed Of 10 viola
on Of the laws Of Mississippi. A late
sport OF the bank Of the United States,
lows that that institution then possessed
bout three millions three hundred thou
md dollars in Union Bank bonds. THESE
ERE classed among The worthless assets Of
10 defunc monster. Her charter prohi.
lied her dealing in any State stocks, ex-
ept those Of Pennsylvania. The stock
olders upheld BiddIe and the bank IN
leir Iawless career--let Them bear the
onscquences Of their lawless course. II
'ouId be unbecoming the people Of Mis-.
ssippi 70 encourage infractions OF the
Tvs Of Pennsylvania by corporations the
lere creatures Of her will. Let those
No eaw The wind rem the xvhirlwipd I'll