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

same authority as ITS predecessor. and can
tax any property they please. The friends
of the Union Bank always con,ended that
its profits would be great. These, so far
as the State was concerned, were TO be
appropriated to "the purpose of internal
Improvements, and the promotion of edu-
caiion.p
The original charter of the Union
Bank, requested the governor to execute
TO said hank, from time TO time, bonds
propprtiened to the sum subscribed, and
secured TO the satisfaction of the direct.
ors, required by the charter, until the
who's amonut of fifteen millions FIVE han.
dred Thousand dollars shall be luznishe6
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. X would
soon have been secured to me satisfac-
ton of the directors" and would have
been compelled in 1888, 70 execute and
/ deliver to said bank, the whole batch of
fifteen millions and half of dollars in
State bonds. The original charter placed
no restrictions on their Sale--they would
lspeedily 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, nigh; have
bought most of them on a credit, and fail
ed 20 fhlfl the contracts by paying for
them. The supplement, therefore, 50 far
from beng miSchIevous IN It's tendency,
has been highly beneficial.
II is eontended 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 83S. and sold in Philadelphia. The
! principle is well settled, iha; party can
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-
ceiyed and squanGered. All the stock
mortgages expressly state that they were
J made
r To secure the payment Of the said
bonds for the stock so subscribed a. afore-
said, that the payment of the capital and
r interest of ten millions FIVE hundred
thousand dollars of the loan TO be obtain
; ed by means of the bonds of the State. Is
syed in conformity with the fifth section
ttOf said 0frgIUaS slet q .isssss
5 the times the said bonds for that sam shall
8 severaliy fall due, may thereby be asSur.
? ed, and to secure the annual payment O
9 four per centum upon the principal. and
: seven per centum interest on the loan he
+ may receive from said bank, as stock.
holder therein, according TO the provision
| of the thirty-6rst section of the origina
e act of Incorporation. at such times ana
: lplaces as the same may be required
!; The bonds specified in those mortgage.
C have never been used bv the bank
: refused, in 1889, to Issue FIVE millions
e and half of dollars in State bonds, whel
e they were required by the directors Of th'
II bank In March, 1910, prevented b
Y proclamation, the sale of the other fv,
If millions issued in the summer Of 1882
: The stockholders have not received thi
n privileged loans secured to them by ID
y charter. They have wisely resolved nc
'r to use the bonds in the possession OF IN
d bank. and never call for any more The
n cannot be held bound in a court OF law Q
y equity, on their mortgages, for the paw
Re ment of any portion of the State bond
IS issued in 1888. The legislature can. i
e nowise, change their position in regard I
these bonds. | have appended, fellou
/ citizens, TO this address, nv somewhs
!; celebrated letter to Hope g. Co. III
e views therein contained remain unchans
Y. ed. | do not deem il necessary 70 Fepes
n the arguments advanced Oh that occasion
of am advised that the bank Of The Ia
IS ted Ssaues hypothecated about seventies
D hundred thousand dollars in MISSISSIPPI
D. FIVE per cent stock. with Morrison !
as SINS, and Denison 6 Co, of Londos
hs and Hope g. Co., of Amsterdam. Thes
in stocks were deposited to secure a debt
re the bank oil the United States 10 thos
lie houses, which was contracted before the
ed crossed the Atlantic. Those baLkeE
Id merely exchanged worthless paper f
or Mississippi stocks, disposed OF in viols
= ton Of he laws of Mississippi. 4 IA
lit report OF the bank OF the United Safe
I'd shows that that Institution then possess
n about three millions three hundred thos
cir sand dollars 10 Union Bank honds. Thes
~ were classed among the worthless assets
IN the defuncs monster. Fer charter pron
"a bited her dealing in any Sale stocks, :
le- cepl those of Pennsylvania. The sioe
i holders upheld Blddle AMI ahe bank
We their lawless career-les Them bear 1
re consequences Of their Iawless course
nd would be unhecoming the people O u
lal sissippi to encourage infractinas Ct {
er. laws of Pennsylvania By corporations {