Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1846-05-06
NO. 81.

to this very alteration, that the original
charter was referred To- Joint committee.
Such n course is unprecedented in the an
nails of legislation
Under the magic name Of supplement-,
they attempted to do, indirectly, what they
expressly declared they could not do direct
ly,---lhus violating plain principle OF law
and morals, thai what cannot be done dl-
roctly, cannot be done indirectly. Tho
original charter declares, that all subscri
bers Of stock shall give mortgage on pro-
perty Of an imperishabe nature, 10 secure
the people previous to the issuance OF Suite
bonds. Did the State have land to mort
gage to the bank, TO secure five millions
of stock? No one pretends that such was
the caso. BY this supplement, the clause
of the original charter, giving the State
one.tenth of the profits OF tho bank, was
repealed. This, without doubt, had eSer-
cised great influence with the voters OF the
State IN causing them to adopt tho original
charter.
Pursuant to the first section Of the sup.
plement, tho State became a subscriber for
five millions OF stock, and bonds for that
amount were issued and sold to the United
States Bank in August, 1898. The origl-
nal charter declared that when the stock
was taken by The citizens Of the State and
secured to the satisfaction Of the directors
of the bank, that bonds plodging the faith
of the State should be issued, BY tho
supplement, five millions Of bonds are is
sued before there is u single stakeholder,
according to the original charter or sin
Gle director in the bank. In the one case,
the people were 70 be security-in the
other, they are made the principal, without
their consent, knowledge, or appreciation.
la one case, they were to be we'll secured
before becoming liable; in the other case,
they have no security. Their position, as
respects the bank and the whole tran ac-
ton, is changed, without their consent be-
ing obtained The Legislature were sim
ply the agents of the peope--,helr in
slruciions we're positive and direct. AS
+ they lrarsccnded their Instructions, the
people cannot be bound by their acts.--
These bonds, having been issued in viola
ton Of the known and expressed will of
the people, can only be considered as the
, bonds Of the Legislature of 1898. This
supplemental act was never referred TO
3 the people, in accordance with the clause
. of the constitution quoted consequently,
+ the indebtedness made by it, does not, nor
cannot bind the people, because II violates
the fundamental law Of the State. The
proceeds of tho sale of these fraudulent
f aud Unconstitutional bonds never came 10.
! to the treasury Of the State. They were
( not used for the benefit Of the people OF
+. the State, but were wholly contracted, ma
n nogod, and appropriated by the Union
y Bank, independent and regardless OF the
G people
o According to the original charter, after
/, the funds aud assets Of The bank were or
hausled, the property morigaged by the
i. Stockholders would have been used for the
Il benefit OF the bond.hoIders. This would
have paid tho principal and interest of the
If bonds, and there could have been no posi-
h BILE necessity Of resoring to taxation 10
,r pay any part Of them. The question now
ID arises, Docs il become the people of a
At soyefeig1 aud independent Slate TO sane
10 lion an open, direct and fragrant violation
h Of their constitution, which they do, If they
2. sanction the issuance Of these bonds, OF
n, submit 10 taxation TO pay ihemY
30 HWhot constitutes a state4
Not high raised battlemenis or labored mound
IN 1aick wall ar moal ed gate;
"a Not cities grand, withspires and turrcts crowned
~ No! men, high minded men,
4" Men who their duties know,
IN But know their rights, aud knowing dare main
O. tain -
1t. The people of state owe allegiance
Of to their constitution. 1t is the charter o
its their rights, and they are bound by every
d, thing sacred and honorable, TO resist any
ne attempt to violate it, or set il aside.
ne We believe all Amercon writer's OF
- law agree, that constitutions are superIo
- % and more powerful than, Legislatures
be or any act Of theirs On this subject tn
&C. Supreme Court Of the United States use
pt, the following strong and emphatic Ian
10 guage:
"The condiulon is certain ard fixed.
w, contains the permanent VIII OF the people, an
nal is the supreme law Of the land. Il sparamour
nv to the Legislature, and can be revoked
do altered only by The power which made IT, IN
>. fe-giying principle aud denth-doing stfok'
i's must proceed from the same hand. The legii
ro atures are the creatures Of the constitutions
IN. They owe their existence to the constitution
ms fhey derive their powers from the constitution
Ter unen ,o ~ H. Wv
ted bc void. Tbe constitution is the work or vi
10 Of the pgnrLg 1HEMsELvEs ~ THEIR oRIGIsA
cir SOVEREIGN ASD INDEPENDENT CAPACITY La
40 is the work or will Of the legislature in its q
RtvArVg or sUBoRDSAre eGPAcfTY. The oi
AZ ia the work Of the creator, the other the woi
oi the creature, The contribution fixes limi
lta 10 the exercise Of The legislative authority, al
tho prescrbcs the orbit in which il must move.
WhaIeyer NAV ne tho cnsp In nfhrr souatfif