The Ripley advertiser. [volume] (Ripley, Miss.) 1843-1897, 1846-01-17

sorted 10 io secure NJ much ~ p0ssib 9; and the
Legislature ought especially 10 abstain from
any act winch could by the remotest poss'bil't,
cndanQcr the States interest M either of these
pstit utions. II 10 Idle, however. 10 roly on III,
assets ~ these corporations TO meet the bonds
Il is unjust 10 require holders OF tfse bonds tc
await the final settlement of the banks Affairs
for their proper dues
| have not permitted myself to doubt that
the State would at the earliest period, 'consis.
tent with her engagements 10 other creditors
commence the payment OF these bonds. They
have been thrown upon Us unexpectedly, and
hence we have not been prepared TO meet
/ them The large dividends declared by the
Planters Bank for many years and the supPo
sed solvency of the Rail Road Company, during
ITS brief but unfortunate career, lulled the pub
lie mind into security. The sudden explosion
OF both these institutions startled the people
with the unlocked for intelligence, that q fund
of Two millions Of dollars had, in great meas.
ure, been lost, ard that heavy debt had, in
consequence been thrown on The Treasury for
payment. They have not shrunk from their
legitimate responsibility, and they neper wiH
speak confidently, because in lS43 maintain.
ed the States liability to pay this debt. and the
peopIe'sustamed me. Ia my inaugural speech,
since been undisgusedly proclaimed, and the
creased majority.
The first provision made by the Legislature
for the issuance OF these bonds was in 1880
By the LIST and 9Th section of an Act chartering
the Planters Bank, approved, February 10, Is.
30: and by the 4'h and 9Th sections of an Act
supplemental thu reto, approved, December IT,
fa,,h oft h, tofn tod, vad nd
provision made for issuing two millions of dol.
lars in State bonds
In pursuance of these sections the first 500.
900 dollars of six per cent. bonds were issued
and sold'in 1881. (See Doc. herewith trans
mitted.) 1t has been ntimated that these bonds
were unconstitutional, and the reason assigned,
is that the l6h section of The Act of 1918,
which was supplemental to that of 1904, char.
tering the "Bank of Mississippi" pledged tn,
faith oil the s ate, that "no other bank" should
be established in this State during the contin.
uance of the aforesaid corporation, sand that ii
derogaton Of this pledge, the Planters Bank
was established; and that by the LIST and 9TH
section of the charter, and 4th and 9th sections
ofthe supplement-, these bonds were issued.
think it may be well questioned whether the
Legislature of 1918 did not transcend It's pow
ers in undertaking to guarantee the exclusive
right of banking in the State to single corpo
ration, for series Of years. There was moth
ing in the constitution of 1917 expressly giving
this right, and the Legislature Of 1918 was as
suming too much perhaps, when it undertook
to forestal the action OF each subsequent Legs
lature to the year 1884, when the charter G
the old bank was to expire.
On the mind Of those who believe the Legis
lature has the power to repeal bank charters
the argument that the "Plan,ers Bank" con
flicted with the rights"of the Mississippi Bank
will fall "as seed sown on stony ound." An
| to those who believe with me, that the power
of one Legis ature are commensurate with thos
of another, where no exclusive constitutions
rights are given to one over another; Il w
seem almost conclusive that the Legislature
1918 had no right to assume the exclusive az
entire control over the subject OF banking
they did for q period OF ID years. =,
True. the opinions of gentlemen distinguish
ed for their legal ability, have been invoke
{ and are said to sustain this position The
) gentlemen NAV have been wrong. 1t tn
meant TO say that the issuance Of the bonds "
a uncons,i, ut,onal, it is, to my mind, most palp
il be that they were SO !,
III There was nnthing in the constitution OF
sr II which forbid the Legislature to pledge
IS public faith for loan Of money. They {
e pledge it, and on that faith they borrowed 81
g. 600 dollars, which was invested in Plant
All Bank stock. on whic h the State for many yea
nd received the dividends; and would doubt'
mt have continued to receive them If the bank
e. continued to declare them. do not now
III dertake to controvert the unconstitutlonality
Ter the bank charter; that is not material to
an purpose. The State received the money, a
h. she had constitutional right to receive il
he the way she did; if she invested in the stool
ct. an unconstitutional bank, Of her own creat,
he such invest does not, in my judgment, weak
a the obligation which she is under to pay it ba
tie But the argument of its unconst,utioa nali'y
IN. solid. only applies to the first 100000 do|la
III The people of the State assembled in cow
he ton in 1882 10 revise and amend their cons
i've ton. BY the 9th section OF the 7th article
ed the constitution which they then made, Il
er, imposed limitations and restrictions on the p
zee er of the Legislature to pledge the public fl
he for loans OF money. And now,as evidence |
On, they were satisfied with the disposition wi
of had been made of the 500 QUO dollars, they
he pressy provided "that nothing in this 9th
nd 7.h act,) shall be so construed as to prev
uf- the Legislature from negotiating further !
va of one million and half doll RS and vesting
III same III STOCK Te6eTVeu W tue Oldtt ny Tue u
H. ter OF the Planters Bank Of the State of 4
II sisspp."
ee 1t is now suggested that the convention
yth not mean to weaken or TO give additional fe
ed. to the pre- existing obligation incurred by
my act of 1890. That they did not intend to in
her an obligation to pay back the 'one million
&c. hundred thousand dollars" which they v
Ian thus particular in reserving to the Legisa,
ch the power to borrow. In short, that I
ne meant to leave the whole matter where ,
belfound it. Such suggestion does but
TO. tcredt to the wisdom or integrity of the men
in framed our constitution. They represented