Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1846-05-06

the next regular election in November,
1897, and by them approved. The FIRST
section provides, that the capital shall con
sist of fifteen millions five hundred thou
sand dollars, to be raised by loan The
fourth section says, That the owners OF
real estate situated in Mississippi, and who
are citizens thereof shall be the only per
sons entitled to subscribe for stock; and,
that to secure the capital OF said bank,
mortgage shall be given on properly OF
sufficient character, and Of an lmpersha'
BILE nature"
The fifth section provides, that Sin order
20 facilitate the bank in borrowing the ca
pital, the faith OF the State shall be pledg' |
ed as security for the capital and interest,
and that bonds shall be issued for this par'
pose.'' The seventh section enac's, that
!" both the capital and interest OF said bonds !
shall be paid by the bank at the times
they shall severally fall due.'
The eighth section enacts that TO secure
the capital and interest OF the bonds, the
subscribers of stock in the bank shnll DO
bound to give mortgage, to the satisfaction
f of the directors, on property, that is, land,
, or land and slaves--no mortgage on slaves
, alone TO be received: and, when given on
land and slaves in connection, the value Of
, the land to be three .fourths OF the stock
secured by the mortgage The properly
to be valued by disinterested persons APP
( pointed for the purpose"
= Section nineteen provides, that zone
tenth OF the whole profits OF said bank
2 shall belong to the State, and be paid into
4 the treasury of the same" The thIreth
a declares that " the Governor OF the State
e will, from time to time, execute to the
il bank bonds, as provided for in the NTH sec
. ton, proportioned in amount TO the sums
J. subscribed, and secured TO the satisfaction
o of the directors, as required by the charter
/. till the whole amount shall be furnished F."
!. This charter came before the Leglslo.
/ lure for the second time in January, 1888.
p. A iolnt select committee of both Houses
:. was raised, 10 whom the charter was refer
e red, with instructions to inquire and report
n whether the same could be amended by the
n Legislature, and become Il constitutional
IL Jalr. This was done with the view Of hav-
nj ing il State institution entirely. The
K reader will bear in mind that joint Sc
# ecl committee is the strongest and most
g important enc known 10 a legislative bo'
~ DIV. This committee reported on the SIX
1r teenth of that month. The report was
unanimous, and unanimously received
irI We will refer the reader 10 the following
n. strong language used in that report: " But
. as to that portion OF the charter which re-
10 Iates 10 the subscribers, or stockholders oil
mr. said institution, it being the primary con
n. dltion on which the faith OF the State IS tt
or be pledged, aud, as such, constituting &
nj vita part Of it, we have no power to change
TO the same, unless ii shall be again submit
N. ted TO the people for their sanction, which
- would have the tendency to postpone, ioI
or two years longer, It's consummatlon. Thu
r.. course, your committee believe, would b.
IL. directly ut war with the wishes of on
lis constituents"
"a. Thus, it will be seen, that the very LIE
us gislature elected by the people, after The
oh charter had been submitted to them, re
20. ported against any alteration IN ITS mos
essential feature-and thus they reported
because they had no power to alter lav
70. passed by the people at the ballot boxes
Of. Having been instructed to report in lavo
to Of altering the charter, it is very clear tn
of committee would have done so, if Their
he had nos been insurmountabe reasons 4
of the contrary
s.. The people had consented that the lat
ia. OF the Stale might be pledged, or, IN othe
of words, that they pould become the secHrit
Al 4 I'll a no knv III IN
VS. ing the money, after the stock was take
Ext by citizens of the State, and amply secul
for ed by mortgage on property Of an impc
lar rishable nature.
lie, The pledging Of the faith Of the Stat
of was 10 be subsequent 10 the securing Of tn
lb. stock. The bonds were not to he issue
IN; till this security was given to the people,
lall order to guard against any possibility
of their being taxed Tor the payment Of then
his The subscribing for the stock and secu
entI ing it, was a condition precedent TO TN
ebt of the people becoming the security Of II
I'm. stockholders Cor the loan contemplated 1
aw the charter. Every possible guaranty
I've given to the people, and there is nothlr
Mi. Jeff 10 construction or implication.
ing The stock being amply secured by moi
and gage on property unlncumbered, and OF {
he imperishabIe nature, and the bank beiI
,or. bound for the payment Of the prnclp
/, of and Interest of the bonds, the people we
ION. running no risk in ioaning their name
or the bank. In addition, the section giyi
by one.tenth of the profits to the State, b
null an influence in inducing the people
fam. sanction the charter when il was submit
to them. They we're told, that this wol
,nds lessen their taxes. This was urged,
The one reason why they ought to adopt II,
lien. electlng men in favor Of it. In insist