Holly Springs gazette., 1846-01-17

the flaDters Bank. and thereafter meet them
regularly and promptly as they fIlI due. l
Will not deceive you or our common con-
stluenis with the delusive hope that any
considerable amount will ever be realized
from Sta q stock in the Planters Bank and
the Mlssiss ppi Rail Road Company. Some.
thing may DO obtained. and most certainly
every legal and proper means should be re-
sorted TO % secure az much as possible; and
fhe Leg stature ought especially Ia abstain
from any act which could by the remotest
possibility endanger the States interest IN
s-itr-eE of these institutions. II Is idle. how
ever, 80 rely on The assets of these corpora
tI0ns 20 meet the bonds. IL Is unjust 10 re-
1ire holders of these bonds TO await the n
uai settlement OF the banks atf.irs for their
proper dues.
| have not permitted myself 10 Doubt that
the State would ai The earliest period cons's-
tent with her engagements to other creiis
tors commence the Payment Of these bonds.
They have been thrown upon IA unexpect'
edly, AID hence we have not been prepared
10 meet them. The large dividends declar-
ed by tie Planters Back for 'uI5Dy years
asd toe supposed solvency oi the Itail
Road Company. during lis hrlef but untor'
Tunate career. lulied the public mind into
security. The sudden explosion OF both
these institutions startled the people with
1he unlocked for intelligence. that fund OF
two millions of dollars had. in a great mea-
sure, been lost, and that heavy debt had.
in consequence. been thrown on the Treas
Hry for payment They have DOT shrunk
froTn their legitimate responsibility, and
fhey nCrer iriH. | speak confidently. be-
cause in ls43 ! maintained the States La
bIlity to pay this debt, and the people sus>
tanned me. In my inaugural speech, re-
iterated my opinions. and they have ever
since been undisg uisedly proclaimed, and
the people have again elected me by great
ly increased majority.
The first provision mad. by the Legis-
la'ure for the issuance ol these bonds was IN
1880 BY The lst and 7lh section of an
Act chatIering the Planters Bank, approv-
I'D February 10, 1880; and By the 4'h
and 5 n sections of al Act. supplemental
thereto, approved, December Is. 1880, the
faith Of The State was pledged. and provIs-
ION made for issuing two millions OF dol
lars in State bonds.
IN pursuance OF these sections the hrst
100000 dollars OF six per cent. bonds were
issued and sold in 1881. (See Doc here.
with transmilted) 1t has been in;Imated
that these bonds were unconstitutional, and
The reason assigned, IL that the 10th section
ofthe Act Of 1918. which was supplemental
io that of 1904. chariering the "i5ank oil
Mississippi pledged the faith ofthe State.
that mo other bank should be established
in this State during The continue nee OF the
aforesaid corporation, "and that IN deroga
rion of this pledge. The Planters Bank was
established !; and that by the Isl and 7th
sections ofthe charter. and 4th and 5h Sec
tons Of the supplement. these bonds
were issued think it may be well ques
toned whether the Legislature of 1918 did
not transcend its powers in undertaking 10
guarantee the exclusive right of banking IN
The State TO a single corporation, for Sc
Ties of years. There was nothing IN the
constitution Of 1917 expressly giving 'hiS
right, and the Legislature Gt 1878 was IS
suming too much perhaps when under
took TO forestai the action of each subse'
auent Legislature to the year 1884, when
the charter of the old bank was 10 expire
On the mind of those who believe the
Legislature has the power TO repeel bank
charters. the argument that the planters
Bank" conffcted with the rights "ot the
Mississippi Bank" will fall ''as seed sown
on stony ground" And TO those who bel.
IeVe with me, ttlat the powers Ol one I<tSiS-
lstuFe are commensurate with those OF ans
other, where no exclusive constitutional
rights are given TO one over another, II will
seem almost conclusive that The Legisla-
lure of 1918 had no right to assume the ex-
elusive AMI entire control over the subject
of banking. as they did for period OF 10
wears.
True. the opinions of gentlemen dis tim
guished for their legal ability, have been
invoked and are said to sustain this position.
These gentlemen may have been wrong
lflhey meant to say tha, the issuance ofthe
bonds was unconstitutional II Is. to my
mind. most palpabIe that they were 20.
There was nothing in the constitution Of
1917 which forbid he Legislature 10 pledge
The public faith for a loan of money. They
did pledge il, and on that faith they bor
rowed 100000 dollars. which was invested
Planters Bank stock which rhe State,
fnr many wears, received the divide nds and
would doubtless have ctnlinued 10 receive
them IL the bank had continued 10 declare
them. | do not now undertake 10 contro.
vert the unconstituIionaIity OF the bank
charter that is not rel 10 my pur-
pose. The State received the money. and
she had constitutional right to receive il
IN The wa " she did if she invested III in the