The Yazoo City Whig. [volume] (Yazoo, Miss.) 1844-1851, 1846-03-27

We publish below ihe Protest q the lion.
". R, Miles ahd oilers, against The passage /
II the Bin Of Aboniaaiions.
We the undersigned, beg leave 10 spread
upon the journal our protest against The pas
sage Of ian act to amend an act entitled
an act TO prescribe the mode Of proceeding |
lnainst incorporated banks for a violation OF
heir corporate franchises, and against per-
sons for pretending 10 exercise corporate
under acts Of Incorporation. and
Tor other purposes-approved the Goth Of
July. le43."
We believe the 18th section 10 be palpa-
bly, vioiatiVe Of The constitution Of the United
States.
A law which permits the debtor or credits
or Of the debtor, TO redeem property after a
Judicial sale is, TO say the least OF it-where
such law is in,iis terms, or by necessary
implication is retroactive, and by force ofl,s
provisions made TO operate on contracts en>
tered into before its passage-of doubtful
constilutionalty. But this section goes far
beyond tile cnacIments Of any redemption
law" that has heretofore figured in the his
tory Of legislation. It does not confer the
rights Of redemption upon the debtor whose
property is sold nor does il give that right to
creditor Of the debtor; but openly and
unblushingly proposes to rel' ase the shank
debtor" from the payment ofhs debl ION con-
diton that he will pay a portion Of it,
A single illustration will show not only the
INDUSTRIOUS wrong but the manifeslly gross
violation of the constitution Of the United
States BY this section. Suppose A to have
borrowed $4,000 from the Agricultural
Bank, AID as the corporate franchises Of the
bank to have been reclaimed by judicial SEN
ience, We will suppose the trustees, appoints
ed by the court TO have sold( under the fourth
section Of this ac9 at public auction, As
note for $4,000 and that B became the pur>
cheser thereof for the snm Of S 10000. Now
the sale Of the trustee is Ualid or invalid
| Il inuGlid, B would obtain no title to AS
note, by the sale, and the redemption would
be nugatory But If Udlid, then the redemp-
ton feature Of this section proposes TO allow
A to discharge his debt Of $4,000, by the
payment OF $1,000 with la per cent. in
terest. From what source does this Legisa
Iure derive the power thus to alter, and'lm-
pair the obligation of contracts?'' Whence
comes orr right 10 declare that man wht
owes $4,000, shall be discharged from hi.
obligation by the payment Of less sHm'
How is it, this Legislature darss to enacl
that debtor shall only be compelled to pa
la part Of his debt, in order to be release
from the whOlc? On what dia the Mississippi
Legislature draw to it the power to ride dow
and treat as nought tie constitution Of tn,
United States, which declares that the stat
legislatures shall not pass any law ''impar
} inn the obligation of cOntracts?''
We think The 10Th section is void and ia
capable Of enforcement. Attempting 10 re
peal the law Of contract, il provides that on
y Stakeholder shall be paid his stock in FIJI
before any of the creditors shall receive
cent; and then provides that the ouistandn
individual Liabilities Of one the stockholder
shall be received in payment fall debts du
I to The Planters, Bank. The point has beei
so often decided by the highest judicial ri
bunals Of the land, that the stockholders ar
T entitled to nothing, until the creditors ar
first paid, that it has long since ceased
be mooted question, yet in the face OF thi
: firmly established principle-that cannot b
: shaken By leg:sIation-it is now attempleC
by this section, to provide that after .fr;
paying UdCA " AhS PI'HSlpoA Stp1
for partners) the amount of capital inVe ste
: in the speculation, the surplus shall be d
!, lributed among the creditors.
r OF The 4lh section we have to say, that i
practical operation can only, in our opioiol
i result inone Of two disagreeable alternatives
# the first of which may be that few capi a
lists holding the principal circulation of II
: banks, may combine at the trustees sal
= and purchase up large amount ne notes an
j. bills now DIE the banks; and thea huldir
- the circulation of the banks and the not,
! aud bills Of bank debtors, they would has
il in their power to coeFce immediate pa
ment in gold and silver from the bank deb
Il ors; the second, and most disrepntable r
suit may be, that tie bank debtors will cor
bine amongAhemselses. and by threats
s orce, prevent all competition in bidding, al
y thus enable them TO buy in their own indeb
IS ness for mere song. Ethetof these alte
natives we would deplore most deeply.
Upon grounds both Of inexpediency an
h unconstitutionality, we protest against Il
y passage OF this bill.
w r. MILES, JAMES DUPREE.
JNo. I. GUION, GEO NICHOLSON
r.. j. STEWART, VIM. BOOTH,
!, j. METCALFE, JNO. H. HORNE,
~ e. TURNER. "A. W RAMSAY. !
ID w. M. LANSDALE, j. II. WILLIAMS.
j Cosr or CoNcREss. corresponds
:. gives the following statistical calculation
a. concerning the cost to the nation Of Il
!, Oregon debate in Congress-" Say there a
d 81 Senator'S, at s. per dal since COngre