Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1846-01-14


bonds were issued" think il NAV be
well questioned whether the Legislature
Of 1918 did mol transcend Us powers ia
undertaking 20 guarantee the exclusive
right Of banking in the State 10 q single
corporation, for series Of years. There
was nothing in the constitution of 1917
expressly giving this right, and the LIE.
pisIature of 1918 was assuming too much
perhaps, when il undertook to lorestal the
action OF each subsequent Legislature 70
the year 1884, when the charter Of the
bank was 10 expire.
On the mind of those who believe the
Legislature has the power to repeal bank
charters, the argument that the "Pau.
tiers Bank conhicied with the rights .of
the Mississippi Bank will fall Gas seed
sown on stony ground" And TO those
who believe with me, that the powers Of
one Legislature are commensurate with
those Of another, where no exclusive
constitutional rights are given to one over
another, il will seem almost conclusive
that the Legislature Of 1918 had no right
10 assume the exclusive and entire con-
troll over the subject Of banking, as they
did for period Of 16 years.
True, the opinions Of gentlemen dis.
tinguished for their legal ability, have
been invoked, and are said 10 sustain this
position. These gentlemen may have
been wrong. If they meant TO say that
the issuance of the bonds was unconstiu.
lional, II is, to my mind, most palpable
that they we're so.
There was nothing in the constitution of
1917 which forbid the Legislature to
pledge the public faith for a loan of money.
They did pledge it, and on that faith
they borrowed 500, 900 dollars, which was
invested in Planters Bank stock, on which
the State, for many, years, received the
dividends; and would doubtless have con.
tinued to receive them if the bank had
continued to declare them. do not now
undertake to controvert the unconsiitu-
tonality of the bank charter; that is not
material TO my purpose The State re-
ceived the money, and she had a consti-
tutional right TO receive 1t in the way she
did; if she invested it in the stock Of an
unconstitutional bank, of her own crea-
ton, such Investment does not, in my
| Judgment, weaken the obligation which
she is under 10 pay il back. But the ar.
gulnent Of its unconstitutionality, it solid,
only applies to the first 100000 dollars.
| The people of the State assembled in
convention in 1882 to revise and amend
I their constitution. By the 9th section Of
the 7th article of the constitution then
, mad e, they imposed limitations and re-
f strictions on The power Of the Legislature
9 to pledge the public faith for loans Of mo-
: ney. And now, as evidence that they
were satisfied with the disposition which
had been made of the 100000 dollars,
they expressly provided /" that nothing in
4 this 10Th sec. IN art shall be so cohstru.
y ed as to prepent the Legislature from ne.
!. gotiat;ng further loan Of one million
r and d half dollars and resting The same
y in stock reserped to the State by the char
i ter of the Planters Bank Of the State q
c Mississippi" ~ y
il II is now suggested that the convention
G did not mean 10 weaken or to give add-
il tional force to the pre-existing obligation
J. incurred BY the Act Of 1880. That they
Il did not intend to incur an obligation even
% 10 pay back the one million five hundred
J. thousand dollars" which they were thus
N particular in reservng TO the Legislature
). the power to borrow. In short, that they
n meant TO leave the whole matter where
., they found it. Such suggestion does
e but little credit TO the wisdom or integrity
l. of the men who framed our constitution.
10 They represented the sovereign power oil
S the State. They stood above the law
and above all contracts, and especially
Il we're they above laws and contracts which
/. were unconstitutional. And il the Legs.
ar lature of 1880, in its zeal to obtain mo.
~ new. had been hurried over the ramparts
is OF the constitution, it was the duty OF ms
N convention, not to leave the matter where
/. they found it, not 10 say 60 on and Obtain
Dr. more money by the same unconstltuiionai
of means; not to say you shall have power
ef TO negotiate further loan" but you
ic shall have no power to pay back whaiyou
q. borrow--but It was the duty of the cou..
ne vention, by every sentiment OF natona'
=. faith, by the lofiiest principles Of honesty
d, and fair dealing to have abrogaied inc
a law, and to have forbidden the issuance Q,
en- any more bonds. Failing 10 do this, ana
= absolutely au,horizng their issuance, me
ii. convention inpliedy legaized all iha1
H. had been done, and rendered Tho STATE
firmly and 6xedly liable for the one m'l |,
ais lion Eve hundred thousand dollars, winch
In il authorised TO be issued. Let US oea'
in. honestly with ourselves, and we shall 90 %
in injury to others. Our unbiased luus'
Die ments tell us that the trainers Of our co np
IN sti,ution believed that the first e0u,voe
L. | ~ L ls... -. Il Airacaarl az and tlef