The Panola lynx. (Panola, Mi. [i.e. Miss.]) 1845-1846, 1846-01-24

~' vi '"ih every IegdI ana proper
means should be resnrted 10 TO secure
as m uchsas possible; and the Legisla.
lure ought especially TO abstain from
any act which could by the remotest
possibility endanger the States interest
IN either OF these institutions. Its idle
however, 10 rely on The assets of these
corporations 10 meet the bonds. II ia
unjust to require holders Of these bonds
10 await The final settlement Of tho
banks affairs for their proper dues,
have not permitted myself 20 doub,
that the State would at the earliest ner.
iod, consistent with her engagements 70
other creditors commence the payment
OF these bonds. They have been
throwon upon us Unexpectedly, and
hence we have not been prepared 10
meet them. The large dividends de-
clared by the Planters Bank for MANY
years and the supposed soyency of The
Raj Road Company, during It's brief
but unfortunate career, luled the nub.
nc mind into security. The sudden
! explosion Of both these Institutions star
tied the people with the unlocked for
intelligence, that fund Of two millions
Of dollars had, in great measure, been
lost, and that heavy debt had, in con-
| sequence, been thrown on-lhe Treasu-
ry for payment. They have shrunk
from their Legitimate responsibility.
and they never will. | speak conf.
/ IDENTIFY, because in I843 | maintained
| The States liability TO pay this debt, and
the people sustained me. In NV imam.
guraI speech, reiterated nv opinions.
and they have ever since been undis-
gulsedly proclaimed, and the people
have again elected me by a greatly in
creased majority.
The first provision made bv the LIE.
! gIsIature for the issuance Of these bonds
was IN 1880. BY the lst and 9TH sec
ton ofan Act chartering the Planters
| Bank, approved, February 10, 1880:
/ aud by the'4th and 9Th sections of an
Act, supplemental thereto, approved.
December rs, 1880, the faith of the
State was pledged, and provision made
for issuing Two millions Of dollars IN
State bonds.
In pursuance of these. sections the
hrSt $5OO,OO0 of six per cent. bonds
we're issued and sold in 1881 fSee
! Doc. herewith traEslniued.) Ii has been
inlima ed that hese bonds were uncon-
slllutlonal, and the reason assigned is,
| that The 10th section Of The Ac, of 1918.
| winch was supplemental that of 1904.
charterIng the "Bank of Mississipoi.''
/ pledged the faith Of the State, that mo
other bank should be established in his
State during the continuance of this A.
ioreSald corporation, ''and that in dero-
galton OF thus pledge, the Planters Bank
was established; AMI that by the l.,
and 7th sections oithe charter, and 4,h
aud 9th sections Of the supplement.
these were lsSIed. think 1t NAV be
well questioned whether the L.eGisIa-
lure OF 8l8 did not Transcend lis now
fers IN undertaking 10 guarantee The ex-
elusive right OF banking in the Stale
10 sing Il corporation, Tor aserie, of
years. Thee vas nothing ia the con.
s'IluIlonS OF 1917 expressly giving This
"lghl, and the Legislature OF 1878 was
assuming 100 much pea baps, hen IT
undeftook 10 turestaH the action Of
each subsequent Legislature 10 the wear
1904. when The charter of the Old bap,
was TO expire.
; GA the nina Of those who believe thu
Legislature has The power To reneai
oahh CHARTERS, the argument that lh.
flanterS Bank" conhicled with the
rights ''oG the Mississippi Bank', will
ID as seed sown on stony ground"
Anu othose who believe with me. ina,
me powers ot-one .Legis Iature are com.
tnensura;e with those ofanolher. where
no exclusive constitutional rights are
gwen to~ohe over another, it will seem
alinoSi conclusive hat the Legislature
OF oIo had-no right 10 assume tho ey-
elusive; and entire control over the sinh
33tet-e q 4aa44nge, as. they did for period
OF Is years fO''0
True, the opinions of gentlemen dis.
tIngulShed for their legal ability. have
been invoked, and are said to sustain
THIS. position. These gentlemen NAV
have been wrong. If they meant 10
say that the issuance of the bond, was
unconstitutional, it is, to nv mind. most
palPable that they were SO.
There was nothing in the constitu-
llon OF 1917 which forbid the LegitIa-
ture 10 pledge The pubic faith for n
loan OF money. They did pledge it,
and on that faith they borrowed $500.
ooO, which was invested in Planters
Bank stock, on which the STATE. for
many years, received the dividends:
and would doubtless have continued TO
receive them if The bank had continued
TO declare them. | do not now under
lake to controvert the constilutionality-
OF the bank charter; this is not materinI
10 any purpose. The State received
the money, and she had constitutional
right to receive it in the way she did,;
II she invested it in the stock ofanolher
unconstitutional ba9k, of her own Gre