The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-10-04

mental WOuu NOT nave tAisttu.
OF these two laws. much Of the which prevails
be attributed brief recital Of the facts connected with
them will show their difference.
The law which established the Mississippi Union Bank,
originated in the House OF Representatives at the bien
NAL session OF the legislature in 1896 at the adjourned
session. IN 1887 was passed and approved by the gov
ed" At the next regular biennial session, in 1885, the
bill again passed. received the sanction OF the governor
and became law on the 5lh Of February. 1888. Ten
days thereafter bill passed the legislature and APP
proved by the governor. which entitled Gan sup
elementary to an act 70 incorporate the subscribers to the
Mississippi Union Bank" 1t was under this supple
mental act which had not been submitted TO the people,
and which had not been enacted by two successive legs
atures that the bonds issued, and the Union Bank
came into existence So far from these bonds having
been issued by the authority conferred in the original
charter OF the Union Bank, this supplemental act re-.
peaed the power OF the governor to issue the bonds
co,dng to the provisions and for theparpose Of the ogi
nal law II the people had agreed that the legislature
might pledge the faith Of the State in the and for
the object which its discretion might select the condi
hu an
part OF the grant, those conditions could not be repealed
without carrying the grant with them The grant, con
nected with other and incompatible conditions would be
new and distinct proposition To show that such is the
in relation to the Union Bank bonds will compare
the original law which, after much deliberaton and a
reference to the people, passed two successive egsa
lures, with the supplemental act the hasty creation OF
one
The original law authorized the establishment Of the
Mississippi Union Bank, with capital Of fifteen million
five hundred thousand dollars, "to be obtained BY the d.
rsctors Of the institution"
1t provided for books OF subscription to be opened d.
yded the stock into small shares, and directed that
but owners OF real estate and citizens OF the State should
be stockholders Thus il expected "to the
loan Of said fifteen million five hundred thousand dol
II further provided that in order to facilitate the sand
Union Bank, for the said loan Of fifteen million five hun
hereby pledged both for the security of the capital and
interest," and that thousand five hundred bonds of
two thousand dollars EACH, &C., shall be signed by the
IF fha tha If VInia DaNH
lcountersgned," &c.
After guarding with great care against the allowance
OF more stock to any subscriber than was amply secured
by mortgage, and requiring that each stakeholder should
pay in cash. whenever required by the directors, ten
per cent upon his stock, it further provided, that after
the closing Of the books and when shall appear that at
least five hundred thousand dollars shall have been sub
scribed and paid in, the original stock OF the capital
Of said bank the said institution shall go into immediate
operation"
1t further provided that when board of directors with
president should be organized that the should be
notified to the governor OF the State, who will there
upon TO the said bank from time time, bonds
in amount proportional to the subscribed and
cure to the satisfaction OF the directors required by the
charter, until the whole amount Of fifteen million five
hundred thousand dollars shall be furnished in bonds as
herein before provided for"
The supplemental provided, ''hat as soon the
books Of subscription Tor stock in the said Mississippi
by authorized and required to subscribe for in behalf of
this State, fifty thousand shares OF the stock OF the org
nal capital of the said bank the to be paid for out
said bank already provided for in the said charter"
Under this supplemental act, the bonds were issued
Will any candid, intelligent mind fail to perceive that il
was not by the authority of the original law, but in vic
aon OF its most important provisions, and in direct
travenon to the prohibition OF the constitution which
have quoted BY the law which received in the cons-
tuona mode the assent OF the people, the faith of the
State TO be pledged to facilitate loan the Union
Bank; by the supplemental act bonds Of the State were
to be ISSUED in payment Tor bank stock By the original
real and personal estate before any liability should be
ncurred by the supplement- the State was TO become
liable for i've millions Of dollars without any security
whatever unless the stock for which she became sub
scIiber be so considered.
The Legislature authorized to pledge the faith Of
rated conditions Could the authority so given be used
Of the conditions n not then the supplemental act and
the State. As independent act by which the faith
Of the State was TO be pledged il necessary that this
supplement should be passed by the legislature the yeas
and nays entered on the Journal then be referred TO the
people by publication in three newspapers OF the State
and be again passed by the next succeeding legislature
before i could become law; these constitutional
qulremens were not complied with, and therefore we
have held that the supplemental act so far il assumed
TO pledge the faith OF The State, from the beginning
The State OF Mississippi did not as il asserted receive
the proceeds OF the sale OF these bonds As az they
were issued they were delivered TO the managers OF the
ceved the money, and controlled its application The
Argument therefore, that those who received the money
should refund H. cannot be justly applied to the people Of
have passed into the hands Of holders the fae
does not vary the legal question. the purchaser could
not acquire more than the seller had to dispose Of
are hound by their Letter of .ohor;,y ceo.n,;on
they hold power under it, and for lis preservation To
maintain il inviolaie is duty against which no other
consideration has appreciable weight II is the shield
Of each and every citizen and the officers Of the govern
ment are bound TO inierpose il for their protection II
there be State debt resulting from the Union Baak bonds