The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-09-18
much elaboration and reference to the p@ople
two successive egisisturss with the act

much elaboration and reference to the people PASSED
Two legislatures, With the supplemental act,
The original Law authorised the establishment OF the
mississippi Union Bank with capital of fifteen mill
lions 1--WE hundred thoussnd dolisrs to be obtaiued
BY the directors Of the institution"
IT provided for books Of subscription be opened
divided the stock into smsl tbsres and directed that
bone but owners Of real estate and citizens Of the State
should be stockholders Thus was expected "tos
cure the loan Of rad fifteen millions hve hundred
| thousand dollars" the capital stock OF the hank.
IL further provided That in order to facilitate the
said Union Bank for the said loan ~ fifteen millions
tive hundred thousand dollars the faith this State
ard hereby pledged both for the security of the
capital and interest and that thousand dive hun
drtd bonds OF two thousand dollars each" &c shah
be signed By the Governor OF the State ths order Of
the I Mon Bank coontsrs'gned" SO
After guarding with great against the allow
snce Of more stock to any subscriber th~n amply
h,d.r she pay in cash whenever rso~iped Sy the
directors ten cent his stock IL further
is shall appear that least Ave thousand dol
lars shall have been subscribed and paid in the
tien shall go into immediate operation"
IL further provided that when beard Of directors
should be notified to the Governor Of the State who
viii thereupon execute 10 the said bank from time
scrbed and secure to the OF the Srec.op.
required by the charter until the whole amount OF
furpihed In bonds as herein before provided for -
The supplemental act provided. THAT the
books Of for stock In the said Misssippi
Union Bank are opened the Governor OF this State 10
hereby authorised and required to subscribe for In be-
bali Of this State fifty thousand shares Of the stock of
the original capital Of the ssd Bank; same to be
paid for cut Of the proceeds Of the State bonds 10 bs
.secuted the fad as already provided for in
| the said charter"
UDoer this supplemental act tho bonds Issued.
will any candid. int.e mind fail to perceive that
II vas lot by Iba authority Of the law but in
viostion Of iis most important provisions and In
direct ccnrav.ntion to the prohibition Of the eont
tuition which have quoted, BY the law which re.
ceived In The constitutional mode the assent Of the
People tho faith Of the State be pledged IA
cilitste lean to the Union Bank; by supplemental
act Dol Of I'll the state Z. he issued
for bsph stock: By the original law the to
be secured by bonds and on real and person.
81 estate before any liability fbeuId be pcurrod by
The supplement-, the State to become liable for 1--WE
millions # dollars without any security whstcvsr un-
ess tie stock for which she became rber be so
considered
The legislature was authorized to pledge the faith Of
the state for tpeci6c purpose aud under certsu
merafed conditions Could the authority SO gwen be
used for totally different purpose and without the
mental act and the bonds issued under H. impose no
by which faith Of the state was TO be pledged
II was necessary thst this supplement- should BE- passed
by the legislature the Jsas aud en'ered tho
journal Their be referred TO the people by publication
In three Bevspspers Of the State aud lie again ss.d
by the the n-xt succeeding Legislature before IL could
become law; those constitutional requirements
not complied with and therefore held that the
uppleae act so far As 1t assumed to pledge the
Isitn OF the slate, was, from the beginning constitu
estate Of Mississippi did not as IT asserted re-
ss they wre issued, they delivered to the ma.
nsgers OF rhe bank, who appointed commissioners to
plicstion The argument therefore that 1t ose who
rc.i'ed The money should refupd It, cannot be Justly
cemmuni,y II the bonds have passed into the hand.
q innocent bo!ders the fact DOES not thu legal
9nes'ier' AZ the purchaser could mot acquire more
Than the hsiler bad TO dispose OF
as sgents OF the people the officers Of govern
me nj aresenpd b. their letter 81 suth orityhe
hhihtioni they lod power under It, And for ia pre-
teivaikn' To maintain Il invioats IL duty sIsnst
which no other consideration has sppreoiabie
weight IL Is the shield OF each srd every citzsn and
the .oers OF the Mt bound interpose
for their protection. n there be State debt resulting
frcn d Union Bank bonds let it be properly sstn-
bh,bsd. III there be such d,bt, as TIRE people Of
q Mssistippi have decided and have deliberately
affirmed there Is power TO levy tax to satisfy the
clsim, and d,Dpncison with extraneos appeals viii
be found ine rtctuM
In the srclo Of the London Tass above referred to-
there is ~eregious misrepresentation Of tn. state
nent which ! made, snd which Was puhlisboo ia the
Nashirgtcn Union.
In view Oft the case IL has Away. been uuderstood
among os C. that the Union Bank bonds were byps-
lysnis to foreign capitalists additional security
Ter osbt on wbich IL had become uuaoo 90 pay the
interest snd In reference TO the bypocrcs caot Of
ftoeb"tbtIs and pensiontt connected wiki
TIE queston a these Union Bank bonds raid
The crocodile tears which have bsen shsi over
ruined cisdorf are on par with the baaeess Gcnun-
oisious which have BEEN besped upon the State.
those bonds were pur.hsssd By bank then lettering
tots AL purchased In violation Of The charter OF tho
bank. OF issgGuls ntiy by coIoesng the action
nrssr the name OF am individusl as msy bort suit
there concerned rslchssed In violation Of the terms
of the law Ger which the bonds and in
jsrrtnrd q the constitution % Mi-sissippi of woich
! that riokety hank, the bonds we're bypothecatsd
Mhrsd Tor iptret on loans which could nos be met ~
| they became duoh
The editor ~ the Loncon TYues sceuing,y reckless
on bis os spuiniion In his hs 60 ibjurs that "
tpiied ttoies senetr thus prssrnts the above -
Lot it circulate throughout Europe. that fnsmber
of lbs Itsd States SeDsis ia iS4s has openly pro-
cameo that at a recent period, the Governor ard
leg-istn assemblies OF bis o~s State deliberately
bsuec fruauleLt brndS for fsoOo0g 20 % tsio the
credit q iioFety bank that To- bonds IN qvestica
haspg teen fypoebscsej sbrsa4 TO innocent hod"vs,
s1cb holders have not Only eiam arainst TIE
murits ~ ~bose executive ard representatives this
act Vas committed hut tlst thy tn b. tainted FOR
spIsA NJ 10 the verdict DE civilized void rather
thsn t. t' judgment &c the ies.i Ulcers q the stste
bJ stcee junction soe they have been already robbei
snd thet the ruin ~ tell ~ wdevs. aud Of
chiid On. End the crocodile tears which that ruin
fss ocoaouta sufjre. ~ icst 90 the rsr Of those
/ BY whom 80 tus bses sec"mPt bed "
60 Jar ~ ID - dr,otso sraust nv statement. no
iniorrsd psTtcn ell draw frum compstiscs OF the
two cxtHcts. the cgius ssd IL nii sfesepts'ion
Not Only vas no 'ush tts'ere pt made BY me ~ the
TINS prcpcse 10 circulate ths,u ghout Europe but
ote n shy csgree acquainted Win the trtoTy Of the
tan'aoron o.oid say anything The -sst Iiksit.
The lvris,atuIs ~ Nis,issippi had NJ connection
/ win The Upisd Ststrs Bank ~ PoaDstlyaHis sud
eoad fst. hsd sDob purpose e. iis CREDIT
ties Which ~ %. n-Skct The r-lisuce shown
BY the fp"DJ.rc~. the permanent va,u- 81
tte property ~ which The 81 ck &c b. tecurst The
csim of foreign holders Is Snod but better than
ttst 81 The tr,t pmcbsur and u he tue that thsee
; b nds stfe aspt abroad ny The Bank OF Penn l-
'shia - sccitiunsl security for lean which had been
previously made how were thee crearers Of that bsnk
/ hJrr'd BY receiving the Mistissippt Union Bank
bpdf. enc bow have these bncs caue.d tciiiug age,
ccstituts widOsbocd and helpless infancy 20 we,ps
Hsve fhey been thrown into n nrtet since public
tee d hsir disputsd legality given and - there
c.nsurs for uch frsua ?, mp1hy With the a. 4
The ~idov ard the child " 'Leis claim. In
ttt With the interests ~ the money cbangrrs Or
ttsfe msru'sctufsd csses gotten up sustain the de.
runcisrs sRsibst TIRE State sod to the iu-
tere,te 81 capitalists IL this attempt TO avoid
scrutiny into the juetce q n. ~ invoking e
knosn feeling Tor s2e and hclpesspsssi and n this
mo- The uesprf % sufferers bat crocods tenrs" %
fftd advocate 81 the innocent" stock dealarr Of
/ London Y hsrgei
Our judiciary IL governed ny the general rules
snd principles a. fttt 81 England and little ljKuy
a. thr bench Any feountty 70 permit the osn
neie % tutice to b. chstructd BY popular prsudise
Such an sure. IL the prevailing opisi, ~ QUO peo.
pie etlot rh ~ the Messtptt pers has sed
In the circulation Of this cslunious i'm BON
ovr jvsso.
In relation 20 the rantsra Bank bonds Il Ia stated
that aisttpettco a.g ...... - -