The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1850-02-23
CANTON, MISSISSIPPI, SATURDAY, FEBRUARY 90, 1850

Tor 20 years. Some contend that tie consttu-
ton Of 1917 authorized the creation of exclu
slve privilege, and that therefore the Plante rs'
Bank is unconstitutional. This objection is
wholly untenable. 1t is not fact that the
old constitution authorized the creation of
exclusive privileges. On the contrary, ii ex,
pressly deni d that power to the legislature
m plain and unmistakeable language. Elk.
elusive privileges had been swept away by
the revolution Of our fathers, and the bill of
rights in the Constitution Of The United States,
State and Of this in 1917, d clare emphatcally
against them,
The restriction Of 90 years was sheer alb
surdity. 1t was a'nulIity on it's face. 1t was
in direct contravention Of the constitution, and
restrictive of the power Of the Legislature
The Legislature Of 1880, in creating the Plan.
ters' Bank before the charter Of The Bank Of
Missippi expired, did not transcend its powers
Stockh lders Of the latter bank may have com
planned, as it inlerfered with THAR profits but
the people never complained, for they regar-
ded the establishment Of the Planters bank
as privilege, blessing, and not burthen
The State was in its infancy. and its vast re-
sources were undeveloped. There was neith-
er labor nor capital in sufficient abundance.
The creation OF this bank WIS the means
through which labor coGld be introduced into
the State, and the wilderness made to blossom
like the rose.
The old constitution authorized the Legis-
lature to subscribe stock on the parLo Of the
State, ithout limitation Of the amount, ex-
cept that It should he at least One-fourth.' II
was therefore discretionary with the Legisla-
ture to subscribe greater amount at theil
pleasure. In the exercise Of this discretion
of 1880 authorized the subscription o
stock to the amouat OF two thirds, in the
Planters Bank, This subscription was ther
clearly in accordance with the provisions Of
the constitution of 1917.
4 But if there were doubts upon the mind
the doubts would be removed by the consti.
tuition of 1882. That instrument reads:
Provided, That nothing in this section
shall be so construed as to prevent the Legis-
lature from negotiating further loan Of one
and half million Of dolafs, and vestlng the
same in stock reserved to the State by the
charter OF the Pnuteis' Bank Of the State 81
Mississippi"
Now, WAY did the convention refer to these
bonds? Was ito nlay any doubton the sub
ject Of their constituiionalty under the olt
constitution! Surely not, Tor none existed
The sole purpose was to allay apprehension
tha; inasmuch as new fpaure was ingrafted
upon tho constitution of 1882, that new foa
ture might without this pIoviso, be intel
preled tonvalidate these bonds. That new
feature prescribed the mode in which the
faith Of the State should be pledg ed, and as 9
large portion ofthe bonds OF the Planters Bank
were unsod at that time, this construction was
repelled in the body and framework Of that in
strument. By doing so the P. B. BGnd
were healed of all defects real and imaginary
ard their constitutionalty as firmly estab
lished, as these Of any power in the consitu
ton.
Upon the strong ground Of acqniscence il
the justice Of this debt, would be willing, i
it were necessary to place the undoubted oh.
legation Of the State to paw. For the lon!
space Of 90 years have the people in one unbro
ken and prolonged chorus pronounced thei
mistaken faith in the consltulionaity OF th
Planters B nix bonds due on the part Of til,
State. And this too without distinction o
|, party, without the favor or affection. Il ha
not been q leaders or politicians merely, whit
have thus boldly and unitedly manifested the
strong sense of public duty, but it has beer
the people Of all classes, of all conditions
With one triumphant accord, they have peal
ed a loud acclaim, that justice and honor re
quired and impeled them to the payment o
the bonds.
The Legislature by repeated enactment'
recognized their validity and binding force
The sinkinr fund created for the recepto'
Of the surplus arising under the large dividends
upon the State stock in the bank, annu lily
paid the interest on the bonds until 1899. Il
mistake not, the high premium, amounting
, to two hundred thousand dollars, given 70
these bonds, also went into the same sinking
fund. II this fund had been properly manaret
, it would have paid off the entire debt and in
5 terest, by the time allotted for the completion
! of the scheme of the bank, The transie
in that year Of the State stock to the Mississip
pi Railroad Bank was attended with the mos
disastrous consequences, The sinking fun
at that time amounted to more than mli'l
of dollars, after paying all accrupg interes
, and it the legislature had sustained the BanE
' acrordlnT 10 tho compact between thC