Southern standard. [volume] (Columbus, Miss.) 1851-1856, 1853-04-09

ohNSt' HIS - Il mistake, there IS TO such pro- |
vision in the charter. The charter directs that
The bonds shall be sold at par value, and [ think
have shown that they were sold at par value
1t IS objected that the bonds were sold on a credit
How long do those who make this objection sup
pOseit would have required (there were no Ocean
Steam ships them to convey the money from Lon
Son to jackson? How long from London to New
York from New York to New Orleans from
New Orleans to Yicksburg ? from thence by wap-
OnS (thcre was railroad between the two places
then) to Jackson | say nothing Of the expense
or risk of transportation This is something it is
true, but we will tkFosg Mat ta From the state
of the aigumeat, thiak we can afford it. 1t viii
be remembered that the sale was made in August
6th, 1883, and the first nstament paid the
lst day of Nov. following Certainly they were
not sold for the cash told down at the time--nor
does the law require it, But they were sold for
khat which was at the time equal in value to the
face of the bonds--and the Bank cosld have real
lied this truth within twenty-foar hours after 1t
was advised of the sale---always supposing the
bidders for Exchange had learned the fact OF the
Tae sufficiently in advance to have enabled them
70 reach the Bank by that time and supposing al
so, thatFt would have been humanity possible with
In that time, fer the Cashier of the Bank to have
drawn and signed bills in sums to suit purchasers
Snficent to exhaust the amount the bonds sold for
I'm this case there would have been no loss of in
terest whatever, and exchange drawn in anticipa-
tion Of the payments to be made in New Orleans
would have sold for the cash in the notes of the
Bank the very day they were issued. In other
words, the circulation of the Bank, instead of be-
ing redeemed by specie brought to its vaults, at
expense, risk and with delay, would have been re-
deemed at once by bills of exchange in antcipa-
ton of specie, payable in New Orleans at future
day.
am approaching the conclusion of this subject.
think the shelving is pretty clear that the COM
missioners violated no provision of the charter by
the terms of the sale Certain it is that the Leg
isature of the State must have thought so, or
when they repudated the bonds, they would have
made the formal declaration that they did so, up
on the ground of the invalidity of the sale, in
stead Of resting their action as they did on the
ground of the unconsttutionality of the charter,
and the non compliance by the Stockholders with
the terms of the original acts the 9th Sec.
of the resolution repudiating the bonds In this
resolution the Legislature even makes mention of
the sale, and states it a fact, and making no
objection to it, place the act ofrepudation express
ly upon the grounds above mentioned. tits re-
markable and very significant fact, that although
the Governor of the State had seven months be-
fore in his letter to Hope IL Co., assumed his po-
sition of antagonism to the SALE and in his wri-
tings, official as well unofficial, grounded the
right to rupudate chiefly upon this ground, yet
the Legislature, Notwithstanding the overwhelm-
popularity, anu almost TeSlSlleSS influence OF
this distinguished party chief, and notwithstand-
ing also, the excitement and tumult of mind pro-
duced by the cataclysm of the currency then ra-
ging at It's height, and the wreck of fortune that
followed it--resouely ignored this view of the
subject and planted the State upon different
platform No wonder that the Governor should
have advocated reputation upon the ground he
did. He would have been false to his antecedents
had he done otherwise. He had signed, sealed
md ba
have denied their validity? But in the track Of
argument he took, who followed him No body
no body of position or influence certainly. His
peculiar view OF tie subject was ignored by the
Legislature, by the party 20 which he belonged,
by the State, by the sentiment Of the civilized
world. The governor stood alone in his glory
supported by Mr.. Hagan, of the Vicksburg Senli-
mel. The issue was made, discussed and decided
solely on the constitutional question, This was
the case when the question was sprung ten years
ago, and it was the yesterday in the examina-
ton of the question by the States legal represen-
tative before the Superior Court of Chancery.
And now after a lapse of ten years, an attempt
is made to resusitate this exploded idea | be.
lieve it is held to be sound rule of diaectcs that
when reasoner is in possession of two arguments
--one of which has been accented as true and the
other either regarded as fallacious or questioned
as doubtful, it is best to forsake the sand HILL and
toplant both feet upon the rock. For a sound rea-
son found side by side with one which is generally
allowed not to be So suffers from the iuxtaposion
like an honorable who keeps bad company,
and from the same cause; the good man becomes
suspected, and he finds it necessary to change his
associates, before he can pass at his real worth
The State has deliberately taken the ground, that
the Union Bank Bonds are not valid, because is
sued in violation of the constitution of the State
She has taken other and it is rather late in the
day to take another now even if another was ten
able.
have finished what had to say. 1 believe
that what is here written will satisfy my friends,
and the friends of the other commissioners. l
have hope it will satisfy the public. l am even
not without some expectation, that it will satisfy
the gentlemen conducting the paper that now at
tacks the sale. If it shall, do not doubt that
their manliness and candor will prompt them to say
SO. l know them both well enough to feel as
sured that in publishing the piece headed "Chan-
cellor SCOTS decison--The Union Bank Bonds, y
they were influenced by nothing but sense of pa
triotism and public duty. Should they discover
that either their data or deductions are erroneous
they have character enough to afford to say So
At any rate it will be but act of justice to
publish this defence in the columns of the paper
that made the attack, and but justice also, that al
the presses that copied it, should do the same
thing.
ONE OF THE COMMISSIONERS.
NoTE.--Sec. 6. of both the acts incorporating
the Union Bank, reads as follows ''Be it farther
enacted that the said Bonds may be transferable
L Al 4 IL