The weekly Mississippian. [volume] (Jackson, Miss.) 1859-1864, 1860-02-15
The. Planters Bank Bonds.

: Joint Select Committee to whom was reterre
the Message Of the late Governor on the sui
: iect Of the Planters Bank Bonds. -.
= = as4 The Majority for the very good and suff
E.eient reasons stated m their Report, declin
's taking any action whatever on the suRjec
and ask to be discharged from its further con
D. siderations The. Minority do not concur il
b this view, but insist, with more length an
r greater yehemence than force Of reason o
. sound logic, that it is the duty. of the presen
Legislature to commit the State to the pay
msnt Of the alleged claim.
Its hardly necessary for US to say that w
: cordially approve the course of the Majority
|, If there was no stronger justification Of thei
course than the reason which has been provi
ded to our hand by the Minority, it would b
amply satisfactory to most msnds imbssssI Wit
silas oars gxpopulaf government de-
irving all its authority from the consent o
! thoseifor whose benefit it was established
And that upon grave and impoi tant matters
which involve taxation, it is an iniquitous as
sumption of powerto act without direct au-
thority from the people themselves. For the
present Legislature to take steps for the pay
ment of this fraudulent claim, would be worse
than acting without authority upon new
Equestion 1t would be in open defiance of the
decree Of the people, rendered at the ballot
box, under all the solemn forms of law,
The justification of the course of the Ma
jority is found in the admission of the Minor
ity, that "the great majority of the Legsla-
ture was elected in ignorance that any appliea-
ton would be made to this body for the pay
ment of the Bonds'' Hence the Minority
themselves did not think it proper to insist
upon "fnal and definite action on the subject"
But after this admission of the correct princi-
pie that the people ought always to be con-
suited upon questionsof of this character, what
do these Minority gentlemen ask shall be done?
They @merely ask the Committee to declare the
deIt a just one, binding on the State, and to di-
rect the Governor to open negotiations,' &c.
In other words, they do not ask the Legisla-
ture 10 pay in hard dollars at the present
time the arnonnt claimed to be due upon
1the debt" because tIhe people" have not so
directed; but they merely ask you to endorse
1t as JUST and binding" and to commit sthe
people, to its payment! Now what action
more decisive and final" than is here pro-
posed, could this Legislature take? Anit can
do, is to recognize ''the debt" and inaugurate
scheme of, payment, and this is precisely
what the Minority merely ask :, They can
not possibly do more than this t.; satisfy the
ravenous sppetites of the Shylocks who with
che hope Of large gain, have taken the risk of
investment IN bonds to which the. seal of the
State has been affixed without constitutional
authority. They cannot do more than propose
scheme Of taxation for future pay ment, for
the good and sufficient reason that the State
Treasury is entirely empty. What is the diff
ference in principle between paying dispu-
ted "debt''- obligation of doubtful validity
at most-a endorsing it as 'ajuse' and
tHbindiug The Legislature is but the agent
Of "the people" (whOse authority has been in
vo4sed by the Minority themselyes) acting
within prescribed bounds, and surely if it is
admitted that the agent cannot apply the
money of his principal to the payment of
disputed claim without express instructions,
he cannot acknowledge in his name that it is
'just" and Binding and pledge him to its
payment at future day. -,--. ...
Hence, we have said that the Majority need
no stronger yindication of the wisdom and
propriety of their action, than is to be found
IN the admissions of the Minority. who, with
strange Inconsistency, urge violation fthe
the very principle which they themselves ad-
init to be proper one for the guidance of the |
Legislature -~4''''' ---5 @#
1t was great deal for Mr.. Smedes, the au-
thor Of the Minority Report to admit, when
he declared that the aggressons of the anti
slavery organization, if persisted in and act
ed on BY. the Northern people must inevitably
lead to a dissolution of the National Compact" |
and we are no little gratifed that he has plac-
ed the declaration upon record but after his
glowing description of the imminency of the |
perils by which the South is threatened, |
warning the State to be prepared to meet |
them with all her resources, it was not the |
part Of wisdom to urge gigantic scheme of |
taxation fora wholly illegal and profitless pur-
pose, which would drain from the pockets of |
the people hundreds of thousands of dollars
annually for the next twenty years! If the
picture which the writer draws of the rela-
tions of the Commonwealth of Mississippi to |
the Northern members of the Confederacy, be |
true, the law Of selfpreseryaton alone would |
imperiously demand The adoptionof the views
submitted by the Majority, even if the debt |
were "just and binding How much more
loudly does reason appeal in behalf of the
course they suggest, whey it is fact beyond
cavii to all unprejudiced minds, that the debt
IS Illegal and fraudulent and that it would be
nothing short Of rsbbery to apply the money |
collected from the people for the legitimate
purposes Of fsgoyernment, to its payment, IN,
der any circumstances -
The Minority do not give any substantial
reasons to show Why the legislature ought |
to initiate scheme for the payment of the !
bonds; but they resort to the more convenient |
mode Of broad Insertion as to their constitu-
ticnaiity, They say: .tzt,.,. =,
passed in due form by the Legislature, au-
thof1zirg the Governor of the State TO sub |
scribe for two millions Of the capital stock of |
the Planters Bank, and issue and sell the |
bonds of the State to that amount and out of |
the proceeds OF sale pay for the stock thus 1
Subscribed These acts of the Legislature !
were passed in the years 1880, 81 and '32. n
Ard these acts Of the Legislature = wedo
not hesitale to say, were wholly void, because |
entirely unconstitutional. -
1st, The Planters Bank itself was born Of
. violation of. the Constitution (of 1910 in ex-
istence at the time Of its creation. When it
commenced operations, the opinions OF Daniel |
Webster, Horace Binney and Robt J. Walk
er, were taken in regard to the constitutional
'itysof its charter, and they all submitted
Written opinions declaring it to be uNcoSsTI-
ruTIosAL, Null and VOID. Subsequent to |
the adoption Of the Constitution Of 1917, the
Banklof the State of Mississippi was charter
edrand in conformity to the intention OF the
trainers Of the Constitution it contained this
provision; -
ssssSa othsEs bank shall be established by any |
further tasos dsriag The continuance .cf ne
et4sseid eosPoratisA, for arhieb the fas@ 81
Ns State IS hereby pledged" = s
Bat say the Minority: @These bonds are
recognized in express words by the present
Constitution. Let US see if the people IN
their sovereign capacity, did really, BY change
Of their fundamental law, render valid, what |
/ otherwise would have been void and OF no Oh |
iect The absurdity Of this assumption is 50 |
dearly shown, and the argument is presented
90 lucidIy and unanswerably in the su9oined
extract from an Address Of Gov. McNutt IN
/ 1842, when all the facts wsrefresh in the pub
lic mind, that we cannot do the publica great