The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1889-10-04
THE rNI0K ElNK ROtns.
hoW the state Of Mississippi Came to
RepudIate Them,

I%Repudiate Them.
The following is extracted from
Gen. Reuben DaYiS' "Resollections
ol Mississippi and NJ s,i,siblians :"
In the. year., 1871, there was a
memorable %eleciit n for Governor
IN the State of Mississippi. The
@'n3Stgntsfweie my old friend, r.
NJ. Fucker, on the one side, and
Rev, Mr.. Shallack on the other.
me issue was the re%pudlalion of
The Union Bank bonds. Tucker
bore The Democratic, and Sharrack
the Wing banner in this hard.
fought battle. The facts were these:
An association Of gentlemen Oh.
tanned from The Legislature a char
Ter Tor n bank, with a capital Of five
million dollars, The charter pro-
vlded That The Stale should indorse
The bonds OF The CORPORATION for
five million dollars. The bank ut
once organized, issued it's bonds.
and had them indorsel in The man.
lei prescribed in The charter.
lhev were then taken to Philalel-
phla, and sold To Mr.. Biddlp, presi-
lent of the extinct bank of The
United StaleS. This was IN direct
violation OF The constitution of The
Slate of Mississippi, and this fact
was made known Ia Mr.. Biddle be-
lore he purchased the bonds. The
commissioners for The sale Of these
bonds assured Mr.. Blddlp thai they
would induce The legislature 10 rat
ify The sale. Now ii will be re-
menlbered that This money was
borrowed solely for this private
corporation, and was placed, when
received. IN The vaults OF the bank.
not one dollar being received, or in ,
any way used, by The Stale. j
Section 8, article 7, general pro. /
VISIONS OF the Constitution, is in I
these words: ..
mo law shall ever be passed 10 9
raise a loan Of monev on the credit i
the State, or to pledge the faith G
ii the State for The payment, or v
redemption, OF any loan or debt, t
inleSs such law shall be proposed q
n the Senate or House of Repre-.
'entatlves. and be agreed TO hy a
majority Of The members oil each $
and entered upon their Jour. +,
laIS with the ayes and noes taken '
h%ereon, and he referred to The next t,
ucceeding legislature; and pub. ii
lSIled for three months previous 10 S
he next regular election in three :,
newspapers OF this State. and un. :
eSS a majority Of each branch of {"
ne legislature 81 elected, after II
uch publication, shall agree 10 and r
ass such laws and in snch case s
he yeas and nays shall be taken
nj entered upon the journal of g.
arh house, and provided" etc. q
Now 1t is plain thai all the pro- NJ
provisions aud conditions 81
imposed by the constitution Of the l.,
were entirely diSreg,rded "
sci at naught Wherefore il e
as assumed that the law was alb II
'l"U'Iy nun anu VOID, and that OF
was no power in The leglslI- ro
Ire to vilalize lit. Although The -,
W was null and void, the people VI
the Slate would have paid the "a
promptly, If the money had an
mic the treasury of tile State.
been used for The benefit of the 3
'ople OF the Slate. II was re. =
lvrd by The stockholders of a pri.
ne corporation AMI for the use of y
e bank, and was used bv the
NIX, and therefore no moral law. =
no consideration Of honor. re. =
Ilred the people 10 pay this debt, =
ddle knew thai he was purcha. =
y paper which was VOID by yir. =
e of the constitution of the Stale. ~
Il that he was making himself =
ceSsnry 10 the fraud, and there 70
e had no right to complain. AS
both legal and moral obligation, =
greed with the repudialing par. -
and supported it with such e
as | could give it,. =
AH