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Democratic State C om elation !
In accordance with custom, and with the gen eral wish of the Democracy in various portions of the State, notice is hereby given that thewr will be a DEMOCRAT STATION VEN TION held in the Citv of JACKSON, to nomi nate candidates for Stale offices and for a mem f n.,invr fur th.vStHtp at largaior tlie en tire delegation if the Governor of the State should order the election by Uio-gelierui uciusi sjswsim en the . FIR3T MONDAY ('id dav) or MAT ITEX.' The Democrats of the several counties aro-res-pectfully urged to hold primary meetings, to se lect delegates at the earliest prac ticable period: H is important that there should be a full reflec tion ojf he sentiment oT the entire party in the Conven lion. Miss issippian . THE DEMO CR AT . PIITLLIPS & PERKSN&, Editor Wednesday, Morning1, April 13, 1853. CCh The cot ton. market her is duff, for want of receipts. Prices continue firm, without an? change. Rrvcr falling slowly. , fjjjp- We are prevented from noticing the subject of Gracchus' communication for want of space. (Xy Fifceegypioosond Bales of Cotton sold at New Orleans ou Monday last, at advance. lOT Tht new boa rdf City Councihnen met and organized lust Morfday night. Of their pro ceedings we shall have somethiugusay next week. Want of spacereventaK from doing so to dar. i will to bespeak some think) in the col mention 01 ins putiiic ; a space (it will be very brie! umnsof yoafaper. " The Editors of the Mississippran Htill insist dat the Union Bank Bonds wen: illegally sold, and they devote three and a half of their lengthy I f columns hr eply 2vargument that I havt already published. They not only think that tney nave .answered me, but with great compla cency, they' assure the world that they have "overwhelmed"' me. Not so fast gentlemen iot so fast, ifou may be of opinion yet per haps', that I aln not so easily " overwhelmed" as you appear to think, even though tie Missis sippian make the effort. I regret thUt I have tc undeceive you, to dispel the illusion under whirl: you labor, to assure vou that I survive your -;.j-iagL .... Jpieec, and that so far from being "oyer -vhelined,' I even expect to emerge from the smoke of this debate with quite as much character in the pub lic eye, es when I was forced into it. Your readers are nqt all with vou, if we ar to judge from current givings forth. Several of the leading presses of the Slate, ai:d of the party have already endorse my Mew oi the subject. Indeed, so -evident is it that public opinion is ta Mr.gwhat I consider the right direction, that 1 should not retouch my former argument, if the Miesissippianin its attempt to reason upon this subject, had not confused and obscured it. Per haps when I shall have written what I have to say, the public may not think it so dear, that I have been cither "overwhelmed" by the Missis sippian or ''duped by Mr. Biddle. ,f 1 will now submit the argument in a plain. ; :v.l popular form. The subject is in its nature .bstruse and recondite. It is closely connected with the most difficult of all sciences finance end political economy. But I v. ill endeavor to make it intelligible toevery capacity, for every c hizen is surely interested in the matter in dis pute. 91 C2 C. R. Dickson has been appointed Post It is to the 5th and 6th Sections of the origi- r at Jackson; and Win. M. Gillasnie Re- nal charterof the Union JJauk an i (it the Suj;- J. . Mr .. . i i I ..i ; ,,; : , , .- l .. nl, s'.-,.tt. ... r ceiver oi rjmuc iYlonev, tor tne seme place, i waurmoi an ia i.iu; - " w ic W r 1 SSP ! Supplemental act : that we aiu to look for the v Orleans for limitations of the authority of the Bank or ol CCT See ad don Porter am semeau ot K. itch Ale. Warrick Lcn CCST, Mr. Eachens, clerlToT D. S. Stacy, will please accept our thanks for late New Orleans and Natchez papers. . aflaountnig together to the sum of five ion of dollars, as enumerated and described ni the said power of attorney; which said bonds are made payable at the agency of the bail k of ihe United States iu London, sterling money' of Gieut Britain, BUkc rate ol" lour shillings and sixpence to the dollar, with interest payable semi-annually arfRVsame place and rate. And this agreement further witnesseth, that the said Nicholas Biddle, in consideration of our said sale and delivery to him of the said two thousand five hundred bonds, as aforesaid, has agreed, and hereby does agree, to pay to us, the said commie doners aud attorneys, or to our successors, or to our or their order," the sum of five million of doihtrs, lawful money of the United States, iu five equal instalments of one million ol dollars each, on the first day of November one thousand eight hundjland thirty-eight, and on the first days of Jarraary, March,' May and July, which will be in the year one thousand eight hundred and thirty-nine, respectively, which said pay ments of one million of dollars eachof Novem ber, January, March and May snail be made in the city of New Orleans, and the last payment of tle-like sum on the first day of July next, shall be made at Natchez in the said State of Mississippi. In witness whereof, we, the said commissioners and attorneys, and the said Nich-. olas Biddle, have executed and exchanged this agreenteut, this eighteenth day of August, in the vear ot our Lora eighteen hundred ana mmy eighW - N. BIDDLE. For the manner in which the sale was recei ved by the next Legislature that sa after it was mt.de, reference is made to the following extract from the report of a joint committee o: the two houses whieh was appointed to examine, and which it appears did thoroughly explore the whole subject : ;It will be perceived that the purchaser of ihe firit series of the bonds, was Nicholas Biddle, Esq., pf Philadelphia, and the payments on the . .me are iu instalments ol one million each, on the iirst dajfe of November, 1S3H, and of Janu ary, March, May and July, 18S9. The four first instalments at the city of New Orleans, and the last at the city of Natchez, in gold or silver, or '.iieir equivalent. The trade of our State gener ally ruling in fayorpf New Orleans, where the four litst instalments are made payable, and there being lertie balances against our State in ; that city, the bank, by receiving a moderate, pre j mium on the cliecks drawn against these instal- hieuts, of exi.L ive enabled our citi ge, to liquidate a en ttoa of 29 deuu CO" The late election Aldermen, resulted in the e" crnts afd 2 whig?. In Connecticut, tne Demorrato have elected the Entire tfek-t. 'iJot a whig Congressman elected! the State. there a whig parly no vvtiere t 03 Dan Rice's Circus is coming to town. That's all the people want to know. See his ad vertisement in another column. Cv3""The Vice Chancery Court, Judge Wright presiding, is in session at this place, and will probably continue for two weeks longer. 03" Governor Foote has issued a second pro clamation in reference to the election of Con gressmen, in which he countermands hi3 first order, and directs the election by districts, for four members, and the fifth one by general tick et. He publishes the opinions of several law yers with whom ho has advised, in support of his action Next week we will publish the proclamation &c, it being impossible to do so this week, as we have given up our columns to a lengthy communication. e? iifj Communicated.- Messrs. Editors: I hae read with much pleasure, the articles which recently appeared in your paper over the signatures of "Lucou" and . "Viator,'' as well as yjaur approving editorials, all tending to the same grand object. I have looked on in mingled grief and aston ishment for years at the apathy, backwardness, and I had almost said, distaste of our male citi zenson the subject of literature and mental im provement. We 'have schools where the rudi ments of education are taught, but no man ought toippose even when he graduates at the high est institution of ieaming, that he is done with study for life. He ought to remember that Ca to at 80, learned Greek, and that Newton had be come old before'he discovered the laws of gravi tation. It behooves every one who seeks to live happily and die like a, philosopher, to gather knowledge, to read books as long as bis Maker grants him the privilege. ' Nulla dies siue lihea." To those who are unchangeable believers in the saying that "ignorauce is bliss," and who belong to the "nati consumeTe fruges" portion of huaianity, it will be useless to preach. Now, the way to induce a hungry person to eat, is to set food within his reach. Let us. therefore, re"?t a suitable room tg-tfben a Libra ry, take all the prominent periodicals of the day get all the boo.Vs we can raise funds to buy, and extend our shelves as we increase in means. It will be an easy matter when such men as Lacon, Viator and yourselves unite in it, and you shall not be alone. It js a public benefit, a glorious undertaking, and must and shall be accomplished. "Vita siue litera mors est." Why, sirs, at tlie rate we have been-travelling in the paths of. literature and science, can we ever expect Yazon City to gain for herself the proud appellation of the Athens of Mississippi. May we not rather fear falling oack on a level with the dark ages, if we do not bestir ourselves while there is yet time? uur youth will per haps grow up and enter the world, knowing no more about the Sages, Poets, and Philosophers wlio have preceded us, than did ths renowned steamboat Captain, who, som ten or fifteen years ago yisited Louisville, and was honored by an invitation toy party among the ' first cy cles, where fate.4hrevy him tete a tete wkh a very literary laSy-, who suddenly introduced conversation relative to the geat poets who have figured in song; and asked the gallaht.eap tain what was his opinion of fhe immortal Shakspea. Now, it so happened that a steam boat oi that name had been tBe previous season naniaaune the Yazoo River i t w A If UIIIH J.-S IIIi.il 111 t commanded by our Caotain. fld h. no. VMMIMWl anvOtiuoj Amim " -'iv.v c bm ilia j.a- vonte eatnn2,nsweed th&kiik., two important objections to that craft its a rof- r tUe lazoo trader8t, tha she cn woortm(l secondly, drew too History don't inform -us what y said or did, hut we ny presume rst craft that came along. More anon, GRACCHI S the .Commissioners to sell the Bonds. Sections C and 6 of the charter read as follows : D. b'.' :! further tu acted, That in order to ff cilii ite the said Union Bank, fo. the . aid loan of fifteen million five hundred thousand dollars, the faith ol this slate be, ausis hetetw pledged, both for the security of the capital and interest, and that seven thousand five hundred bonds of two thousand dollars each, to wit eighteen hun dred and seventy-five, payable in twelv eighteen hundred and seventy-five in years; eighteen Jbjyiidred and seventy-five, in eighteen year; ana eighteen hundred and seventy-five, in tluremy years, and bearing interesi at the rate of five per cent, per annum, shall be signed by the governor of the state, to - he order of the Mississippi Union Bank, coun ersigned by the slate treasurer, aud mider seal of tho slate; said bonds to b: in the following words, viz: $2,000. Know all men by these presents, that th ! - ate of Mississippi acknowledges to bo indebted to the Mississippi Union Bank, in the sum of two thousand dollars, which sum 'he said stale of Mississippi promises to pay, in current money of the United States, to the order of the presi dent, directors and company, in the year w ith interest at the rate of live per cent, per annum, payable half yearly at tlie place named in the endorsepent hereto, viz : On the of every year until the pay ni'iut of the said principal sum : in testimony whereof, the governor of the State of Mississip pi has signed, nd the treasurer of the state has countersigned, these presents, and caused the seal of the state to be affixed thereto, at Jack son, this in the year of our Lord governor, ,.,4- treasurer. 6. Be it further enacted, That tlie said bonds may be transferable by the endorsement of the president, and of the cashier of said bank, to the order of any person whomsoever, or to the bearer; and the said endorsement shall fix the place the said principal and interest shall be paid ; ind all expenses incurred thereon, shall be defrayed from the funds of the bank. And Section 9 of the Supplemental Act is in tlie words following: 9. Be it further enacted, That the president and directors of the said Mississippi Union Bank, or the -managers thereof, shall have ample power to appoint three commissioners to nego tiate and sell ibe state bonds, provided for in the lifth section of the act incorporating the subscri bers to the Mississippi Union Bank, in any mar ket within the United States, or in any foreign market, under such rules and regulations aS'inay lie adopted by said president and directors or managers, not inconsistent with the provisions of ihe charter of said bank : -Provide V Slid 3onds shall not be sold under their par value, and that said commissioners shall not accept of any commission -or agency from any other bank ing or railroad company whatsoever, for ihe dis posal of any bonds for the raising of money, or act as agents for the procuring of loans upon the pledge of real estate for the benefit of any other corporation. In connection with the above, reference is al so made to the following extract from tlie letter of instructions of the Bunk to the Commission- exs: at a low rate anion oi their loroign neat, anu at tne same tunc nas rcuiuen h r e'fa profit on the transaction, greater than difference of interest on the bonds (paid by the hank) while the instalments without inter est aie maturing: the result follow ing, that the proceedeof the sale of the State bonds, in reali ty, amount to more than their par value. A' ready two of the instalments have been prompt ly met by the purchaser "of the bonds, and the bank has-been permitted to draw largely on the i instalment, witn a like profit on Uio ex- insi.it. in the tac ot tnese mnot be eaterttnued but thut Is lias been made in strict ccn ctter of instructions from tlie to the commissioners, and in be inienctiens of the bank drawn result.;., a doubt the sale of the bo foriniiy w ith tin beard oi manage n coidanco w ith charter,'' No v, in view "You are authorized to-moke the navment of ihe- prificipal and interest of the bond at such place i-r places as will best enable you o make a a ad vauagoous sale. With regard to the dispositions of such I'-uuds as you may be enabled to procure, o have sbipr ped in specie, to be placed in the vaults of the tank, such portion you mSy be enabled to pro cure and deem necessary for the estaollsbiaent, and tlie balance place iu deposite at such place as may be most advantageous to the. bank in checking for the same." If thej is any thing else in the sbtipe of evi dence of authority to the Commissioners w hich the following propositions appear to be reasonably daiu-K. iudt ed, they do appear to me as sequences flow ing with a sort of logical invincibility from the postulates assumed 1st- That the Commissioners were authorized to fix the place of payment abroad, no matter where they might sell, and thai the place of pay ment and the place ef Sale, have neither a neces sary nor a reasonable dependence upon each oili er. . 2nd. Tlt the Commissioners were authorized to contract tint the bonds should be paid in Sterling money of Great Britain, provided this sterling money of Great Britain was also current money of the United States. 3rd. That the pound sterling is current money of tho United States: Congress having made it so. . . . r . K, -v 4th. Ii is undeniable that a joint committee of the next Legislature vhat sat after the sale of he Bonds, full investigation having been first made and at a time when the public mind was toot agitated and pre occupied by the purpose ol repudiadonf-solemnly pronounced that the bonds ;iad beenysold at even more than their par value, and in accordance, with the injunctions of the . chatter." BJHE And iio'w I beg to enlarge a little upon what lias id ready been submitted in my last publica tion, to show that-by matting the bonds paya )!e iu sterling money of Great Britain there was no violation of the charter of the B ink. By ihe 'contract the Bond holders agree to take lour shi lings six-pence in payment nf a dollar. Now I will state an o'd fashioned arithmetical .-um for the editors of the Mississippian. If 4s. (1 1. will pay one dollar, how many dollars will 4&0 pay?. If the editors can educe any other quotient- loan .JB,uiu, uiey are mote cAperi ui figures than I am. of eodt b.md, and as the bonds stand now $2000 end ;450 both mean (as respeifeHhera) the very tame tiling. Where is the harm done then? What, jiow becomes of this loss w hich is so much complained of, und which the editors of the Mississippian. in their first piece set down jtt $l,g54,3l 3U, out wmcn in ineir utsv piece, I tliey are considerate enough to reduce to&10?,- f he Mississippian makes a .parade oIGov. i's having paid 28,125 sterlinc in liaui- .... that they shall be ? The Supplemental act is no part of the charter. It is pronounced void by all who contend for repudiation. While they ad mit the validity of the two original laws which together constitute the charter of ihe Bank they contend (and with much reason) that-the Sup plemental act is void, because it materially va ries the charier iu making the State a Stockhold er, and in other important particular. And this I undersland to be the doctrine of our Court of Errors as expounded in the case of Campbell Vs. tlie Union Bunk, (Gth Howard 671.) Now the Supplemental act is the only law which directs a sale for par value. The charter proper has no such restrictions: and the Mississippian cannot deny the validity of tlie Supplemental act, when it attacks the the constitutional obligation of the State to pay, and assert the validity of it when it attacks the sale. The Supplemental act must ei ther be valid or void. If valid, the bonds are valid, considered with reference to the constitutional obliation of them ; and if it is void, then there was no legal requirement to sell at par value. But this, as I have already said, is for the sake of the argument, only. 1 have attempted to show in my previous paper, that they were sold at par value ; and in this paper 1 have shown from very high authority, to wit the report of the com mittee in 1S39 that they were in fact sold for more than their par value. In treating this part of the subject, he Mis sissippian borrowp another leaf from the book ol Mr. Matthews,-notwithstanding the other so sig" nally failed it. "Suppose the bonds had beeu sold for goods," quoth this distinguished gentle men, " or lands or negroes, would it have been such a sale us the charter required?" No: be cause land and negroes are not money, while. exchange is money. It is money at one place plies its value at another dace the difference in its value at the two given points or places, con stituting the exchange. This distinguished gen tlemen, Mr. James Matthews gave evidence in this report to the Legislature, from which the Mississippian has so largely borrowed, of that truly extraordinary talent at finance, for which he afterwards became so celebrated, in the bureau of Auditor of public accounts. The eclat of his reuown vvus so lustrous and dazzling, that it fol lowed him even into private life. " He won it well" and doubtless " he will wear it long." The charter forbade a sale upon a credit,'1 says, the Mississippian. Does it? Will the Mississippian point to this clause of the charter ? The charter provides for a sale at par value, and the report of the committee (which was received by the Legislature) slates that it was made for more than par value. The Mississippian appears tbe greatly scan dalized at my statement, that the Legislature had repudiated Governor McNutl's view of the sub ject. Let us look at the facts. I have already cited the report of the joint committee affirming that the sale w'as made, in accordance with the charter. This is the. only evidence we have of 'the sentiment of the legislature that sate for the year next ensuing the 6ale of the bonds. Iu the Session of 1850, there was uo expression of opinion as to the sale, for the measure of repu diation was not as yet thought of. Tlie Governor advises in his message a repeal of the charter of the Uniou Bnk, and indeed of all banks, but he says not a word about repudiation. He hints indeed at the JefTersonian doctrine about ' bor rowing of posterity," but he goes no further. In 1841 however, he distinctly develops his policy, and calls upon the State to repudiate; chiefly I might almost say solely upon the ground that the bonds were illegally sold. The Legislature responds to the Governor, and behold its response : 1 . Be it resolved bu the legislature of the State of Mississippi,'!: hat it is the sense of this legis lature that the character, the Btandir.g and true glory of the State depend upon the sacred inviolabil ity of its engagements, and they tliere fore repudiate the recommendation contained in the message of the Executive, not to pay the bonds of the State. 2. Be it further resolved, That the State will fully recognize and acknowledge' her obliga tion to pay the bonds of tho State, atnouting to five milliorrs of dollars, sold iu 1853 to N. Bid dle, Esq.. and will, (if the same shall become necessary by a failure en the part of the Miss issippi Union BanK to provide for thetpO make jsuch a propositi every exertion to provide for the payment, of highest authorit both principal and interest, as tne same may "become due, " Resolved, That the State of Missi .ippi is bound to the holders of the bonds of the State of Mississippi, issued and sold on account of the Planters' and Mississippi Union B i.ks. for the full amount of the principal and imerrest due thereon. Resolved, That the State of Mississippi willitamjrepres iiuiive implies a Superior in the I from ?o. idicts tie abo- the to; itable boa burr mac ce oi autnority either adds to, which has a material bearing in re I ition to it, I have not been able to find it. Poi the noannar in which this authority was foil wed by the Commissioners, the public is referred to thecon- tvaetof sale : , ' This agreement witnesseth,.J!hat we, theun densigned, commissioners of the Sta e of Missis si ppi, and attorneys in fact, ol the Mississippi Union bank, foft and-in consideration of the ompunt imd payments hereinafter specified, of five million of dollars, by Nicholas Biddle, of lie city of Philadelphia, to be made to us at th several times and places mentioned below, and by virtue of the power and authority in ?is ves ted by the statutes of the Legislature ot the State i, and the letters of attiyrney of the l Union bank, (which said stat- of attorney are take i as iart of is if therein inserted ha -e &nhl ay 4s Well, &2000is the amount PaX her bonds 5111(1 P'ervc her faith invio late. "Resolved, That the insinuation that . tho Slate qf Mississippi would repudiate her bonds and violate her plighted faith is calumny upon the justice, honor and dignity of the State," These resolutions came up in the House on the ;27th or January. The first resolution was passed by ihe deci ded vote of 52 to 30. The second was so odear- ly car. lectin the affirmative that the ayes and noes were not called for. the third resolu was carried by a vote of 49 to 24. House X 324 to 329 The Senate, when the House resolutions weTV. considered, Jour. 314J divided the ques tion upon the first and adopted it, so far as re lated to the Planters Bank bonds, unanimous' y ; o far as related to the Union bonds, it was pass d by the heavy majority o 20 to 10. The vote upon the adoption of the second House resolution (that Mississippi will py her bonds, $-c.,) was ayes 29 nay$m not given there could have been but one naytt, and it was prob ably a unanimous vote. The third House reso lution was also adopted unanimously. Both sets of resolutions, th,n, were adopted by heavy, overwhelming majorities of both Houses." and property within this State, so far as tlie same has been delegated to the Federal Govern ment, is 4iT attribute of sovereignty residing only in the legislative department of the govern ment of this State. 3. That this department, under the Constitu tion, is the exclusive judge of the objects for which money shall be raised and appropriated by its authority in this State. 4. That the Legislature of this State have no rightful authority to levy oi appropriate 'money for tlie purpose of executing the objects of a law deemed by them repugnant to, or unauthorized by, the Constitution of this Stale or-of the Uni ted States. ft. That the act approved February 15, 1838.. entitled an act supplementary to an act to in corporate the subscribers of the Mississippi Un ion Bank, whereby the Governor was authorized and required to subscribe for, in behalf of this State, fifty thousand shares of the stock of the original capital of the said bank, the same to be paid for out of the proceeds of the State bonds, to be executed to said bank as already provided for in said charter, and repealing so much of the original charter as conflicted with eaid supple mentary act, was a fundamental change of said original charter, passed contrary to tlie letter and spirit of the constitution of the. State and adop ted without the assent of her citizens as required thereby. 6. That the bonds of the State of Mississippi for five millions of dollars, issued under said supplementary act, without a reference thereof to tlie people, or a i:om; liance by the stockhold ers of baid bankwkh ihe terms of ?aid original act of incorporation delivered to paid bank, and by it sold to Nicholas Biddle, on the eighteenth day of August, eighteeu hundred and thirty-eight, are not binding upon her citizens, and cannot be paid by this State while the forms of its present constitution remain. 7. Tint his Excellency, tlie Governor, be, and he whereby, authorized and required, by procla mation published according to law. to forbid the sale ot the bonds of the S'ale of Mississippi, for fivemillions of dollars, now remaining in said bank, or the hypothecation of the same'by said bunk, its officers, or agents, or the assignees ol them. Approved February 26, A. D. 1812. See Session act of IS42, page 2G2. I find, no such resolution, as the one published by the Mis sissippian contained in tlie acts tlie journals I have uot before me. Doubtless it. was passed by the lower house, but it may not have been con curred in by the Senate. 1 would infer as much from its not being 'published with the other res olutions in tho printed laws. In one thing how ever, I quke agree with the Mississippian: and I oo say, that whether the Governor w as fol lowed by any body or no body, does not and can not effect the argument. The sole enquiry is, was the charter violated in the sale of the Bonds? This interrogatory I flatter myself I have sufficiently answered. At the conclusion of the piece I am threat ened with 4iat least fifty" additional ''rea son," and I am significantly reminded of the pop ularity of Gov. McNutt. The fifty reasons w ill all be legitimate and proper enough when the are adduced, but I confess I cannot see what Gov. McNutt's popularity had to do with the subject. Perhaps it is to help to overwhelm me. but to this process, I must again beg leave to de mur. I have read that it was the custom of some of the barbarious nations of antiquity, to sacri fice occasionally human beings to appease the manes of a dsceasedhero or demigod but I am not aware that the usage has descended to our times. I am berated in this way for daring io say that tlie Governor was not accurately in formed in matters of finance. I Jo no! think his best friends will be offended at the character I gave him. His descendants, if he has any, will neither redden with auger or shame, should they ever read it. I have doue with this controversy, probably forever. I could not have avoided it in justice to myself, or w ith a proper sense of what is due from me to the character and memory of Colonel Wilkios. But although done with controversy, I have not done with the subject of tlie Union Bank bonds. I desire to say a few words respecting the attitude in which this matter now stands. The feverish anxiety which is manifested about Chancellor Soott's late decision appears to me to be unnecessary. There is no more probability that the Supreme Court will confirm it, than that it will decide the Legislature ox thl Courts to he sovereign. The people are sovereign here , and if with democrats authority is invoked for iv the very iihjs writ . Mr. ad just p-ib-e : "A rep ntire, can ty :he Su-' The very tage? Or au it borrow money fo not national? Could our Legislature bind the sovereign people (supposing all constitutional forms strictly observed in the act) to pay money which had been borrowed to erect golden statue to some of her distinguished men Ortoena- pay their debts l to speculate up a any rate Vatter ap general, a power corporate liable ilea they be in- of her needy i Uf SOIHC ui ner auiiw on ? I would say no. pears to have been of tb "The sever ign has no to render the state or fur the debts he contrai curred with a view to the national advantage. ifid in order to enable him to provide for all occurrences. It he is absolute, it do long to loubtfol cases, ie state require. HHtity, contract md capable of lie re could not is the soverign auhority; and oney, have im : be presumed d to submit to ud foolish pro- him alone to decide, iu what the wo) fare and safety ol But, if he should, without ne debts of immense magnitude ruining the nation for ever, then exist any doubt in the c has evidently acted without those who have lent him their prudently risked it. It cami that a nation has ever onsen utter ruin through the caprice dijrality of hwrr uler. As the national debts can rfnly be paid by contributions and taxes, wherever the sover eign ha? not been. intrusted by the nation with a power to levy taxes and contributions, or, iu short, to raise supplies by his own authority, neither has Jae a power to render her liabble for whit he borrows, or to involve the state in debt., .Thus, the king of England, who lias the right of making pence and war, ha not that of contracting national debt, without the concurrence of parliament ; because he can not, withopt their conccurreuee, levy any money on The caa of the sovereign as with sovereign has borrowed for an unwise purpose, t ted the state with his pi that the Plate fhould rest time of the transaction, reasonable presum he was lending it givea away any of part of the nation fiefl;e has no ri with a view to the for eervice render other reasonable ci concerned . if he I out reason njid wit ie with the donations Lis debts. When a ;d without necessity, or the creditor has intrus propcrty ; and i is jut store it to him, if, at the , he could entertain a n that it was to the statu ut, when the sovereign at domain -a considerable lit to make such grant except public welfare, as a reward ud to the state, or for some kfse, in which the nation is ias made tlie donaliou'w ith hofrt a lawful cause, he tin made it without authority. His successor, or the state, may .at any time revoke such a grant : nor would the revocation be a wrong done w the .grantee, since it, does not deprive him of any thing which He could justly call U'm own. What we here advance holds true of every sov ereign whom the law does not expressly invcn with the free and absolute disposal of the no tional property: io dangerous a power is nev er to be founded on presumption." I only spring, for I have neither time norspare to explore this subject. Tlie Judge- of our State, who have sate since ibis matter of repudiation has been agitated (with the exception of Judge Thatcher I believe) whether in the Chancery or tlie Court, of Errors and Appeals. Smith, Cot kt . Buckner, Turner, Clayton, Sliarkey, Trotter, Yerger, Fisher, Scott, are all understood to hoi the opinion that the bonds were constitutionally issued. Such an array is entitled to, and should receive respect: But what eminent Jurist has yet advanced the opinion that the LegiUtur: has the power to borrow money for such a pur pose? It may be thought that this uoctiiue would bs fatal to the bonds i.-sucd for the his Uruguay r -illative gov pot possibly be pre me and vlltin Union and for tlie Plaui pared to say as much. Stock-holder in ihe Pla; some time her fiscal agr appointed half of thed a great efetit, the ma it. It war a sort of Sta be considered perhaps a eficially the general intt Bank, the Slate w as n agree that the Su ppiemen la Bink. lam not pre e Slate was a large ' Bank. It was tor t-. believe. TheStat-r lory, and thus had to anent and control of istituiiou, and might I tended to effect ben . But in tlie Union Stockholder for all act that was design.- a . a . a . ea to maae ner so was void and the institution was manifestly intended for the advantage of u favoured' few, and the State Bonds were issaml for their exchtt-ive benefit. I do not think tb.. cases pa Hi Vol therefore. But I have written Messrs-. Editots, long enough, and am usurping perhags too much of your paper. I hope it amy not he necessary for me to allude to the subject again. ONE OF THE COMMISSIONERS. Since the above was pre received from Jackson, tin Upon a hurried examinatio nals ol the Senate, (page ( concerning the Union Ban jen reported br the House body represented." He draws a distinction be tween the constitution making and the law ma kins powers. "Between the now er which or- tMBWEXi c-AlJMB ... :4V; ' .rZjgL jttM dams and establishes the fundamental laws which creates and in.Vfests government with its authority and the power that passes acls to carry to to execution the powers, delegated to govern men e.11 gentlemen, w hat loss lescend to cypher a little d allow me to staljr another sunrtbr fe. 6d. will pay one dollar, how many II 28,125 pay ? I protest that I do ie answer any thing but $125,P00. .y (with Mr. Matthews) that 28,123 he amount drawn for by the IjBliJtn sum. of $125,000 is worth $136,875. Us w ise. the. problem if If one dol ls will 83- you will find it 450, w hich is the he contract of St-le. True it l i cost the Bank sonie thing to send London to pay these bonds, but is tctiott of the charter explicit, thatali fquent upon fixing the place of pay shall be ' defrayed from the funds Bank?" The 6th Section is already cop o this communication, look at it and see ,a inu-jrjuie people is sovereign : tne-ToaitHBat oar i uiu x i j . from the w ord " r ed in their stead : i the resolutions of t appended. It does of the Senate, wha" were, The matter any rate. Tlie: real provision of the c Bonds? Alio erial, and aside ol veu id that pared for the press, I jouruuls of 1852 a, I see from the jour 53) that resolutions Bonds, which had t- were stricken out and the repudiating ! laws of 1852, pass ? 1 done, s were upon motion sar from the journal.- lutions of the House great importance at fringed in the sale of Can a to answ er before its own it r oi Mississipp utes aim ttis aire stutorv , i the Mississippian to Uce now (tn a tnanr r f. fSfe v. ine of the o her DO nds of the two thou tate md -i-i ions niBKU oy the bonds, earnestness, that lit for a moment charter rror'ides Is this being followed by the legislature? " Call you this backing of your friends ?" Is not my assertion made true (no matter what was done afterwards) that the Governor's view of the case was ignored by the Legislature? If the Leg- pp&k afterwaids a dffferen 9fidicted its own words inittee in 1839, and its ej act in 1841. But did it self in.1852 ? I do not see fron laws md rgsolutions of "that year The fallowing are the resoh t ion lis published in the printedPJw I cited 1. Resolved by the Legislature of the State of jinvolrinff tl WssissipviMMyXsi duty of a republi- ... ,6. can State. is the preservation of its" written-Con- not bmd kh stitution. jtheLegislat ires, its agents and functionaries. The sovereign has pronounced the Bonds o be void. Can the Courts make valid what the sov- ejrign power has already declared void? sovereign be summoi tribunals ? No one will contend that it can, except by its own grace and favor. And when itextends this grace and favor, it follows that it does so only as respects such matters, as it has not at the time pronounced its decision on. In 1833, the State gave to persons having claims against her, the privilege to sue her in her Supe rior Court of Chancery ; but the year before, she had solemnly declared that the bondsissued for the Union Bank were null, and in no way oblig atory upon her. Can the Courts nullify this edict of the State? Can the agent of the sover eign repeal his act. when he has given him no commission even to examine Huch act? Very uiuei inraefl are couatejial, im dc from the subject of contro versy. For to state this part of the caaa iu he strongest manner possible against myself, ft would amoout to only this that the Legisla tnrea of 18W and of 1802 assumed towards each other positions that are contradictory and in consistent. ONE OF THE COMMISSIONERS. MARRIEH. In Far mi m Rev. Mr. Ad to Miss Sara tion for E drink as n stand undt ated. and the L. Swascv, a of Iowa. gniy appreci Othing could k deen to the . s lslat onlj its c libei i view oi u, n j men the report of decided Lpticit and tie- over the contradict tion) th i the publishtdde. 1 J-hat they did. nol mmm i?mt,i5 i., , Decree of the Chancel r pease I ride's Ca P of Of rhat the power ef einzon