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The Yazoo Democrat. (Yazoo City, Miss.) 1844-18??, April 13, 1853, Image 3

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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
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 .
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
(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-
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.
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,
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
,.,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
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-
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
result.;., a doubt
the sale of the bo
foriniiy w ith tin
beard oi manage
n coidanco w ith
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
idicts tie abo-
the to;
itable boa
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
"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
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
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
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
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
nds of the
two thou
-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
In Far mi m
Rev. Mr. Ad
to Miss Sara
tion for E
drink as n
stand undt
ated. and
L. Swascv,
a of Iowa.
gniy appreci
Othing could
k deen to the
. s
its c
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
rhat the power ef

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