The Continental Monthly, Vol. 4, No. 2, August, 1863: Devoted to Literature and National PolicyVarious
History
The Continental Monthly, Vol. 4, No. 2, August, 1863: Devoted to Literature and National Policy
Various
Literature, Modern -- 19th century -- Periodicals; United States -- Politics and government -- 19th century -- Periodicals
'The second plea is, in substance, that the act supplemental to
the charter of the Union Bank, was not agreed to by a majority
of each House of the Legislature, and entered on the journals
with the yeas and nays, and referred to the next succeeding
Legislature, after publication in the newspapers, according to
the provisions of the 9th section of the 7th article of the
Constitution; but the said supplemental act made material
alterations in the original act, and was only passed by one
Legislature, and that no loan of money can be made on the faith
of the State without the assent of two Legislatures, given in
the manner prescribed by the Constitution.'--'I shall then
proceed to notice the constitutional provision, and to inquire,
by an application of it to the bank charter, whether the
position can be sustained. The 9th section of the 7th article
(of the Constitution) is in these words: 'No law shall ever be
passed to raise a loan of money on the credit of the State, for
the payment or redemption of any loan or debt, unless such law
be proposed in the Senate or House of Representatives, and be
agreed to by a majority of the members of each House, and
entered on their journals, with the yeas and nays taken
thereon, and be referred to the next succeeding Legislature,
and published for three months previous to the next regular
election, in three newspapers of the State, and unless a
majority of each branch of the Legislature, so elected after
such publication, shall agree to pass such law, and in such
case, the yeas and nays shall be taken, and entered on the
journals of each House.'
'The 5th section of the original act provides--'That in order
to facilitate the said Union Bank for the said loan of fifteen
million five hundred thousand dollars, the faith of this State
be and is hereby pledged, both for the security of the capital
and interest,' &c. It appears that the original charter in
which this provision is contained, was passed in accordance
with the provision in the Constitution. The supplemental act
makes no alteration whatever in regard to this section. It
changes in some respects the mere details of the original
charter, in the mode of carrying the corporation into
successful operation, and authorizes the Governor to subscribe
for the stock on the part of the State. The object of the
pledge is not changed; on the contrary, the supplemental act
was passed in aid of the original design. In applying the
constitutional test to the 5th section, I am not able to
perceive any reason which to me seems sufficient to justify the
conclusion that it is unconstitutional.'
'The plea presents no bar to the action.'
Justices Turner and Trotter concurred.
Public-domain text, read in full here on John Shaqi.
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