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 bonds might have been legally issued to the bank, by the
Governor, on the 5th June, 1838, pursuant to the provision of
the original charter of the bank, and the faith of the State
pledged for the purpose of raising the capital.' 'The
supplement was not void in consequence of not having been
passed in conformity with the provisions of the Constitution
contained in the 7th article, 9th section of that instrument.'
'The object of the original pledge of the faith of the State,
was not changed by the supplemental charter, but it was passed
in aid of the original charter.' 'Campbell _v._ Union Bank (6
Howard 625) _cited and confirmed_.' 'The liability of the
State, under the operation of the charter of the bank, attached
so soon or whenever the bonds were legally executed to the
bank, and the execution of the mortgages was neither a
condition precedent to the pledge of the faith of the State,
nor the condition on which the State bonds were to be executed
and delivered.' 'It does not appear from the facts that the
bonds were sold for less than their par value. Held that the
sale was neither illegal nor void.' 'If the commissioners in
the sale of the bonds received 'sterling money of Great
Britain' at the rate of four shillings and sixpence to the
pound, that is not such an act on their part as would avoid the
bonds.'
Here, then, the whole case was again fully decided in 1853, by the very
tribunal to which Jefferson Davis, in 1849, invited the bondholders. And
did he or the State then yield or pay the obligations. Not at all, but
they adhered to the repudiation of these bonds, disregarded and defied
the decision of the court, and have never paid one dollar of principal
or interest, and never will, so long as slavery exists in Mississippi.
Public-domain text, read in full here on John Shaqi.
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