" This act was passed
in the ordinary mode of legislation, and was not referred, published,
nor reenacted, as prescribed by the Constitution. As soon as the
directory was organized and the books of subscription were opened, and
before the mortgages required by the charter were executed, the
Governor, in behalf of the State, subscribed for fifty thousand shares
of the stock, and issued the bonds of the State for five million
dollars, payable to the order of the bank.
These bonds were sold to Nicholas Biddle, President of the United States
Bank of Pennsylvania, and by him sent to Great Britain as collateral
security for a loan previously made. None of the money received for them
went into the Treasury of the State of Mississippi, nor was any of it
used for a public improvement. All the consideration ever received by
the State was its stock in the Union Bank. The bank soon failed, and the
stock became utterly worthless.
Before the bonds became due, the Governor of the State had declared them
to be null and void, among other causes, in consequence of the failure
to sell them at par, as required by the "supplemental act," under which
they were issued.
It is not necessary here to discuss the question of the validity or
nullity of the bonds. The object is merely to state the principal facts.
While these events were occurring, and until a period several years
subsequent to their consummation, I, who had just resigned my commission
in the army, was a private citizen, had never held any civil office, and
took no part in political affairs.
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