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MORE OF THE BoNDs. party who
are now seeking to fix upon The people Of
Mississippi, "a liability TO pay the Union
Bank bonds, seem undetermined whether
sald bonds were issued under The origina,
charter Of the bank, or under the supple.
ment thereto. In either case they are un.
constitutional and void, and do mol impc,e.
on the aggregate people Of the State, even
the shadow ofa liability.


IL they were created under the original
charter, they are void, inasmuch as thew
were issued in violation OF the provisions
Of that charter, which form the condition
upon which the people agreed 10 pledge
the iaIlh o: the State. That charter de-
clares that the bonds of the State, shall
not be issued, until stock equal in amount,
be secured to the hank by mortgage or
nnincumbered real estate, and ten dallars
in cash, on each share Of stock, be paid
into the bank. Yet neither Of these con-
dilions had been performed al the time Of
the issuance Of the bonds. lfthey were
created under the supplement, they we're
issued persuant to o new and uncondition-
al pledge Of the faith of the State, made by
the Legislature, without the sanction Of
The people, and consequently uuconsiitu.
tionaI and void.


But say the bond payers, even if hi.
be the case, the State is nevertheless hon.
orabIy bound to pay the bonds, "a It Ghowd
no intention to repudia,e them, until the
proceeds had ben received and sGuauderet
by the bank. As we have before SAID,
the silence Of the principal, does no, work
a ratification Of roid contract, even il
the principal have knowledge of the man.
ner 10 which the contract was made
sure y then, it does not WORK ratification,
if, as in the case under consideration, the
principal did not kGow hut that the agent
had strictly followed instructions.