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advanced In other papers, which 2enned by at inter
walls of leisure and published the Southron Having dis
posed of the question involving legality of the execution
the bonds shall proceed examine the communication
Of His Exceency addressed Messrs Hope Co., OF Am
steTdam.


While regard that document entirely uncalled for
and of an character shall with all prop
coming does from the chief magistrate OF the
State His argument Is based upon the illegal sale OF the
bonds He alleges that they negotiated and sold at less
than their par value violation of the charter OF the bank
This allegation preemporiy denied What we to un-
derstand be the meaning of the phrase par ratue Is
that value which equal the intrinsic value or worth OF the
bonds What the intrinsic value The bonds ex-
ecuted for the Of five millions of dollars the current
money ohe United States Then that amount IN the current
money of the United States the par value the bondsthat
which the bonds purpo be worth upon their face Were
they then sod for their par value How we to ascer-
tain that act2 From the of the of SALE We
have eye the time they sold and they
sold for equal five millions their real value the
delivery of the bonds the purchaser then they sold at
their par value When they sod2 On the 18th of Au
gust 1888 BY the of sale of that date appears
that the bonds sold for the OF five millions dollars
which law five millions odoars the current
ey of the United States-Then the bonds sold par
value their value be estimated the of the sale
There is apprehend material distinction between selling
credit and selling par The commissioners had per-
feet right stpuate, having disposed of the bonds at their
par value that the proceeds of that sale might be paid at


subsequent day. does hen that the bonds sold
at their par value But suppose this that Mistaken
still confidently believed that the State cannot set
such defence. To whom the Bonds made payable
The bank.-To whom were they delivered 2-The bank
Then the bank the legal holder the State the obgor and
the bank the oblgee The legal vested the
bank The 9th section othe original charter made the bonds
negotiable by the endorsement of the President and Cashier
They behalf of the bank had clear rig dispose of
them. They executed for the purpose of negotiation
and sale The legal interest being vested in the bank had
right sell and dispose of them But 9th section of
the charter othe bank provides that he Pres
dent and Directors the managers thereof shall have
pie power appoint the commissioners negotiate and sell
the State bonds &C. provided they shall sell said bonds
under their par value Before the passage of this section





special powers regulate and sell the bonds-such power
necessarily implied but the 9th the supplement
narrowed or destroyed this implied power by enacng that
shoud appoint agents or commissioners clothed only
with special and general discretionary power Then the
commissioners or agents appointed to negotiate the bonds
agents OF limited and special powers Whose agents
hey2 They the agents OF the State
Of the bank1speesal agents of tie bank Now what is the
horly their acts will bind the principal but clear
and sautay rule relation agencies that where the prin
cpa with knowledge of all facts adopts or acouiesces in
acts done under the assumed heard
afterwards to mpeach them under the pretence they
done without authority or even contrary to Instructions
kents Com 6l6 When the principal (the bank here) is
informed of what has been DONE he dissent and give no.
ce OF IN reasonable time and if he does not his assent
and ratification will be presumed there principle of
law better settled Then the question occurs did the bank
repudate the sale ofhe bonds Did acquesce in their
sale? Assredy did, and received used appropriated
the proceeds arising from that sale Did the
State repudate and condemn the sale2 Did she not
stand by and IN fact acquesce and confirm the Did
not the Legislature the representatives of the people, by
lemn resolution confirm and raty the sae2 Let the oun
ais OF that body respond to these questions.


But might go and prove that whether the bonds were
legal not that the State being stock holder the bank to
the amount of five millions of dollars that she would be u
maey tound to refund the money for which the bonds were
sold with legal interest, but Isl useless Another ground
which the executive that the bonds were sold on


credit Now the distinction taken correct that there
is difference between selling par and selling upon
credit where the prohibition the charter of the bank
which orbds the commissioners sell on a credit There
IS no such prohibition and the absence of any express the
Dank had an implied power sell the bonds upon credit


but 1t is SAID that the currency which the bonds were
made payable, was changed from money of the
United States pounds sterling of Britain at the rate
OF Tour shilling and sixpence the dollar therefore the
sale void will be remembered that 9th section of
the original charter authorized the bank fix the place


where the pnc pal and interest should be paid &C. Then
the bank had the right and designate the place of
payment Its power this respect general and unlti
ted might name designate any point upon the globe
ior payment and no could legally complain But it is
SAID that the currency which the bonds made payabe
was converted into British currency by which the State will
lose upwards OF million of dollars But his ExceIlencv is
mistaken In his legal construction of the endorsement of the
Union Bank; that endorsement is as follows to wit


ne president and Directors of the Mississippi Union
Bank do hereby designate the agency of the Bank of the
United States in the sy of London the place of pavment
OF the within bond and interest and hereby assign and
Ter The same for value received bearer being eoua n ur
hundred and fifty pounds sterling and the payment
OF the same at the place designated


H. G. RUNNELS, Pres't