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If imDropey paid il cannot be charged the State but
the othe stockholders of the bank BY the charter the
bank pay the interest out OF the profits II she mas au


more than she should State stock may not be
hargeable but the sale OF the bonds not thereby rendered
invalid


The assumption that the State should refuse pay the S4
SEA 5e4 81 which her agents received In money upon her
bonds because they lost by their contract S354lb 3D. your
Committee do think be maintained upon the principles
of good faith and common honesty. our Commntee are
of opinion and so report under this OF the case
State should pay back the purchaser OF the bonds the
sum of S4864 583 81 actually received with interest from
the time of its receipt before she repudiates the sale Oh the
bonds and wIthdras her faith pledged for their redemption


Suppose however that the sale ofthe bonds in strict law
was vodabe by State or absolutely void under the cir
cumstances could be) your committee are OF opinion
that it capable of ratification.


The commissioners who sold the bonds the agents
as we'll of the State the bank When the sale made
they reported appears by the documents accompanying
this report their proceedings the bank The legislature
they assembled after the SALE were informed by
the bank through the report OF the Joint COMMITTEE OF ooh
Houses of the upon which the sale made any
objection intended be made the execution OF the
power by the commissioners honesty required 1t OF
the Legislature object that Instead of obec ing
find committee of both Houses only approving the
sale but asserting have been made strict accordance
with the provisions ofthe charter and greatly beneficial 10
the the State 1.-THE sale had been repudiated
then the could have been rescnded upon just
and honest basis The purchaser Of the bonds would
have retained the S3OOOOOO not then paid the
bank and would have received from the bank the amount
othe nstalmens paid The before the
Legislature and the Executive the sale OF the bonds
involv that Then the time for Execu-
tive denuncaon and Legislative action The purchaser of
the bonds would have been put upon his guard and he had
paid the remaining nstanens would have been default
himself Instead of warning him ofdanger he rocked to
repose by appreciation of the sale So the rules
applicable individual govern the case your
do entertain doubt othe perfect legal liability of
the State the contract by the ratification of the sale by
the Legislature of 1888.


1t is necessary that particular should be done, to
raty and confirm the of agent The silence and
acquescence of the principal party interested when cogn
of all the circumstance equivalent express rat
as
Exceency his message that ratification OF the sale OF the
bonds made for less than par necessary be had of
successive Legislatures


II would be found in the silence of the Legisla
ture OF l84l, and the approval of that of 1899


The restriction upon the commissioners the sale of the
bonds to sale for is IN the supplemental act and constr
uted part the Of the Legislature pedging the faith
of the State for the redemption of the bonds That pledge
found In the fifth section OF the original and that act III
the sixth section horzes sale and transfer of the bonds
by the bank without restriction price. If it
competent Legislature impose the restrictions
tanned the 9th section of the supplemental session
equally competent for succeeding Legislature annu


waive these restrictions and ay sale ofthe bonds fmade
under the authority of the fifth section of the No will
deny the Legislature the power of repeating the provso
to the 9th section of the supplemental imposing this resrc
on If repealed the power of sale could have been execis
ed under the sixth section of the original 1t is
sary thata be expressed may be by implication
This implied repeal what it, is found l
the action of the legislature


If the Governor assumes ratification of the sale of
the bonds could only made by the Legislatures
charge the State necessary impose the resrc





elemental act by aoo legislatures The restrictions of this
section made important change in the grant, and the
extent OF the provlso revocation of the general and
limited power OF disposition contained the sixth section of
the original act This revocation of the could only
be done by of high obligation that creating
power.


Should it be assumed that the action of t,co Legislatures
necessary impose the restrictions of the 9th section
ofthe supplemental and authorize sale of the bonds
By commissioners and that therefore the sale invalid
there power in the commissioners SELL your
mtee that the subsequent ratification of the sale by
the bank alone without any action upon the part of the Le
gsature, ssucien under the sixth section of the original
act to validate IT, There principle flaw better settled
than one does the of another and upon
being informed of it, that other does dissent from it. but
approves he is uch bound by if done by himself
although the person doing the his name time
of doing ii, had no authority a all


The money obtained upon the sale of these bonds
tanned at the selections of people The manner and
of Obtaining submitted to their agents bank
and their representatives the Legislature wei not on
ly dssented FROM but actually aud approved


The position assumed by his Exceency that one
ton cannot bind another for its debts fully answered bv
the provisions of the Constitution Of the State That au
thorlzes (wheher wisely your will saw
an issuance OF the bonds of the State and pledge of the
state faith for their redemption under certain sanctions
In tins instance all the sanctions imposed by the constitution
were observed and charge upon the created which, if
not po before the present generation pass away
Ken oy posteriy with the Government Not knowing how
The