ty debts? Let the thing work on, and encourage this feeling, in times of the ascendancy of the tyrant, Necessity, by laws; and, following the example of the government itself in relation to its bonds, the people will come to the conclusion that they are not bound to pay those debts in which they are principals! Look at the scheme proposed recently to abolish all laws for the collection of debts and substitute honor! Honor! after the course and example of the government has been such as to indoctrinate the masses with the idea that honor is a mere bubble!

CHAPTER IV.

One hundred and forty-three acts were passed at the legislative session of 1838, of which seventy-four (more than half) were acts of incorporation or amendatory of such acts. Excluding these, but fourteen of the whole number passed, are acts of a strictly general nature; the residue being local in their application, or relating to private individuals.

Of the acts of incorporation and amendatory to such acts previously passed, some twenty-four related to towns; for which there appears to have been a pressing necessity, insomuch that many of the acts bear strong signs of haste in drafting, no less than three towns, in one county, were dashed off in one act [Acts p. 98] and some towns were incorporated of no greater extent than half a mile square, and containing no other buildings than a few log cabins; almost all of which were afterwards very useful in filling up the deficiency in the circulating medium by what were vulgarly called "Shinplasters." Looking over the list of these, and observing the evident facilities for obtaining corporate privileges, it is somewhat surprising that the bill "to incorporate Cock-crow Hill" [House Jour. 406] was indefinitely postponed.

Three churches were incorporated, but it is to be inferred that the seeming disparity in numbers between towns and churches is deceptive, and that the applications for ecclesiastical corporations must have been numerous and troublesome, or it was anticipated they would be so, and that it was therefore decided to "make one job of it" and pass an act allowing them all several of the rights and privileges incident to corporations at a jump, which was accordingly done by passing "An act granting certain powers and privileges to the officers of organized religious societies within this State." [Acts p. 57.] [Acts p. 57.] All that is necessary under this sweeping enactment, is for "any body of people" to "organize themselves as a religious sect" and "establish a place of worship," and then they may receive or purchase "lands, tenements," &c., "sue and be sued," &c. "in as full and ample a manner as if they were incorporated by law." By way of salvo to this loose sort of legislation, the power of repealing these quasi charters is duly and seriously reserved.

It was further deemed expedient to charter a Fire and Marine Insurance Company at Port Gibson, the stock "secured by mortgages on real estate, or by a pledge of the stock of either of the banks of this State"-a very beneficial investment for stockholders in banks, who might thus draw a dividend from the bank and another from the insurance company on the same capital, though one would think this mode of making up the capital of an insurance company rather an impediment in the way of prompt payment of the losses of insurers.

Another "Fire and Marine" Insurance Company was considered necessary at Brandon, and accordingly chartered. We have no data within our reach as to the amount of marine insurance effected at either of these institutions, but, from their rather inland locations, it is to be presumed it was not large.

A tow-boat company, an importing and exporting company, a shipping company, and a steampacket company, were also incorporated.

Besides incorporating the Raymond Railroad Company, the Eagle Railroad and Lumber Company, and the Newton and Lauderdale Railroad and Turnpike Company, to which banking privileges were neither given nor expressly prohibited, fifteen acts were passed relating to Banking, Railroad, or Banking and Railroad Companies, for the most part extending privileges, a glance at several of which will be requisite to illustrate the particular character of the legislative and executive proceedings of 1838. The Eagle Railroad and Lumber Company [Acts 190] is authorized to borrow "any sum of money not exceeding their capital stock." The Paulding and Pontotoc Railroad Company was one of the most stupendous institutions of the day, (in its undertakings,). its "main object" being declared to be [Acts 248] the construction of "a railroad from the town of Paulding in the county of Jasper, in the direction of the county of Choctaw, thence to Houston in the county of Chickasaw, thence to the town of Pontotoc, and thence to some point on the Tennessee river, in the county of Tishemingo; and also a railroad from Mississippi City, in the county of Jackson, to the town of Jackson, to connect with the railroad from Natchez and Vicksburg, thence, in the most practicable route, to connect at some suitable point with the road from Paulding to Pontotoc, in the counties of Choctaw and Winston."

Taking all this into consideration, it might, after a glance at these various points on the map and observing the magnificent distances between them, have been quite necessary to add, "they may deal in exchange and other stock, may make, contract and issue their promissory notes" [p. 249] to the amount of their capital stock, and take mortgages, instead of money, for the stock "upon

D

which a loan or loans may be made," [p. 251] and issue bonds therefor, [p. 252] and, in short, be as much of a real estate bank of circulation as any of the rest, so that that fact did not actually appear in the title, and therefore could be consistently signed by Governor McNutt-which his excellency accordingly did on the 16th of February, after he had fully entered upon his course of vetoing BANKS.

As a saving distinction was taken, in the beginning of the "bank war," in favor of those which were required to construct railroads, it may be as well to look into some of those acts which were passed and approved, seemingly under that distinction, and in doing so, it may be profitable to look a little deeper than merely into their titles. In the first place it may be important to remember that not a single one of the railroads contemplated by the acts relating to these corporations, passed at the session of 1838, are at this day in operation, and that most of the companies never laid a rail. It will be recollected also, as we go along, that we mentioned certain solemn objections of a prominent and leading democrat, (Senator, afterwards Gov. Tucker,) against the real estate (mortgage) plan, as creating a "landed aristocracy," &c.; which plan, as if to render the chapter of contradictions and inconsistencies we are remarking upon wholly inexplicable, it will be found by extracts we shall give hereafter from the veto message of Gov. McNutt to the Senate, on returning the bill to incorporate the Real Estate Bank of Columbus, and another to the House of Representatives, on returning to it the bills to incorporate the Yalobusha and Tallahatchie Railroad and Banking Company and to amend an act to incorporate the Yazoo Railroad Company, that distinguished personage also disapproved, (having a few days before approved the bill to charter the Union Bank, and, on the same day, the supplement thereto.)

Under the title of "An act to amend an act entitled an act to incorporate the Tombigbee Rail Road Company," [Acts 126] that company is authorized to locate and establish a branch of their bank in the town of Louisville." Approved, Feb. 9. So [p. 308] the "Mississippi and Alabama Railroad company" (commonly called "the Brandon Bank") is authorized to "locate a branch of said bank in the town of Madisonville," to be "governed by such rules and regulations as the mother bank may from time to time prescribe." Approved Feb. 16. The same company was authorized by another act [p. 82] to "dispose of their entire stock and secure the payment thereof by mortgages," and required to run a railroad from Mississippi City to Paulding, instead of from Mobile to Jackson, which change of route was probably a great inducement for extending this privilege. Approved Feb. 5. The Mississippi Railroad Company was allowed until 1850 by an amendatory act to build the railroad from Natchez to Canton, (and in the mean time to go on and bank.) Approved Feb. 9. And the Lake Washington and Deer Creek Railroad and Banking Company was entirely released from making a railroad at all, and its name changed to "the Bank of Mississippi." Approved Feb. 16. So was the Northern Bank of Mississippi. Approved Feb. 9.

Either as to the extension of capital or the advance of the real estate (i. e. no money) principle, the reader may refer to the acts of 1838, in relation to the Aberdeen and Pontotoc Railroad and Banking Company, the Northern Bank of Mississippi, and, in fact, to those relating to all the other railroad, banking and quasi banking institutions chartered, or whose charters were "amended" or "defined," in that memorable year, and duly approved; but, in a general search of this kind, it may be well not to overlook Bridge and Turnpike companies, or some inkling of bank