- year of our Lord.

'_Governor._

'_Treasurer._'

The whole act, of which this section was a part, was passed by the
Legislature and approved by the Governor in 1837, and the entire section
as to the loan as required by the provision of the Constitution of the
State, was referred to the action of the next succeeding Legislature.
That succeeding Legislature was chosen in November, 1837, and assembled,
at its regular session, in January, 1838. After full discussion in both
houses, this act of 1837 was passed by large majorities in both branches
of the Legislature, and approved by the new Governor, A. G. McNutt, on
the 5th of February, 1838. The act of 1837, including the 5th section,
before quoted, was thus reenacted by the succeeding Legislature, without
any change whatever. There was then a full, complete, and undisputed
compliance with the requirements of the Constitution, and, under this
act, thus sanctioned by two successive Legislatures, it is conceded that
the faith of the State was pledged, and that the bonds might be issued
and sold. But it is contended by Mr. Jefferson Davis in his first, as
well as his second letter, before quoted, that the bonds are invalid,
because of the supplemental act of the 15th of February, 1838. Now, it
will be observed, that no change whatever was made by this supplemental
act, in this 5th section of the original act, before quoted, by which
alone the faith of the State was pledged for the payment of these bonds,
and which section alone, as required by the Constitution, had been
referred to the action of the succeeding Legislature. No change whatever
was made by the supplemental act in that section of the original act,
the bonds were issued and sold in precise conformity with its
provisions, and, indeed, these bonds, thus actually issued and sold, are
a precise and literal copy of the form of the bonds as given in the
original act, as before quoted. The supplemental act changed only some
of the '_details_' of the charter of the Bank, but made no alteration
whatever in the 5th section. This supplemental act, which is now
denounced by Jefferson Davis as unconstitutional, was passed, after the
fullest investigation of this question, as to the power of the
Legislature, with favorable reports as to the constitutional power by
the joint Committee of both Houses. The Committee reported to the
Senate,