pi Union Bank, do hereby designate the agency of the
Bank of the United States in London, as the place of payment of
the within bond and interest, and hereby assign and transfer
the same for value received to the bearer, principal equal to
L450 sterling, and guarantee the payment of the same at the
place designated.

'S. GWIN, _Cashier_.

'H. G. RUNNELLS, _President_.

'Mississippi State Bond, No. 91. 'Redeemable February 25th,
1850.'

As to the place where the bond was made payable, there could be no
objection, for the original, as well as the supplemental act, gave full
authority to make the bonds payable abroad. But as to the objection that
they were said to be payable in sterling, at the rate of four shillings
and sixpence to the pound, the answer was, as shown: 1st. That this was
the true rate of exchange. 2d. That the bond was payable in Federal
currency, and this was all the bondholder ever asked from the State. As
to the allegation that the bonds were sold below par, the court showed
most conclusively from the facts and agreed case, that they were sold
above par, and their constitutionality was fully affirmed.

The argument of the Attorney-General (Glenn) for the State, embraced 32
printed pages; in addition to which was an elaborate argument by his
associate, Mr. Stearns. The opinion of Chief Justice Smith embraced 45
pages, the concurring opinion of Justice Yerger, 27 pages, and Justice
Fisher concurred. The State was not satisfied, but moved for a
reargument, that of Wharton for the State, embracing 54 pages, and that
of Mays, on the same side, 32 pages; but the court adhered to their
decision, and unanimously affirmed the decree of the Chancellor against
the State. The decision of the court, in the heading of the case, is
thus given by the reporter.

'The bonds might have been legally issued to the bank, by the
Governor, on the 5th June, 1838, pursuant to the provision of
the original charter of the bank, and the faith of the State
pledged for the purpose of raising the capital.' 'The
supplement was not void in consequence of not having been
passed in conformity with the provisions of the Constitution
contained in the 7th article, 9th section of that instrument.'
'The object of the original pledge of the faith of the State,
was not changed by the supplementa