Southern telegraph., 1837-04-18


which We have quoted fom Judge story
-T'de also Eenfs Con. 4l0, aaa Ser
geanfs Coasi, Lar, 8i6, Ct. srq.
'Ele Whole current Of authorities upon
his point is IN accordance with those which
we have cited.
2n1 Our second propositil n is too ob
viously true TO admi, Of dsbate. I, is evil
dent that the preservation Of the credit Of
the State, aud the increase Of her active
capialun monied facilities, arc objects Of
the highest Importance. To secure these
advantages il becomes US to act ia good faith
toward all ourcreditors. A contrary course
would certainly be attended with the most
disastrous res Its. Wait capitals, viii in
vest his money in State where temporary
excitement and popular phrenzy can pro.
cure the enactment of laws denying him
all remedy upon his contracts, and throw
ing him entirely upon the tender mercies
of involved and diatory debtors3 In what
market can the Union Bank bonds to the
amount of $l5,O 100000 be negotiated, when
the term "Punic faith" shall be banded
about in the commercial world in connexion
with the State of Mississippi Where will
our merchants, that useful, but much abqs-
cd clossof citizens, find credit, if under the
operation Of State laws they can set their
creditors at. defanco9 It was the relief
system of Kentucky which threw her half
century behind what she might have been
in wealth and Importance. With soil as
productive as any upon the face of the earth;
with every aayantage for commerce and
trade whcRshe could desire, and famed by
breezes as salubrious as those which are
the boast Of the mosi favored cline, she has
suffered Ohio, with one half her advantages,
to double her in population. in wealth and in
Importance. What will be the condition of
Mississippi, if by a course Of policy founded
in fraud and reekng in iniquty, she shall
cut off her resources and forfeit her stand
ing with capitalists and commercial men in
New Orleans, the Atlantic and foreign ci-
ties? II is the credit system, which has
made Mississippi what she is; and although
it has been one of mutual advantage, and
has been carried too far, yet she cannot, for
half a century at least, get along without it.
Let us, then, cherish orr credit as we would
the vital spark, anl feel assured that we
must look TO it as the principal s,lrcc Of our
pecuniary salvation
I will now proceed to examine the ohiec-
lions to such course of Legislative policy
upon the supp1sition. TINT it would be con-
stitutional and valid, and would afford tenn
porary relief.
1t is conceded by the advocates Of this
policy, that it is of evil general tendency,
and that extreme cases only, cln ilstify its |
adoption. AS a precedent, | en- conceive
of nothing more dangerous. If it may be
resorted to in one case, why may it not be
made perpemal9 and what security have
we, that II will not be so? 1t sholll be re-
sisted at the first step of its progress; and |
Mississippians should show the world that
they are willing to sacrifice interest, which
is temporary, to right and justice, which are
eternal. In the decisions of the Court of
Appeals Of Kentucky in the cnses Of Fisher
ps CocEcrcI, and Fisher Us. Higgins, 5
Moaroe's Rep l29, l40, the Judges take
occasion to denounce all laws which arc
retrospective in their operation as being
odious, and contrary TO lhe principles Of good
government, and all just views ofcrpediency.
AS early as tho time of Lord Raymond,
and in England, where the power of Parlia-
ment is confesse1ly unchecked and omnip
otent, that learned Judge denounced the
policy of such laws, and insisted on the most
rigid and limited construction of them by
The Judiciary. Vide2 Id. Raymond's Rep.
1850, Wilkinson rs. Meyer.
Will Mississippi, then, throwing aside all
ler natural advantages, and cutting off her
'ightful resources, for purposes of tempora-
y convenience, adopt course of policy in
raud of Individual right, and in violation Of
,ommpp justice and common honestys
But suppose this policy to relieve the
lebtor, and to save the sacrifice Of his pro-
,orty; will not the creditor sufferG Who
loes not remember the sacrifices Of claims
which were made under the appraisemont
aw, when executions for five hundred dol
ars against solvent men, could be bought J
or two hundred, or two hundred and fifty? !