New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-11-25
The Repudintion of srnte Debts.

ton. 1 nat paper oe'o'V' 49,
its Tuesday evening issue to direct and iao9red
defence Of its Political allies of Mississippi in re-
f,,ipg TO pay the State Bonds!
We are surprised at the boldness of this avow-
al-and ye: perhaps ought not TO be. OF what
act of shame and injustice calculated to bring dis
honor on our National character, occurring within
the las, twenty years, has the Argus not been the
apologist1
The robbery and exile of the Characteristic
tearing them from their fresidcs and their affairs,
where Christianity and Civilization mad for years
been exerting their benign influence, where
schools, and farms and comfortable dwellings had
taken the place of wardanccs aad hunting grounds,
and savage wigwams-ihe cxpatriation of peace
full unoffending and steadily improving people,
who had fought our battles in war and ceded Us
their lands in peace and who vainly prayed US,
through years of patient endurance of tyranny and
wrong, to fulfil our solemn treaty stipulatons and
protect them in the enjoyment of the small rem
nant of their ancestral ,erritory-the Heaven-dar-
ing inquiry of this black chapter of National per-
6dy, found Jealous and skfu apslogist in the
Albany Argus.
The mobbing and manning those who hold meet
ings in opposition Slavery-the violation and
robbery of the Mails-the spirit of riot and out
rage which broke up by violence State Conven-
ton at Utica and caused the murder of Lovejoy
at Alton-ths has from the beginning received
encouragement and aliment from the Albany Argus
The doctrine of Gen. Jackson that we could not
recognize the right of Indians to lands which they
had merely Z" seen from the mountains or passed III
the chase'-a doctrine intended TO palatc the vio-
lation of solemn treaties-and the consequent pro-
vocation of the Seminoles by shameful frauds and
cruel wrongs to retaliatons out Of which have
grown the present relentless war-all these, and
many kindred iniquities, have met the tacit and
effective if not the bold and energetic approval OF
the Albany Argus. Ought we, then, to have been
surprised at its present avowal2
Let us examine the grounds on which the Argus
iustifes the conduct of its Mississippi brethren:
The Legislature of that State-both Houses Van
Buren, in politcs-in 1887 passed bill to authorize
the borrowing of Seventeen and a Half Millions
of Dollars for Banking purposes. Two Millions
were so borrowed and invested in the Planters
Bank. This, the Argus says, its purity do not
object to paying Is it not the fact that the Bank
will pay the Bonds itself And if so, is not the
offer of the The State to fulsl its engagement in this
respect rather cheap way of showing honestly
The remaining Fifteen and Half Millions were
to be invested in grand Union Bank o:
Mississippi" According to the Constitution OF
the State, the act authorizing this great loan was
passed by the Legislature of 1887, advertised in
three newspapers for three months prior to the |
next State Election, and approved by the Yeas
and Nays of majority of the Legislature now |
elected-to wit that Of 1888. So that the bill TO
establish the Union Bank and borrow Seventeen
Millions and Half deliberately approved by |
two successive Loco-Foco Legislatures, and inter-
mediately by the People of Mississippi, to whom
it was thus distinctly submitted.
The Bank and Loan bill having been thus ap-
proved, the Legislature proceeded TO pass a sup
Elementary act, authorizing the Governor Of tho
State to subscribe for fifty thousand shares Of il
stock, to be paid for out of the proceeds Of the
State bonds as above authorized. The managers
of the Bank were authorized to appoint three
Commissioner. to sell tins Five Millions OF State
Stocks where and when they should think proper
but not under par. The Commissioners, thus
authorized, proceeded to sell the bonds in Phila
delphia, taking therefor at par bills Philaiel-
phia having some time TO These bills were
worth money in Mississippi, were paid into the
Bank as cash, credited to the State cash, and
paid out by the Bank as cash. They formed
most acceptable medium of remittance TO the
East, were paid promptly when due, and were
doubtless worth mere than cash in Mississippi
when at maturity. Nobody can doubt that both
the original purchasers and the present holders OF
these bonds have paid more than they are worth
for thenl-far more than they could be sold for Ii
they were fully acknowledged by the State.
Thus stand the facts, then: the People OF Mis-
sssippi authorized the borrowing OF Seventeen ard
Half Millions the State as a basis for Banking
operations whereby their general and pressing pc
cuniary wants should be relieved and in pursu-
suance of that law Seven Millions of bonds have
been issued on the faith and credit e the State and
the full value realized therefor If there has beer
irregularity in the issue-if the supplementary act
were not authorized by the former ac,-t has been
wholly the fault of the agents Of the State either
directly chosen BY the People or created by those
who were so chosen The mosey has been spen,
precisely as the People intended i, should be-
loaned out among them. Doubtless many among