Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-02-06


that nothing in the whole caialogus Of human ills,
occasions TO the sensitive mind the same amount
Of anxiety, misery, and des0ialion Of spIfl, as a
stale Of hopeless Indebtedness.
Such a condition al tunes, completely subdues
and OysrNhelms the most powerful energies, and
The individual Who under different circumstances,
might have been an honor, aud ornament 10 sOcie-
", is thus prostrated and lulned and forever lost
10 the community.
On the other hand if no law existed enforcing
the payment Of debt. all transactions would be
conducted with the greatest possible degree of
prudence and foresight. No person would be
credited for any amount, who was not known 10
be man Of the strctest integrity and Puncluality.
And every body under such circumstances who
obtained credit at all, would use every possible
exertIon to observe strict punctualiiy, as every
one would know that bis obtaining credit ut all
was on account Of bis supposed integrity.
But lhe length Of this article warns me to
draw 10 a close. Some Of the most important
matters connected with the subject have not as
Act been alluded 10 those must be reserved tor
future number la the mean time will remark
that as have no other object IN view than truth,
and the good Of society, lnvi;e any person who
may be so disposed TO examine the views ad
vanced, and if he finds objections to them, to pre-
sent such objections TO the public, and ithey be Of
sufficient force to lead to change efmy presen
sentiments, will not hesitate to acknow ledge my
error. must be permitted to remark however,
that nothing that may conceive 10 be unfair in
Argument will DO in the slightest degree noticed,
as regard the subject as altogether too grave
and important in it bearing, to be passed by with
out calm and honest consideration. A
U]We take pleasure in publishing the following let
ter from Gen. Speighl 10 citizen OF this county
1t upon subject of the highest importance to the
people of this State:
CHIcKAsAw, FEBRUARY LIST, l84l.
DEAR STA: To the several enquiries, contained
your letter the 25th utmo, shall respond IN as
brlefa manner as possible. You ask what ought we
TO DO in relation to the State Bonds suppose
you mean the bonds oil the Union and Planlers
Banks. My opinion is that the Two banks ought
forthwith 10 be placed in state of liquidation ant
all the assets applied TO the payment of those bonds
As to a balance should, ANY remain, am decidedly
opposed to taxing the people, in any manner to pay
it. llany means can be devised otherwise, | have
no objection. With regard TO the credit or faith o
the State, which you seem to think is pledged an(
may in certain event, be injured, | entertain n,
such fears. You know my creed is that one legsa
tire cannot bind another any more than one gene
ration can another or the dead the living. Til
was the ground took last winter in the legislature
and it was with an eye single 10 this very question
Did believe in the doctrine Of contraclsa s preach
ed upast wner,by Wings and some ofour Demo
= Gratis, should go unhesi'atngly for The immediat
IS payment Of those bonds by taxation, for there is
t other mode. But let us for the sake ofsrgumen
IT view the ground took, and come Immediately t
the point, and suppose it a contract, and what 10
d owS The law of contracts teaches not to conslru
with tina, sever lty that lawyer would penal stat
: ute in case Of life and death but TO adopt tha
# sound aud prudent maxim Of common sense whc
!. is to view the meaning and intent Of all The pal
n ties. Now, in this particular case There were thre
parties to the contracts; viz; The banks az the obi
= gors, and the bind holders as the obhgees, aud tn
r. poor dear people or the State. Now what was III
ID understanding between the first and second psrtie
e Why that the money should be loaned on the sec,
ri,y OF the third party and that the FIRST party wou
# act honestly bank on il according to the Sounds
and mos, prudent course of banking and out Of Ii
IN profits pay the loan and never call on The thin
;. par,yihe State, to pay one cent. This, repe;
in the understanding of all the parties 10 this col
ht tract, surprising it to be one. Does any man
n common sense suppose for moment the legsla lu
81 when they lent, what they pie ase to CALL the fa
be and credit Of the State, meant that the people wou
nd have 10 be taxed to pay those bonds? Without v
H. give into the idea that ii was joint stock busine,
" or IN other words game ofride and tie betwet
n the Legislature and the banks; can any man sup
I'd Pose that taxation was ever thought OF at that tim
ne Taking then this, which contend is the only hone
view Of the question, where the justice or eoui
" OF now imposing lax Of 81, 600 900 on the ha
s. earnings Of the people 10 satisfy tho rapscious hu
~ ger OF parcel of spectators and stock obbe
>, which il commenced has no end andwoud drive III,
w sands OF our best citizens out OF the State SLou
I'd this sum OF money be collected from the people
y taxation, it viii, on the one hand raise rich ba
n. vest for the hungry officers and specuators viii
IN tie other, it will produce scene Of distress Al
he misery unequaled in the history of this world
% We hear it often asserted that to refuse TO n,
As the bonds will be dishonest, and will disgrace ii
ry State. This however most generally comes fro
nd those who have little 10 fear from taxation, b
n much TO hope from il Amidst "lhe wreck
~ ae matter and the crush Of worlds" there is chan
en- for all to come in for part Of the spols tn
lat is question that belongs 10 the property hold,
dc and ], for one, say to dishonest lnsolvency-.Ge
h. tlemsn hands of. II there be tax laid al
Of you know who will have it to pay. II will
", those who produce the cotton bags, and not Il
,st loAfe,N who indead land Nth sh.n. ko :. -: