The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1841-08-28
sTATE CREDIT ABROAD.

borrowers, prosper win winch VIC
were threatened by paper of the last
arrival, has created a strong feeling OF
the propriety Of resisting every attempt
10 send money to country where the
legal and moral obligations OF paying
State debts is still an unsettled question,
rather calculated to elicit the ingenuity |
of the disputant than likely 10 be solved
TO the satisfaction Of the lender. A cor
respondent suggests that the first effort
of the kind should be met by the publ
cation Of u resolution by the committee
of the Stock Exchange against the intro
duction of any fresh American loans UNI
til all the States have paid up their ar
rears ST dividends, and have gwen secu-
rity for future payment. This measure,
throwing obstacles in the way OF every
State, on account Of the delalcations of
few of them, would be somewhat severe,
but the unsafe appearance OF affairs gen
orally, is such, that the people of the U.
States must not be surprised If the reso-
lutions adopted here are more than ordl-
narily stringent"
The above article is taken from one
republished in the Baltimore Sun of July
3lst, from the London Spectator Of July
10th, and is not intended by US to excite
the fears of the people, as some antl-bond
men may probably think, but to throw
some additional light on the position Mis-
sissippians now hold in relation to the
Union Bank bonds. 1t will be discovered
by this, that in the reputation Of these
bonds, we will not only destroy the Gre
dit Of the single State Of Mississippi, but
by this violation Of our contract, we will
cause to suffer very materially, the ere
dit in England Of some Of our sister States
whose character for punctuality and
faithful compliance with pecuniary obi
cations. has heretofore stood beyond sus-
picion; even those that up 10 this assert
cd defalcation ofours have never intima-
ted that they had the most remote idea
of refusing to pay any debt they may
have contracted and s.bout whose ability
to pay all debts, no doubt has ever exist
ed. The effect our action may have on
sister States, surely should not bias us
to acknowledge an unjust debt, but before
we repudiate this debt, all the conse
quences should be looked to,-not alone
the consequences to ourselves Immediate
or remote, but certainly if our action
should have any bearing on other States
that bearing should be taken into consi
keration and we should most assuredly
act with more circumspeclion and deli
beration, when their interests are likely
to be involved by US, than if no interest
but our own were to be affected. Wit
regard TO the influence our action oil
this subject, may operate on the credi
and standing Of other States, it is RICH
and necessary that we should be extreme
ly particular. 1t is a delicate matter il
! deed, and the reputation by Mississippi
of her bonds will affect the character {
all the States. The vote anti bondme
:, are about to give, we consider the mo:
important they ever did, and probabl
the most important they ever will give
More various interests are involved, an
:. those of Mississippi are different in the
;: tendency and character from what the
10 would happen TO be, in probably half
~. dozen centuries The faith of the Stat'
Is 1t to be violated! In our humble OBJ
;, mon 1t will be if anti bond votes are cas-
= We conJure you to ponder well the sui
=, Ject, before it be too late to retract.
- our obligation to pay these bonds is val
which we, with all Difference deem it
&c be, and majority of the people say II
90 contrac> isy void and deny the existen
!. of any obligation, what should be .o
- character? lfuPon adjudication of Il
- matter, by judges elec.ed by ourselve
* we should prove liable, one party won
= occupy a truly unenviabie position.
ter all the hubbub and excitement y
have had about the affair, this would be
= virtual acknowledgment Of the debt, al
anti bondmen would be aptto feel ashar
ed of themselves. If on the contrar
We upon adjudication of the matter by Judge
IT. elected by ourselves, it should be unius
KS ~ decided that the State of Mississippi
nd not liable for these bonds, would we n,
OF be obnoxious to the imputation Of maxim
O. laws and elec!ing judges to tally with o.
of preconceiyed opinions on this particul,
lie matter? And could not this charge
in made with some show of plausibiIity?
nd the election of Judges and the entire co