Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-12-09
THE MISSISSIPPI CASE.

we give IN this paper the communication OF
Gov. McNutt to the editor of the Richmond En-
quirer, which may be regarded as an official OK.
position Of the grounds assumed by the Locofoco
party in Mississippi for opposing the payment Of
the States Bonds. They are indeed most flimsv
and sophistical. In the words of the New
York Tribune 'the Bonds were authorized by the
Legislature, executed by Gov. McNutt, negotiate
ed by the Commissioners, and paid for by the
purchasers. There is no possible reason for be-
lieving that any fraud was contemplated; the
Commissioners evidently got the uttermost far
thing they could for the Bonds, and the purchas-
ers paid more than they were worth, and must
lose, through the depreciation of Stocks, at least
One Million Of Dollars by their bargain, even if
the State should fulfil her engagements. Not
one cent of the proceeds appears to have accrued
to the Commissioners, but every farthing was
placed in the Union Bank, just where the Legis-
lature directed and Gov. McNutt intended it
should be. The original purchaser-to wit, the
U. s. Bank-has paid Five Millions of Dollars
for those Bonds, and has pledged them with for
eign Bankers, as security for loans, for much
smaller amount, which is all she will ever realize
for them. She has paid interest on them and re-
ceived none, and now must sacrifice her Five
Millions for Two or Three Millions, while the
actual holders would be very glad to part with
them for less. And yet Mississippi has been SO
defro"ded that she will not pay farthing!'
"Ofcourse, the fact that the Union Bank of
Mississippi has since loaned out the money to
those who will not repay it, is no part of the case.
The creditors Of the State could no. help that
The money was paid to Mississippi, being paid
to the U. S. Bank, in whose behalf her bonds
We're issued and to whose officers she entrusted
them. How can she refuse to pay theln7"
The Richmond Wing, in speaking of the con.
duct of this disorganzlng and reckless faction in
Mississippi, thus remarks:
"As far as our historical information reaches.
this is the first deliberate, formal, and avowed re-
pudiation of pecuniary faith by any Christian
community. since the dawn Of modern, that is to
say, Christian Civilization We read of such
things not even among the Turks! No-Maho-
metans, though they be, the Turks act up to that
which they belleve-but among the nations which
have benefited by the progress of Modern Civil
lizatien, there is no example OF it, save by the
State of Mississippi alone! God be praised, that
no man can say 1t was advocated or done by
Wings! Were such an Infamous stigma Justly
to alight the escutcheon of the W hig paIty. Il
would well deserve the adherence with which
It's opponents pretend now to regard it.
The two nations of modern Europe, France
and England, who have furnished models of CIV
ilization to the rest of mankind, in all their Rev
dictionary throes, furnish no instance of bad pc
cuniary faith in Government. Whatever was
the dynasty for the time being or however it was
subsequently subverled, there was no attempt ey
er made to annul the debt which the acting Gov
eminent had contracted. Such contracts, when
they were traced to the public service, were ever
sacredly respected. In France, the Republic
paid the national debt of Louis the XVI: Napo-
leon paid the debts of the Directory Louis the
XVIII paid those Of the Empire: Louis Philippe
those of the excluded dynasty. Public faith in
the article of MONEY, and the indispensable ne
cessity of maintaining it, as well as the morality
has never been violated or denied by any modern
Government in its worst or most revolutionary
form.
What must be the effect of the conduct of Mis-
sissippi upon the American character and inter
ests in Europe! Rogues-Rascals-Sw
-pirates-are the very mildest terms which thew
will apply to us-all Americans are known to
them as Yankees, and the name of Yankee. will
be SYNONYMOUS with that of rogue and cheat
Can public opinion-even the public opinion of
Miss, Mh;;ss,ssippmts prepared for such state Of