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

to pay the expenses of the -war7 We
derive no benefit from the money ex pen
ded,-on the contrary, it is all expended
at u point remote from US, and vet,
where is the man who would refuse to
pay his twenty or his forty dollars for
such an object? No citizen Of Missis-
siPpi is SO destitute of patriotism and
state pride as not to be willing to shed
his blood and spend his money in the de-
fence of the soil of his state: no one
could bear that it should be polluted by
the steps of foreign foe. And can we.
for the sake of dollars and cents. com
Promit our honor? You are told YOU
will be taxed $40 a head to paw the
State bonds, and will you for the paltrv
sum OF $40, allow the plighted faith of
the State to be violated? | will not be-
iieqe it.
But you will not be taxed to paw this
debt. The assets of the Union Bank
will pay at least three millions, and surely
the Legislature will not be so remiss
as not to secure it. The whole assets of
the bank, ought 10 be assigned in trust
for the payment, first of her notes and
deposites, and next Of the State bonds
! have it from the best authority, that
not less than 2 or 3 millions may be
relied on for the discharge of the bonds
from this source. And the distribution
bill now before congress, aud which
must pass at this or the next session
will give US the means Of paying the Sc,
mi-annual interest and the balance of the
principal Of the bonds. This, think yoI
may rely on.
The discussion of this subject hat
been premature, and got up for party
purposes. The bonds are not due til
1850 and 1858, and many changes may
take place before then. But suppose
the next legislature resolves, ''that tht
State is neither legally nor morally
bound for the bonds, aud that she vii
not pay them;" and thai just before III:
maturity of the first series of bonds, thu
legisture then in session, resolves, tina
we are ''moraIly and legally bound TO
the principal and interest of the bonds
] Which of these resolves IS 10 be bind
ing on the people? There may be thl
con1iction. We have right 10 expec
1t COR the last legislature resolved
that we were bound for the payment Q
the bonds and would pay them fore
see that we are to have nothing but con
flcting legislation on this subject 70
years; and that much angry excitemen
/ Will be produced by 1t, and | thin
much advantage will result from tn
/ postponement of the whole subject, w
Ill after the assets OF the Union Ban
are secured. Let each county exaC
pledges from their members, that the
will use their best endeayors to have tn
assets of that bank assigned 10 cOmmi;
sioners selected by the CHANCELLOR /
behalf Of the state, whose duty 1t sha
/ be to collect the same and apply III
proceeds to the payment, first OF he
circulation, and next OF the bonds, an
that until this IS done, no action shall }
had on the bond question. For until "
know how much we have to pay, it IS bot
morally and legally wrong to reso.y
that we acill pay nothing.
But suppose that it is resolved BY OF
= legislature next winter, that We al
not bound to pay the bonds, viii this
, once exempt the debtors of the Unic
Bank from their liabilities 10 the bank
If the Stgte is not bound to refund Il
money borrowed from Hope & Co., Il
t people who borrowed the same none
r from the Union Bank cannot be bound
= / A, ~
, next legislature, releasing the state fro
/ her obligations, would at the same in
: release the debtors Of the Union Ban
: forever. But a succeeding legIslalu
! may resolve that the bonds must
! paid, and in the mean time the debto
. Iof the Union Bank are all released, q
5 books of bank destroyed, and the !
J, stitution itself bIotted forever from o.
! memoriesl! What is our condition thel
f Why we have wontonIy sacrificed thrt
: millions of dollars, which should ha'
e been held sacred for the payment OF q
: bonds, we must resort to onerouS tax
o ton, to make up this deficiency. But
may be told tirat a resolution to relea
: the state, will not necessarily exemP, q
debtors of the Union Bank. would a
e if this be not SO, what will you do vi
y the money collected. from the debtors
+ the Union Bank alter you have reduc
$ the circulation? You have resolved n
! to refund it to the parties from whom y
borrowedit, and what will You do vi
r lit? VIII you use it? What - U
/ money thus obtained for State purpose
d Why highway robbery would be mo
IS dignified and respectable than this r
1t But TO conclude these letters Let
e in the language of the poet,
], s'Beware how we establish Preeedeai,
IS sLest many errors, by the same example
II ssCreep into the state.n