Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-04-14
From the vicksburg Wing.
THE STATE RONDS

Inc Bonds of the Union Bank were sold in
Io3S-the Bank commenced discountinp in
the tall of the same year-issued A LARGE
amount at post notes, and loaned them to the
community generally. In the spring of 1889.
melted by the legislature and the people, the
Bank mande another issue of post notes, amoun-
ting to about S4,000OO0. These too were
loaned out to the people, hut the supply being
greatly inadequate to the demand, it was soon
iound that the number ofapplicants who were
disappointed IN obtaining loans stood in the
ratio OF four, or SIX, to one of those who were
succeeding in getting a discount. As is usual
IN such cases, those who were disappointed in
getting money, raised a clamor against the
Bank. 1t was SAID that the directory had dis
played great partiality and favoritism, and the
croakers Of the land Immediately began to pre-
dict the downfall OF the Bank-public conf
dence began to give way-the money depre-
GATED, and what before was but the prediction
OF disappointed men, seemed 10 be fact.
The notes of the Bank continued to run down
until they were worth only the partial sum of
80 cents in the dollar. During all this time,
| from the sale of bonds up to the moment when
it was conceded that the bank was hopelessly
gone, the mouths of the anti bond payers were
closed. The stiffness of death prevailed their
ranks, and never until last summer was the
question of the States responsibility to pay
the bonds raised by any one.
Now, if the bonds were, as the anti payers
alledged, illegally sold, why was the discovery
not made sooner! Where was the vigilance
of those who are now so Mostly declaimlng TO
the rights of the people! Why slept the thun
der OF their eloquence! Why is 1t that these
presses, now SO vociferous in opposition to tn
payment of the bonds, did not sound the alarm
Where were those trusty SentinelS on tn
watch tower! Did they sleep on their post, o
did the great money King silence theiTlhoars
throats! They stood mute. From the tim
the bonds were sold, until every dollar Of tn
proceedings was recklessly squandered, thos
men were slent.-Their warning voice wa
not heard until the last dollar was wasted, an
, then, with a clamor as great as their former $
lence is astonishing, those men came fOrwal
D and declared that the State was not boun
legally or morally to ay the bonds, for II
redemption of which she solemnly pledged ht
faith. Why, we ask, was 1t so! Why wei
they silent until the proceeds ofthe bonds we
i wasted! The answer is plain. They hope
y as party, to make something of the instit
!, tor, and when, the last hope doing so falle
( then it was that they assumed the ground tn;
/ the bonds were fraudulently disposed of al
, hat the State was not bound to redeem thel
y IfMcNutt ard his clique could have control
e the Union Bank, we could never have heard
e solitary murmur about fraudulent sale o. u
!. bonds. We should have heard nothing OF
II oated constitutions and burthensome taxation
q and those who are now so clamorous whot
have presered the death-ike silence WIN
= they maintained for two long years.
1t is idle for the anti bond payers to assuI
IS the ground of an Illegal sale at this late ia
&c Thai is not the reason! The cause t1eS dseP
,r The party which for years has controlled |
b. destines of this young and growing state
II party which has reduced us to what we
has recently been Frustrated. Ihey Ia
10 been routed in their strong hold-the s"eP
g. has departed from Judah, and the posiill IN
s. sumed by that party has been taken deiIOera
w " with the view Of retrieving It's 1alien
tunes. The leaders know that It IS useless
attempt torally their scattered forces aroU
IT. the stained and tattered banner under WI
w they have so long fought and with the re
nv lessness which has even characterized I'M
s. thew have made bold stroke OF power, by
adj clarinr war against the pighted faith and CT
IN arter of the Stately artul appeals 10
~ we'll known preiudices Of the people agS
"J everv thing in the shape OF taxation, they
p 10 succeed in rallying party sufficiently
AID merons 10 restore to them the power when
so So recently been wrested from them. i
ms homes are vain. However they may suc'
M h enl,stinp the reckless and the turbulent
~ a,a eyer ready to do battle under the Dal
ny of INSTRUMENTATION, they will find the PeoP'
ere NI;ssissIppi, the great mass OF both paIlle
ole ,L;s State firmly and decidedly opposed -
ck, , .Ii'5 schemes. The PEOPLE, those who
va. ~ honor and character OF the State al n
he .l'J h. found battling side by side regardle
~, WI - considerations, in opposition to mi
we BILE iacuon' wno ~ ,, ~ be the game
the but VINO may p