The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-10-22

bilities ofthe stockholders. They have a right
Ito demand that the State shall take measures
I to enforce this remedy by coercng the banks
10 meet their engagements to the bond hold
ers. If the State neglects or refuses to COM
ply with this obvious duty, it will not only
forfeit the faith Of the State, but waste large
fund which might be saved. Will not the
| Legislature be false 20 the obligations and
honor OF the State, if it refuses 10 enforce the
rights of the bon holders against the Plant
ers' Bank and the Mississippi Rail Road Com
/ pany, when those corporations have failed
! to comply with a most solemn engagement
to the bond holders and the State!
/ 1t is the duty of the State to put those
banks forthwith in liquidation, for it is ad-
mitted that they cannot longer continue TODD
an advantageous business. 1t was asserted
| by some of the officers of the Union Bank, at
the meeting of the Stockholders for the cleo
| ton Of directors, that the profits of the bank
never could pay expenses and the interest on
/ the State bonds. Such being the case, the
sooner it is wound up the more il will! pay.
The liquidation Of the bank would at once
save an immense expense to the State. 1t is
also manifest that the assets Of the bank could
be much better managed by commissioners,
and would be safer than were they now are.
Ghe assets ofthe banks, may, perhaps, by
good fortune and proper management, pay
nearly the whole debt, we may be able, from
other sources to discharge it without great
difficulty. All men will admit that the assets
of the banks should 20 to the bondholders,
even if the bonds were not legally negotia~
ted"
Mr.. Towards views upon the subject of
the effect Of this ant-bond crusade upon the
COTTON TRADE Of the State is precisely that
which we have so often enforced. To those
who have denounced our views upon this
subject as Ohiggery, we recommend Mr..
Howard's remarks.
"Another question presents itself. If we
refuse to paw these bonds what will be the
course Of foreign natoins whose citizens are
the holders of them! The United States has
more than once threatened war on account
of the On-payment of debts due her citizens,
by foreign powers. according to the talO Of
nations, II o0ouId be Just ground for s0ar-and
the consequences ofG refusal 1Oouid be, that re-
priSats GUouid be made, and our cotton SeiSed
IN foreign ports. The prospect Of such d state
Iof things would, for gears, affect the price Of
our staple, both at home and abroad. No one
sAoa'Ld chip cotton from mississippi, qCith such
risks hanging OUer 1t. The SelzuTe OF prop
erty aCould be The most expensive payment the
State cou Id suffer, and 1Couid inUoiUe in ruin
The feoo, instead Of bearing equally upon all
The calan,itjes Of such state Of things rOOuIG
be ipconceicabLe.
Ifreprisais were not resorted to, the Fed
, .era Government would be called on to pay,
and in case of a refusal, perhaps the whole
f Union would be involved in war. 1t is easy
to foresee ihat the refusal of a few States to
pay their debts, will lead to an assumption
Of all the State debts by the General Govern
, Iment. In the event of such measure, the
fate of the staple States would be sealed.
They would be compelled to pay the debts of
all the other States, by means of high tariffs
and indirect taxation. 1t may be safely as
isumed that such measure would levy tax
upon the State, at least five times as great
as that which would be required to discharge
her own bonds. We should not only be com
PEELED 10 pay our ow n bonds, but would have
TO contribute to the payment Of the debts of
other States.
If we contemplate this subject, aside from
all questions of national honor, and look at it
only as one of interest, see nothing to gain,
but every thing to lose, by refusing to acknow-
, ledge and redeem this debt. True, the pay
, ment of this liability may be attended with
some inconvenience, yet is to escape great
f er calamites."
To DEMOCRATS, Mr.. Howard now especially
addresses himself. This, then every demo
Graf will read with avidty. 1t IS sound
doctrine, by whatever name it may be called;
5 and no man can read it amiss.
Democracy is political justice, truth and
honor. For people to do wrong, to refuse
to comply with solemn contract, would be
contrary o the very spirit of democracy,
t which is, to do unto others as you would they
t should do unto you. Democrats should be
careful to pursue such a course as will do
honor to the people and the popular sense.
II They should not, by trampGng upon good
: faith and justice, put a weapon in the hand
: OF the enemies of popular freedom.
/ Above all, let not the democratic party sac
$ rifce one ota ofjustice and national integri-
e ty upon the altar OF party success. A triumph
n obtained by appeals to the mercenary feelings
e of the human heart, would be unworthy OF
i that great party. 1t would be bat harvest
n of dishonor, comforting no lasting power. 1t
e would soon commend the poisoned challce to
= their own lips"