Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-03-17

PAYlfENT OF THE sTATE 10NDE.

month, AZ some point EAST Of Pearl river.
Under such circumstances, il is the duty ofev-
cry Wbin and Of eterg Democrat, at al
mindful q the honor and integrity Of the
State, 70 place themselves upon. the altar,
and 70 prepare to make known to the people,
the real question involved IN the present con-
trOversy. The main design oflhe Locofocoe,
IN opening the canvass 50 soon, IS to forestall
public opinion, BY binding the people tothe
real question in dispute, and by holainO Ont
the false issue, whether heavy tax shaud be
Immediately laid for the redemption Of the
State Bonds--to get the popular current SET
90 strongly against their payment, that no ef-
forts or Arguments Of the friends Of the meas
ure, VIII be able to contervail the impressions
which they may make.
TO ourselves, the proposition does seem SO
PLAIN, that the State Is bound, by every tie Of
honor and far dealing, TO discharge the obliga-
tons which have been incurred BY the ISSUANCE
of her bonds, that we cannot for the life Of ms.
preceive upon what grounds any honest man
can advocate different policy. Scarcely anv
man IN the community, we presume. would
have the hardihood to contend that an individ-
uai should refuse TO abide by any contract
which he had willingly gone into, whether il
had proved as profitable or not, as was antici-
pated, and why a different code of moralitv
should be applied 70 State, which Is but 4
collection Of individuals, than 10 man In his
private individual capacity, we are at loss to-
concerns, and yet il would appear, from the ar
guments Of some, that they believe a State
nay DO an actwith iupunity, which ifdone by
a citizen ofthc State, would PROSTATE his char
acter forever, and damn him to everlasting in
hmy. Why Il is, that men in masses wiz do
things, whichas individuals, they would almost
shudder to Imagine, we are unable to say. The
fact we know 10 be so BY experience, and it is |
that principle ia our nature, we are constra iued |
70 believe which prompts those who are oppo. !
sed to the payment ofthe bondsIto advocate the |
adoption Of such a pOEGcal BY the state as
would blast roe credit, and cast disgrace uDon
any man Who you'd pursue it in bis private /
reatoDS-
The duty which rests upon the State, topro-
vide for the redemption 0fthe bonss-tbe sacred
obligation Of honor, which weigh upon her. |,
never to forfeit her pledged faith, seems to us
too strong 10 admit Of an instant doubt, much
less Of serious debate, % to the propriefy ofthe
payment ofthe bonds.
s5'Fhe true issue made between the opposino
parties on this subject, whether the State shah
be dishonored and disgracsd, by refusal to
pay her debts; or whether the foul stigma,
which SANDER and detraetiOn have fixed in
some degree upon her proud escutcheon, shall
be wiped away, and the doomed hon or of
the State be flched, as il were, by the locks. {
from the obloquy in which it has been partially
submerged.
Let US calmly review for an instant the cir
:umstances under which this debt was created.
Take the;case Of the Union Bank bonds for ex-
imple. L
We all do well emember the terrible reyui- Ii
ion in commence and credit, which took place e
a the spring Of 1897. None of us have forgot y
en- the deep pecuniary distress, which as a "
al hung darkly over all occupants OF our O
tate. The value Of our great staple had Il
cen reduced almost TO farthlng in the pound. Ia
BUSINESS OF every kind was utterly prSstrated; m
lOney could not be had, on any terms, for the
'soures OF the needy borrowing was cut off e
ON our citizens by reason of the destruction III
confidence, which ever accompanies great fe
'cunIary embarrassments; rendering that IA
hicb is calamitous in itself still more SO. bv by
G utter prostration of credit, which takes ov
ace. iol
Being thus depressed and overwhelmed. the bu
Overaor Of the Sta ettthe earnest olicitalion th
the people, convened the Legislature m an pl;
ira session, 10 devise some means, if possible IN
restore the country 10 its ancient prosperity. IA
d the community from the tLraldom which yC
ind It. DO
After due elaboration, the schemes which in
peared most plausible, and which all parties
CURED IN prOnouncing the best that could be br
vlsed unber the circumstances, was the es- wi
OF bank, with dufficIent capital to alb
Get the demands Of the community; aud as wi
e credit Of private individuals was DESTROYED;
was proposed to pledge the hitherto unsulI- ny
and spotless faith Of our State, that the mon pc
borrowed should be paid. A bill therefore, ito
artering the Mississippi Union Bank. and fro
sdgIng the credit Of the State for the paw SCI
ent OF any loans of money which nigh be da
ade to the bank, passed both branches OF tW
e legislature, and received the sanction and sy
proval Of the governor. By the provisions ris
the constitution, no act. pledging the credit 1t
the State for borrowed money is binding up tn
! the people, until il has been passed and ap- a
owed by two different legislatures; by which fe
eanS, it was supposed that the calm and de. oc
)erate approval OF the whole community pc
ould be evinced, by the pledge Of the sove- az
IGN faith of the State for the fulfilment of ca
ie obligation; accordingly the legislature b
hich convened in Januay, 1898, repassed the m
ii cbartering the Union Bank, and when SO b.
lssed, il again met the sanction Of the COVER fir
OF. It is worthy Of remark ia passing, that W
iharles Lyncl-a whig-was governor in 1887, m
nd approved the bill, and Alexandra 6. a
IcNutt sanctioned the bill as passed in Janu-
~, 1893, whereby it received the approval of v,
NO executives Of opposite POLITICAL opinions. fc
~ virtue of power contained in the law, the b
appointed to borrow the money :
equired, proceeded to Philadelphia, and in dis a
barge Of the duties, ss,ldt 10 Nicholas Biddle. "
sc. GUemiiliOns of bonds, made by the State, !,
nd received from him in gold and silver, or o
heir aouisyaianfaf anu unodp of communication, a
which may be- adopted, upwards of four and a 4
alt N lions If dollars. The money then bor- \
owed, was deposited in the Union Bank, and {,
pnn the faith Of it that bank has loaned to our b
itizens upwards oftwelve millions OF dollars, f
which was used in liqnidating debts wh.ch were Ii
hen owing by, aud in any cases. npened into n
Judgment against them After this sale was e
'ffected by the commissioners, in January, b
1899, the legislature again assembled, and M h
m the question being put to them, whether 4
he commissioners had disposed of the State h
jonds in pursuance TO the powers conferred \
Ipon them; an answer was given in the az (
irmative. Afterwards, in January, 1893, thu \
legislature again assembled, and recognized, +
~ them silence, the validity of the sales Of +
ne bonds, made by the commissioners. 4
Such is PLAIN. unvarnished statement OF I
he facts connected with this transaction--snd '
lpon what plausible grounds a refuse To pay at d
bis late day can be predicated we are at loss h
o conceive. Still, the fast is, that there is a
'arty or rather faction. in the State, who pro- $
'ose the adoption ofsuch a cource. This frac- f
ion, is small and is more noticeable on ac- b
cunt Of the clamor they make, than from any a
Of numbers. persons, or argu- g
nents o
50 far as we have been able to gather from b