Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-02-20

tuffrfN q, sumo bankruptS, WIN nave uuihtu4 To I
laN, OF some hirsd cOuasslisrs, shnuld prove In
have presented The only motive Tor the assump.
non OF the payment Of the FIVE millions of dollars
an qa,siion which S,ll ou,, &c you do noi show
yourselves ready, and as willing, to do justice
to TIA ,r,1l, A. to the siroag.
may be askld ~hy have these fearful fore.
bodilgS, that the citizens Of The State, will be less
likely to preserve uniarushed their pledged ho
nor towards their coparners, than towards for
signers, without attributing to them, some OF all
Of The motives OF action above recRed To
which reply, men generally are much more rea-
DIV to promise to pay money at distant day, than
TO comply with such promise and 10 addition 10
this reason. viii direct the altsnllan OF an ear.
nest enpa rer. Ia the movements of some OF the
leaders of both political parties ia the Siate, m
both the srscutre dad legislature departments OF
State Government. Both of these departments,
if not. already committed, AT least show strong
symptoms Of disposition to mount the hackney'd
hobby horse Of Bank stock holder and give him
(poor lcllow,) another hearty dose, of cold water
and allop.
L am not justified in my surmises, why ask
have the leading iunctouanes of both political
parties, cndcayoured alone, and first, To settle the
question Of ia5ihiy TO pay she bonds thereby
holding in suspense, and IN Stale Of tho most
awful, and painful anxiety, those subscribers tor
tie len and hall millions, OF unsod bonds,
Do you gentlemen, really intend TO make an
effort by appealing to tue m,rcenary feelings Of
the people. TO throw from the broad back OF the
State her just liability, 10 pay inr her o~n stock,
! aud saddle part, or all of ii upon the individual
subscribers, for the ten Rnd halt mlllionsl Ii
50, by what authority do you IN Legislative char
actcr, presume to resolve, The debt Just and due;
| but not due from the State. but a third party pei
haps it would be as well, If resolving, the assump.
ton Of the debt constitutes the budlng ligament
between creditor and debtor,--to apply TO, end
| let the real debtor, resolve, such assumption, il
you deny, beng that debtor, either IN whole, OF
| paHl
II such indeed be your notions OF State honor,
to preserve 1t it abroad, whilst you suffer il
sink into the lowest pit of degradation at home
4 would indeed be charitable in you, TO come III
with your doctrines ut once, and opsnly,hat
your copartners might be apprIzcd OF the lowering
storm, and prepare 10 meet It's luries.
II would be charitable in you, TO undeceive, and
open the eyes. of your unsuspecting, and conf.
ding copartners. at once, by Legislature resolrss,
that their land. would bs Sc zed and coufscaed,
for the only crime Of having confided in the Sc.
ductiye ovettures Of the State the crime of hav-
ing believed her honest. Yes tell your copartners
| that those lands for which they have laboured
! yeats IN wilderness country 10 possess, and i'm
prove under all the difficulties, and disadvantages
attending a savage Wild, and al a time too when
the State was cursed with the most spurious cur,
rency under the sun, ale now to be taken from
them They must 90 again in ques, Of their
| here, supplanted sayages, with their wives and
children and again wuhe under all the hardsbtps
| and brave the dangers over again Of another saw
| are forest Blu, nv object Was 10 address myaelt
| to your phghted honor, and not to your ~ympdhes
| Ito yotr judgement, and not your passions.
| But that II is incumbent upon you to deal can.
| dldy, and openly VITA hose subscribers, You VIII
scarcely deny then why tins "nlllk and cider"
| course towards them it is worse than cruel -
They dare not improve heir lands, because Of
the manifestation OF his agraran, and cenhsca-
ton feeling abroad in the land.
Their energies being thus paralIzed their use.
uIness TO Their country is destroyed. In pity.
for thrr anxiety, cease and conhscate their es-
lates at once, or resolve, them alone responsible,
las alone hey ars) for the unsold len and hall
millions, Of Sla.e bonds, for which alone they sub
scrlbed ond mortgaged their property, which |
will before have done endeaver 10 prove to the
entire satisfaction Of all real lovers Of truth and
justice.
II is acknowledged, that the inability Of no
lion to pay its debts without ,uinous tarGiion. i.
a Unsuitable excuse for n refusal TO do'so. And
we have witnessed the practice, Of nearly all o
IA
this principle. Ii IS not pretended that a state
should be srhausied, ere such time arrives whet
il becomes her TO refuse further payment il so
why does not England exhaust less than half o.
the effects Of her sub 3cts and pay the principle
Of her debit Then This principle being estab-
Iished i, would seem that tbs Government Of the
stale would ACT unworthy The office Of mother, IL
single ont Il guess mol less than tenth portlor
Of the taxable property OF agrlcuurists Of the
state whose titles were sufficiently clear 10 get 10.
to The bank aud assume for them debt tina
must swallow up their estates, and not then pay
more than million and quarter, OF The iiy'
/ millions under Considerations.
Indeed so unlike an own natural mother, woult
this be, that the course could alone be conpart'
TO the hue, and cry Of some unrelening step
mother, in her ncighboIhood gossip, all about, he
+ husbands first wiles daughter basiDg spraine'
her ancle, at "coup e ie.'
Bot you are inpatient for my reasons, for de
: nying The liability Of the individual stock snbscf
, bers TO pay part. OF all Of this disputed fv
+ millions Of bonds /; and Ia, the point will come
without bubble, EVASION, OF sophisuy, by askin
OF the charter, which is the written contract, In
. only between the slate and bond holders tb
d state and bank, the bank and individual s'oc
o subscribers the bank and note holders but like
wise II il the contract between the state 90 the on
side. and the individual stock subscribers, on tn
# other. ask that charter now TO speak. as to III
/ contract between the state, and her copaTtneTs,
n First sec.of The supplemental act:
/. Be il enacted 81
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