Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1842-02-08
State Credit.

maid. To the last dollar, the last cent
The las: mill, every pledge OF The
public faith, whether by IL collective
xhole ofour glorious Union or by any
one of its constituentparts must be hon
or,bly redeemed, be the consequence
bs he cost what they may.-Be JUS
,ce done though the 6rmaIeut ia l.
lt is true hatthe people of that S'ote
hive been shamcfuay deIroudcd. BIT 1t
is not less true thatitiS 10 great extent
their own fault. They haze .nowto sub
m;t to. he-loysofabout five millions ofJol
lars as thenatural reiri5nNe penalty Of
thor own folly. And ithey viii but lay
Wctlto btart the lesson 'tley have ben,
aIait,it is worth Inspire. They hive
bodgi- d err expert ihce mich c ea2erti1n
sons of rrheir ncighbors, Illinois and
Indians Tor example, aud Pennsylvania,
srrvI ncG
Ne a,e not surprise ! at tie feeling
wl.:1 has hc1n exc tcdia Mississippi in
rrInlpr TO tn subject. We are not sur.
pri>c llat powe.fd an respectable
opinion has formed aud declared itself
ugqirl>t the payment; or these bonis. It
may peraaps be that Of a majority Of its
cuzms-thouga the recent election IS by
n, means to .hc reg lrdcl as any decisive
evidence to,hpt effect. It's easy TO sup,
pose that. among those wh-sc sptfrageS
have elected Governor Tucker, a much
lrr't number than that Of his majority
oyer his com e;itor may have had no Sc l..
ols dcn that the DO IDS ought to be,-orac-
tuaIIy would be-, Iepudmted. Yet even'if
10 were the present will of clear popular
m,iorty, we wonll nscrijH it rather 10 a
temporary though ntrtl exsperato
against the authors dttiis g reat fraud up.
ON the State; binding the eyes ofIhe PEG
pie to that more calm-and Just view Of all
the bearings of the qucstio !, which we
should still feel ce,tain that they would
not fail to take afer a brief season Of 30
her secondth1ug't."
OF ono thing there is no doubt-that
the charge so ongrily brought against the
PEOPLE Of Mississippi, of a wilfuI and de-
iberate spirit Of bud faith,ofpublic dlslon-
or, in the threatened reputation Of the
bonds in que ,tioa, is gross calumny. =
Made originally by those wEoie pecuDil.
~ interest prompts their ciamor on this
charge, il isr,-echoed by a party press
wuich seeks to tarqat TO political adydn
uge Incur owa63inioa the argument
of Jur anti.bon va tyi' an unsornd one;
ys is il uv no mclnsa Gear eaSe ar a'silu
,o question. There s'a gee0t dealto beI
urged, and Win more ua.f-plau< billy. cn
.H0 sides, and-wc were aSspred thattihe
. s'jy of those amolgIe Dem2cra'-
..,t VI iSi.Spr whuSupport die re
I, woui be found tlEa hs to at
un,'. or d'siret0 evade tic payment Of
H., a' or m. honor tble oil gation NJ
cue world pretend t'lut in priv tc trans
acton. parulielin all its features to the.
case In question, the slightest Obligation,
technical % eqoitaseT wouldlait1ch OF tie
rart of the priucipa', Ito pay the. bonds SO
falluIcntly issued by dishonest agent
jlyoaton ofthe express prarhiiion of
n,ery aulh1lity under wIivh the Inter
held alj his legal existence. Tho pnncI-
pc oflwirfirce niRat State; moreover,
F., lrt the tr ,nstef Of chlseg in action,
wsn 10 innocent third Pirtiess can involve
npviudicc to.aay rights os equities on
{ pant of the .oHigqr. lf some one,
".' suffer from the dishonesty Of an IN
a.a ugency, il must beihe party who
ISIS hn withant tic proper-anlprudeht
.uuuy which he ought tn have nnde
uothe nature. and extent of.his powers
FIVE apply to-,he State the analogy Of "a
op'e transactian Of the same chnrpstcr,
neaIyo,ates. Of Reputation must. sand
ona1sweraAy justified. And this view
the question: combined with synfpa
iy Cor Tine honest People that has been
made the victim ofthe fsaud ofthc case.
ms Iel several fihe dem lcrqtic papers Of,
I've norlhto sustain them in that position.
'ol, like many similar applications of prl,
yo.c analogue, to public Jurisdictions, the
rsumeut is, VIC repeat, in our judgement
m msouud one; and we should s'Idly bel'e
Me- past character and course of the Dem
cratic Review, ii, entertaining this opin
I'D We should allow ourselves TO be check.
by any partisan consideration, from its
TANK and free expression. 49,.
The mu-bond argument is this:-In the
ht't place, the Consttutiol Of the State
ePrrssjy requires thar everyluw for the
edge Of the public credit shall receive
he dstuct sanction oftwo sudcesslye lie.
Hoiures. Now il isirueIhat a cert ain
Nv was passed at one session, and dui,
lnh'med at the next, authorizing the loan
zoe credit Of he State, to rhe amount. of
2 reea millions Of dollars, to the great
Union Bank, " which il was then deter.
,ueQ to create. But a supplementary
Nv was passed shortly after, involving a
ae''l change Of TIC original law, and
'aOI'zug direct subscription by the
'S 10 the stock Of the bank; aud il was
'' 'ns law, which had no. passed.
IVY That ordeal Of popular ratification
'.''oed by the Constitution Of the State.
l0e transaction in question took oIace
VIC ume Of the passage Of this supple.
'"'''y act minority in rhe Legislature
,.' | .C'd OF which stood tho RECENTLY
wen Governor, Mr.. Tucker) entered n
"'' protest dgaGstit, as unconstitulion.
d"u void. In the second nlace M
'''o -,s OF this very act itself were pal.
'o'0'ed ~ the issue Of the bonds.bv
,I'NlenI collision between the Union
I' we commissioners appointed bv Il.
0 negotiation Of the bonds and rha
'N OF the United States bu nn; -
lft 4 A.