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

State, through the Bank, By the departn r.
from this double requlsition of cash. nnd
par, is computed by Governor McN,i,t Is
his celobraed letter to the Hopes Of Am
sterdam, at the enormous sum, on the Eve
millions OF bonds sold, Of 81, 0S4,7sl. 90
Now, il is commended rhatthe express con.
diuons on which the public faith was
plighied, as represented in these bonds,
having been thus violated, no obligation
affecting theStatew was created by the trans
action:-thal these violations OF condition
| were not of an immaterial character, but
substantially affecting the rights and the
safety. of The State, as the obligor on the
bonds; the ability olthe Bank to paytKeni,
as we'll as to fulfil the objects of lis cfea-
non, beng preludiced to the pmoun; Of the
sacrifice thus illegally pnd improperly in
Cured byit in the operation; that the
Constitution of the State, and the law UNI
der which the bonds were issued. were
public documents, of which all parties in,
terested were bound to take notice, and to
inform themselves, at their own peril if
they shoulI neglect so obvious duty OF
prudence; that it is therefore TO the Uni,
on Bank which issued, and the Bank Of
the United States which purchased and re.
sold, or pledged, the bonds in queslion,en.
dorsed with It's owa guarantee, that the
European holders of them must look for
their redemption, and not to The people of
the State Of Missssippi;-and finally, that
ilasmuch as no portion ofthe proceeds of
the bonds ever came into the treasury OF
the State, or under the control of any of
It's officers, there is no equity in the case
against it so.as to coanteracL the undeniu.
b c technical LEGALITY of the Transaction
on the partofthe two banks, and to i'm.
pose on the State an obligation of honorto
redeem the bonds. -
Such are the leading points of the anti
bond argument. 1t is not to be denied that
they constitute at least strong pr;ma ia
ca case III favor The proposed repudiu.
ton, and that they ought 10 silence the cla-
nor we have heard against the people of
Mississippi, as desiring to cvade the re-
dempton Of the public faith of the State,
fairly and legally plighted. That is pre-.
cisely the hinge ofthe quest on, and TO as
sumo thnt the public faith is so pIighted, is
nothing more nor less than a complete
pstitiO priHcjpu. And TO infer from the
present agitation of this controversy; that
there either exists now, or is likely to
arise, in any of the States in this Union,
anything Ikea formidable disposition to
redudiaie their public debts, is as absurd
as II is calumnious. We are profoundly
aud perfectly convinced, that every dollar.
ofthe public stocks of every State in the
Union will be eventually paid, to the re.
dempiion of their pGghitel honor. Fear
FL as may be the generalization, with
respect 10 the 'sanctity Of contr Cts. which
has been the worst Of the fruits of our pa.
per-money credit system, we have no fear
that il has proceeded to such a length as
this. Aud ofone thing are we especially
certain that the DEMOCRATIC Parry, which
S and must continue in tine long run the
dominant power in the country, will be
the very last potion ofthe wiole people,
with whdn the base infamy Of such pro-
position will be ever likely 10 meet, d IA
vorab.e reception. For W. are The par
iy which, throughout tho struggles and
discussions of the last ten ortweve years,
about these questions, has placed i,seir tn
oppoSitictI.t To tfc-v Xgessesn and abuses OF
credit-thc party Of moderation, o.. pru.
Je'tec--the Pa1tag, IN contradisuhctioa to
The BORROWING. party. Ia private AFFAIRS
i always on The part Of those the most
bold and speculative in their calculations
on credit and chance, that the mast lax
morality prevails in regard to the redemp-
ton oftiieo bligatons they are so adyentu.
roas in hazarding. And in public, it is
from your "Cedt System" parties that
proceed your retroactive bankrupt laws,
your bank suspensions, tolerated by opin-
ion; and sanctioned by legislation, &C.
and from them, too, if ever from any, that
canalore proceed such a public act of
State bankruptcy, as'is here in duestion,if
ever the pressure of public debt shall be-.
come too heavy to be sustained by the in.
dIs Gus i6rgieS of there lple. h.thot day
is vert0 arrive in any of our YSlaeS, the
public creditor, Mhstberhe may reside at
the antipodes, or in our owa midst, may
rely upon the assurance which, in the
name of the American Democracy, we
feel author zed to give him, namel THAT
whep he will find himself abandoned to
bis fate by those who now profess to be
his peculiar friends, it viii be the Democ.
racy which wiIlssurrender to him every
thing but honor; which viii cast to the
winds eyeryth ng but conscience; and.
which will sell out the .fee-simple of the
LIST foot Of earth covered by tho last hearth.
stane, Unnecessary. for the payment of the
last cent of principal oFintefesron the.pab.
lie debt SOS.
But to return to. the Mississippi b onds
I've repeat H.at they must be paid. The
analogy, derived from the legal relations
ola corresponding private transaction, on
which the reputation argument rests, is
in or opinion deceptive houghsuspicioss
in Its application to the circumstances of
the present case. 10 the first place, no
ereatforce can be claimed. for the argu-
.ment of the unconstituliogality ofthe law
In question. That the alteution of the Lee
gislpture ofls39 was fully drawn to thai
point, is apparent from the frct Of the gro.
test against.ils passage blythe mtnority,on
that ground. Their act was an expires
SION Of their own judgment that twas con.
stitutiono!; and representing, as. they did
by that the foreign creditor, swhen. IN the