Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1842-01-18
From the Tribune.

j
functions n regaId 20 Reputation, ann
contending that, while State ought
10 pay tie uttermosl faubing Of Ecr
bonds for which she has received full
value, yet she is justified il refusing
payment on others, as in ca.ts here
she has entrusted them !or negotiation
and they have retained or squandereda
good part Of the proceeds-or where
bel agents have hypoihecated them for
much less than Their face and tesn un-
able TO prevent their sacrifce--or even
where those agents have actually sold
them on credit, to purchasers who
proved dishonest or unal lie TO pay for
them. These cases, II is speciously
commended; form exceptions TO the
general rule-the State does not really
owe the money, and ought not TO pay
II. Let us consider the question.
A State-say Observation-Disclosures
| Iy resolves 10 establish State Bank
on borrowed capital. or 10 embark
largely in Internal Improvements.
Her Legislature passes acts according
", authorizes the issue of bonds and
the negotiation Of loans, and appoints
Commissioners 10 do the business,
The bonds are executed by the proper
authorities, and put in the hands of her
Commissioners TO negotiate. All this
is matter Of public notorieiy. Each is
solemn promise Of the State 10 pay
to the holder the principal and interest
stipulated therein. 1t isirot promise
10 pay in case the Bank is we'll man
aged and makes money, or IN case he
Internal improvements prove prof.
table nvestment-lhese are the risks
voluntarily assumed BY the Stale, and
not imposed by her on those who may
be induced to furnish her with the
means of prosecuting her underta-
kings. She says to the whole world,
LEND US money, and take our obliga-
ton, payable to any one who may
hold IT, In this form, being readily
negotiable AMI transferable, the obliga
ton is more valuable than in any other,
and Of course commands a higher
price. Il is the interest of the State so
TO issue them. even in view of the
fact that their facility may be abu: 81.
Well; the bonds are issued, and
voluntarily transferred by the States
agent to purchasers or brokers. They
are unconditional promises ofthe State
to pay to bearer so much for value re-
ceived. For some she has received
value, for others she hes taken part
| pay and part promises; for some her
agents may have chosen to take prom
ises alone. At all events, they are
! sold, and thrown into the market, and
have perhaps, passed through FIVE hun
bred hands before interest day. 1t
comes at length, and the holder steps
> to the properquarter for his interest.
He is met with a rebuff: ''Sir, for ,his
bond we received full consideration,
and we viii pay the interest; but that
one was bought by suiDdIer OF bank
rnrt who has b oxen his contract to pay
I Tor tor was hypnihneated with b. O.
! ker for quarter of lis face, and sold
10 cover his lien-so We shall not pay
for 1t; and fhis is partly paid for and
: partly not; you must wait till we know
: how we come out with it, and we wi l
$ then tell you whether we shall pay all,
r or part, or nothing. "-'Bul, says the
b trembling holder, Il found these sol-
$ emn promises Of Indiana topay so ma
ny dollars to the bearer, floating IL the
market; | bought them at their current
Value--one the same as another, rely
ing on the pledged faith of the State;
: you do not deny The promise; | ask is
e tulhlnent: the bread of my children
{, the education of the orphans whose
i means | have here invested, depend
; upon your fidelity. The folly ofyour
agents IN voluntarily parting with the
!, bonds for INADEQUATE consideration OF
! on insufficient security was amatter en-.
s tIreiy a0tthin your discretion and beyond
: mine Pay me, or give me chance
e TO establish my claim in Court o.
6 Justice.'-"Sir, Says the State Treas
5 urar, buttoning up his pocket, 81 can,
be bothered. ne sold our bonds &c
: rascals, and you must suffer for it
We sooa't pay, and you can't sue US
n Make tracks, and whistle for your mon.
# eyn--Now it may be that there is I
{. softer term for this than swindling; Blu
}; can any be more appropriate
U One year ago we would have ap
> pealed to the honor Of AMERICANS Il
= spurn from them this abhorrent doc
: trine of Reputation in every shap,
n and form: since the result of the Mis-
10 sissippi Election we can only appeal Il
nj Wines; and we beseech them 10 hea
i. and heed US. We see intimation il
the journals that Whig senators in In
u diana have given countenance to tn
= project of repudisting those portion
- Of the State Bonds fairly in the hand
er of innocent holders, for which no con
of sidsration has been realized. If an,
lie entertain such purpose, we beseecl
he them 10 renounce the Wing part,
&c r..