Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-09-09
AND THEIR in
TEREST."

IERESI
In an article with the above caption, the
Creole Of this morning comments upon cur
papers Of the 26lh of August. The editor
scs out by saying, "Our friend of the De-
Enccrat appears from his paper of the 26th
nlt. TO have thrown aside one OF the fea-
turcs-that of reason-that usually char.
scterizes his composition" Before going
further we may remark, that our friend of
the Creole does not appear, in the present
article, 10 have thrown aside one Of the
characteristics Of his composition en-.
tire restitution of the feature in question.
After quoting the remark Of ours ON which
lie intended 10 comment, he kindly VIC. un-
,eers to amend its meaning. Our remark
was this: "Right or wrong, legal or ille-
gal, it is the shallowest of all humbugs to
pretend that the reputation Of the Union
Bank bonds will diminish the liability OF
the debtors of the bank" The Creole
says that this is not precisely the position
of the wings and bond.payers; that, he
states in these words: "'rhe position as,
sumed by the bond-Payerr, and intended
TO lie stated by the Democrat is, that repu-
dia,ion lessons the value Of the paper the
bank, and the borrowers are thereby bene-
fitted TO the extent of the depreciation"
Tho above is what VIC meant, and what we
stated. Except in words, there is no diff
ference in The statements. If there is q
distinction it is visible only to "optics
keen" In banking and commercial phrase,
"!labiIity" means Indebtedness; with the
substitution Of that word, our sentence
would read: diminish the Indebtedness Of
the debtors of the bank" To deprecate
the value Of the paper, would diminish the
indebtedness" of the debtors Of the bank.
The two statements there ore, mean pre-
cisely the same thing. This is mere
verblI criticism Of the Creo.e which we
might have let pass, but we do not recog-
nize the pretensicns of that paper to super
wise our language. The Creole attempts,
what it calls an argument through more
Than column TO establish two points: LIST,
that reputation Of the Union Bank bonds
has tendency to depreciate the value of
the paper of the bank, and I'd, that repndi-
alton will destroy all power on the part OF
the bank to collect its debs. Almost ev'
cry sentence Of the argument contains
fel.cit)us confusion Of thought, that is
really amusing. There is throughout the
article II lofty disregard OF all tho ordinary
Avs Of logic and common Sen;e, that is
commercially bold. Herr him! "Flrst,
we contend it has tendency and does re-
duce the value of the bank paper, because
repudiaton denies the legal an cons,itu.
,ional existence of the hank. In this
statement there are two errors, one @: ar
gumcnt and one Of fact. lst. The word
"repudiation" is made TO assume an active
shape and to "deny the legal and constlu.
,onai right" &c; what is the meaning
Of reputation! Although the definition
is not strictly correct, it Is generally taken
with us to mean, a refusal on the part oil
the State, to recognize its obligation 10
pay the Union Bank bonds. Does this
definition, or any proper one which can
be given, deny the leg,l or constitutional
existence of the blnk1 No such thing ap-
pears. If the Cleole means tina. repuda-
ton involves in itself, a denial of the L.
gal and constitutional existence OF the
bank, it is a mere assumption Of the point
al issue, and is not 10 he treated as argu.
ment, for any argument which assumes the
point to be proved, is of course bad. II
he means that anti bonders, the friends Of
reputation, regulators, individuals Of any
sort, deny the legal and constitutional ey-
istencc of The bank, that Is mere lndIvd-
ual matter, and has nothing to d. with the
refusal of the state t, pay the Union
Bank bonds. The highest tribunal, the
Supreme Court of the state has decided
that the bank has a good and valid charter,
and could collect its debts, even if The sup.
Elementary act, under which the bonds
were sod, was unconstitutional. Suppose
the state were to make no provision for
the payment of the bonds, that would lie
practical Reputation; would her inaciion