The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-07-06

i The topIc Of your pubhc credit is a prohibited
one, viii coase-l psuse iof sign-lor even the
Little | am going 10 say, lwoud not say, If /
could not claim both the rights and privileges
Of a Tax Payer 10 Mississippi
Il Is deeply 10 be deplored, that the issue Of
The obligation Of Mississippi 10 pay The Bonds,
10 which the faith ofthe public seal is attached.
has been blended with questions very much Of
a party eharaeter;--for i Is essentially a great
domestic question, to be decided on rs own
merits, free from the bias and extrinsic infa.
ence Of al other considerations.
But my friends work i which way Won wil,
Mississippi must pay. Il as unuherabe as
the eternal principles Of truth and justice, and
from no other coercion than that which arises
from her own sense Of honor. In making this
declaration, gentlemen, do not let me DO un-
derslood, as nit'iully recognising the reasons
for the very natural, almost excusable, reluet-
anee, with which she Acknowledges the obllga-
lioa Of debts negotiated in some respects at
variance with her institutions, The proceeds Of
which may have been dissipated 10 a manner
| highly unwise and censurable Bui entirely
apart from al abstract principles Of right, til
| consonant 10 a wise policy, having reference
I
/ that she should make early preparations for
the payment Of the interest and the ultimate
redemption Of the principal Of her Foreign
| Debt. No nation can subslst without public
credit; il is the cement Of social prosperity
and national honor. hold this proposition TO
be philosophically true, and susceptible Of the
most rigid demonstration When therefore,
the excitement ofparty viii be removed from
this great question, no man, capable ofiorm-
ing a Just estimate ofthe resources Of this State
and Of tho spirit and liberality Of her people,
can hesitate for one moment in believing,
that not one member Of this Union will sur
pass you IN your heroic efforts to redeem
untouched your public Faith and Honor.
Gentlemen, ] was in England when the in
telligence was recciyed,and the shock was fet
Of your falling 10 pay the Dividends on YOUR
Bonds. I might describe to you the panic
which this intelligence produced, and the dis
astrous influence on the interest Of our whole
country-but / iorbear. | know that the losses
Of large capital SIS are not very apt to produce
much sympathy but your Bonds, you viii per-
nit nc 10 inform you were sold at a price
which seemed 10 promise a high rate Of in
terest: they were therefore purchased in
Europe by persons in moderate circumstances
seeking in this way an augmented income
by disabled halEpay officers BY comparauveIy
+ destitute widows, and by trustees for orphans
in no wise in a better condition. The state
ment Of this fact recalls to my mind a circum-
stance which occurred shortly after the news
reached London that the Executive Of your
State had declined recognising the validity OF
your State Bonds. ] happened 10 step into
the Office Of a friend a highly respectable
merchant Of London, where ] met gallant
officer Of the British Army, whose acquaint.
ance / had had tho honor and pleasure prcvi-
ously 10 make. He informed me that he was
an unfortunate holder Of Mississippi Bonds. He
remarked, II shall carry 10 my grave a large
deposit Of American Lead, which received at
the battle Of Chippewa, where wounded aud
disabled fell into the hands Of your country.
men. From their generosity, unbounded
kindness and humanity, / thought could safe
" deposit with their good faith the little gold
limited fortune had still left me. saw the
seal and signature oftbe State of Mississippi,
thought this enough;--but am nearly ruined
by my confidence in your country" This gen
temen, was said with sensibility free from
all imperative or querulous abuse. Il wa:
hdlu w u uldA VIII hlDJu 1lA tGNt lNN1 VI ille
+ shoes, the perfect and entire imp1rsOuifcatior
Of the finest models Of phidias and Pfaxitelos
1t was in one word the gallant Sir John Mas
silon Wilson, who was wounded 10 sever
places at the battle Of Chippewa, and whC
amidst prejudice and ignorance in regard tC
our country stood up as her generous and no
blest defender. Can you blame me gentlemen
If assured this veteran, with a gush ofsensi
bility equal 10 his own, that every larthing o
the Mississippi Bonds, interest and principa
which he held would be paid, as sure as Their
Is a God IN HsareH; that / knew the resour
ees Of the State, and the character Of her PEG
pie, that this was mere panic or suspension II
{ heg good faith, which had resulted from eau
ses entirely connected with the supposed un
fairness with which an intermediate negOtia
ten had been made for the aggregate amount
Of the Bonds in the United States;--that there
was not in her people particle Of Ineannesi
or sordldness;-and to hold on with nfeXiblC
confidence in his Stock.
The truth Is, gentlemen, as large as you
Indebtedness m figures appears it Is a merl
cyphef in comparison with the immense natu
raj resources Of Mississippi, An excise of ont
dollar on every bag Of cotton made in thi
State, would itself constitute resource 70
the next ten years for paying the interest on
your debt, in addition to a very moderate aug
mentation on your land tax; whilst the reser
vation,of your public lands, recently, l'under
! stand, most judciousy selected, would consu
lutte anunfailing sinking fuad for the redemp
ton Of the principal al no distant period.
Indeed IN the almost incredible gigantic re
= sources Of our country, Il is uncomfortable how
1 light the burden Of jud cious system Of taxa
ton universally levied and faithfully collected
would be on'the people, was talking TO on
e Of the first Bankers in Europe, when last j
70 that country on this subiec',--ho remarke
TO me there really is no excuse for your c0un
trymen in not paying the interests on thci
. debt, their resources are so abundant It the
s were called forth by wise system Of fevenuC
5 Now said he, will take the case Of Illinois
= If every farmer Of that rich and fertile Stat
were TO set part one pig only out Of bis stoc
my dear sir said !, | know what you are &c
d ing to say, let me help you by way OF a paren
thesis, and brand him anfi-repudiaiiOn,it wOul
paw thesinterest on her debt, because il bein
{, an honest pig he would be sue to keep fat
: So said he you have hit it,and how inexcusabl
! is il that with such means your country shoul
Z suffer the loss not easily to be computed
!. she most comprehensive combination Of figure
: Of a disastrous discFedit--Rorse in the long ru
: than deficient harvests and low prices. But ger
tlemen. / vii not run the hazard of s6yin
! anything more which can IN the great divisic
!, Of parties in your State be in the slightest d
gree, disagreeable 10 any one.
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