The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-02-23
BY THE SOUTHERN MAIL.
Washington.
Correspondence Of the Herald.l
WASHINGTON, Tuesday night,
Feb. Fl, 1913.

/
| Minister to China.
The subject of the assumption of State debts and
reputation, is evidently becoming more and more
subject of immense interest. as you stated IN
leading article the other day, which article has been
The subject of much talk among the members OF
both Houses To-day, in the House, the very first
| business that came up was this very question. On
the old motion to print 10000 copies of Mr. Inger
| soils report, adverse to the $500, 600 State
Stock project, MIR. THOMPSON, of Miss, made
flaming speech. And as he is the exponent of the
views of all the south western States send you his
speech very full.
| Mr. THOMPSON sad-MR. srEAxER-In the course of the
debate upon this subject disclaimer has been made by
gentlemen the other side that nothing personal
meant towards the representatives Mississippi this
floor Therefore Sir these remar ks must been made
purely attack upon the State which have the honor
to represent and is that view that desire now to an.
erthem In my reply, shall conne nay remarks en-
rsly the defensive and will be betrayed into
attack Of the other % States. It is enough for
that State has actedthat she in her sovereign
paciy has wled thing pertaining tn her internal police
and feel bound TO admit that she cannot do dhonora.
justices regard the decisions made by the hghest judicial
tribunals Of the municipal regulations Of the State
as binding on them The policy she may adopt may be
destructive of her beat interests but not dishonest dis
honorable These twenty six States trust will stand by
and sustain each Others and should an effort be made to
fix opprobrum upon oy the others will rally round
not seen an anxiety in some Of the States and
this floor to fix stain on Mississippi instead of hearing
her defence with patience and kindness like sisters gan
creme with jealousy her former unrvaed prosperity
swift in the expression Of their opinions OF her fall
and evnce anxiety that all the world should unhesta
tingly and unchartably condemn her. Some Of
the States who annually rob her BY virtue of
u o%s to pay sveTy dollar interest which
may be annually due on all OF her public debts
honor treated in this for ali such
opinion and attempts at chassement she enertains the
most SOVEREIGN and nefabe contempt. The gentleman
from N. York assumed first that the Legislature and the
represented the State In the second place
the Legislature had passed law authorsng the subscrp
ton 600 Of stock in the Union Bank and to pay
for that stock had authorised the issue OF $5o0O00O OF
bonds pedging the State for their payment In the third
place that t6eov did issue Of bands for the
State of Mississpp h that the Bank ed them the
agent Of the State disposed Of them at par, and now
that the money was squandered was the duty OF the
State in good faith, to acknowledge and pay them.
hope state the gentemaRs argument with ullness and
all fairness. Granger nodded) In the first place. deny
that the legislature and Governor represent the state n
unqualified sense. We hare Constitution and that
the paramount law 1t fixes limits to the action Of the
LEGISLATURE and when goes oeyon9 tnose ms us G es
vernment will yield this position. With the most liberal
construction Of State Constitutions, thea, state the
proposition thus that the Legislature and Governor
present the State in all acts except such are expressly
denied to Them and all the world bound to know what
powers are denied to them In the next place deny
that the State passed law authorizing subcrp.
ton of S. 900 900 OF stock for the payment of which the
state authorized the issue S. bonds pedging
its faith for their redemption. It bill of that cha
racter read three times the Legislature OF 1885, But
before bill pledgng the faith OF the State for loan for
ton and effect OF law, constitution requires now and
required them that the bill shall be read three times by two
distinct Legislatures and in the mean time to
be published in three newspapers in the State When the
Legislature of 1888 adjourned, this bill had been read
three tsmes, and in the way of becoming law. But
it law than the bill on your table
creating Exchequer is law, having been read
times The Constitution required this BILL pedging the
faith Of the States to be read six times; and to call law
when only been read three times and that in ono
legislature outrageous fraudin legislation. Next,
deny that the signed the Bonds Of the State
when he signed the Union Bank Bonds, and affixed the
seal of the thereto. What he did without
thority, it fraud on the people, violation Of their
constitutional rights end therefore null and void Next
deny that the the agent of the State when she
received these Bonds and disposed them in the markets
because the Governor had executed them without au.
:hory he disposed Of them by delivery to the Bank
to Mr.. Bddle without any authority from the
people of Mississippi. The whole case then is
signed by Gov MNutt with the great seal of the State
affixed thereto. When these presented we admit that
prima facia is made out against To this we
plead factum. We say that these not act
and deed and this issue we stand before the world
dn % bs Ss % neSse the
faith Of the State for the payment of debt this constu.
ton requires that the bill be read six times by two sgs
laures the bill in pursuance OF which these were is
sued, read but three times by one legislature and
therefore law. We look into the contract, and
that the purchaser not only had but act
usl notice Of the provisions Of the Constitution and the in
insuciency Of the law; because these facts are EN-.
bodied in the contract OF sale. We therefore say
you dealt with and trusted the Bank-not the State
We say you look the Bank for pay and not to
the State And we will give you every facility in the col
tons Of the State would be doing violence to our funda
mental law, well acknowledging an untruth. This
position taken by the Legislature in regard to the
bonds with which most heartily concur. Now with
gard Cover McNutts position in this matter. whose
ty. The gentleman from New York must recoect that
Governor McNu is not the State Of Mississippi and the
acknowledgement Of the bonds As he signed the bonds, of
he deny his authority which the people do
bonds to the Banks as escros be valid against the
State upon the performance OF certain conditions
precedent One was that the Bonds should not be sold
sold below par inamuch as they were sold on credit,
while the bonds bore interest by which the State was
largely defrauded He asserts that by the endorsement OF
the bank the bonds changed into sterling bonds in
violation of the law other creation He asserts that there
was fraud aud collision in te sale bonds And long
since apprsed the holders that he would resist their
payment these grounds. Years have elapsed since
no effort to dsprove the aliegatIons The Constitution Of
the State has this provision "The Legislature shall d.
by law what courts suits may be
brought against the State" In pursuance Of which
to the f high Court r' Of Chancery Of ali claims
High Court Of errors and Appeals. SO far inform
ed the judges Of both these courts are avoraby DISPOSED
have not the holders Of those bonds come for
ward and vndcated their rghtfu possession of them in
Legitimate wav1 Sir they prefer to get the gentleman
from New York pour forth nvec've CIV. M'Nutt,
and SANDER Mississippi.
GRArcER-trisng warmly)-sir,I do not know holder
Of these bonds.
THoMPsoN.-From this circumstance, the presumption
is strong, the conclusion is not inevitable that they
dared to the issue. But why all this attack
Gov MNut who is now private citizen 2 Our present
Chief Magistrate was in the Senate at the memorable
of 1888. He resisted with his vigorous in.
tellect the panic and distressed feeling which
troed that Legislature. He entered his solemn pro-
test on the Journal Of the Senate, when they re-
fused submit this bill to the people in pursuance of
the Constitution, against its taking effect law the
ground of its Internationally Aud three years after
wards tho people Of that State called him from private
le against his interest," his wishes, and his earnest pro-
tesatons to the contrary into the Office of chief mag
strate the and embodiment Of the feel