New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1845-01-15

lIouse. she I'm in debt some years since, under
~. auspices Of her Loco-Foco rulers, for capital
p, 81: up tso State Banks; the men who mace
,h5 Banks sucked them dry and broke them; and
now the debt is to bs paid, and there are no
means to meet either principal OF interest. The
;sate coglly repudiates part OF the debt and re-
uses to pay the rest. All owing, we don't sup
pose, to the advent of the Wing party to power
ia ISL
Mississippi, By the vote OF two successive Leg
islatures and an intermediate direct assent Of the
People, ordered loan of Five Millions to consti-
ute the capita IN part Of great Union Bans"
The Legislatures and People were Loco Foco !;
u vas the Governor VINO issued the bonds, Oh
which the money wa7 obtained, put into the Tn
ION Bank, and very soon borrowed out again by
olticiaus planters, tSc.-every body, in short,
7lio could get any. The mass Of them never paid,
tae Bank failed, and the State was required 10 pay
interest on the Bonds Some Of the Loco.Foco
leaders, including the Governor who had issued
and signed the Bonds, took ground in favor Of Re-
pudia,ing them altogether. The excuses set up
70 Justify this Reputation have been thoroughly
scrutinized in the Journal Of Commerce and De
,agcratic Rerien, and judgment pronounced by
Zach against thar suficieucy, even allowing them
10 be az stated, and in favor Of the validity OF the
Bonds) Yet the question OF Repudlat'ng them
soon became party question, the Wings N favor
Of paying, the great mass Of the Loco tocos
ngainst it, though about one.tcnth dissented. In
1871, the year of " the advent OF the Wing party
IN power" this question was brougi:. 10 issue be-
fore tho People, and the Loco. Foco Regulators
beat the Waigs and the small segment OF LHco
Foco Bond.payeFs by decided vote. IL There
never has besn division in the Wing party on
this subject; when one became Repud!a'or he
ceased to be Wing. On this ground the Wings
still st.nd, though beaten ut every Election, end
,7ilt stand untii they convert a majority of the
People 10 honesty
This Mississippi act of open and popular Re-
quotation struck blow to American Credit such
as had never before been felt. Every Stock rceled
under H. even that oE the General Government.
II depressed the Stocks of New-YoTk, until
tune was afforded 10 distinguish between the
sound and the unsouni States. A concurrence
u influences like this, including the in7deqnacy
Of the Federal Revenue aud tAe scarcity OF Specie
q he Country, were the real causes Of Inc &c
PRESTON ci orroHn STATE stocks IN i04l-2, and
especially ior few non'hs after The popuar
riumph Of Reputation in Mississippi, Nov. 1871
II Is well known that leading Loco-Foco mem-
9cr Of our Senate, Row Secretary Of Stale, was
constantly predicting and justiiying Repatriation
II his place as Senator, and 10 his published Re
ports /, was by such Inea1s that the Credit OF
.or State was 'or season depressed, though the
subsequent appearance of thoparty tom which
alonc Reputation vas to be apprehentcd III the
guise Of especial champion of solvency and pubic
iaitb has doubtless contributed TO the cla,ion
since experienced.
Enough. We believe We have enumerated all
tic delinquent or Rcprdiaing States. II any
aody can bglieyc that the Wings are The Rspu-
datng party, or the reckless debt contracting
narty, we can ouly ask in wonder for the evl-
deucc oa which they bass their convictions.