Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-08-20
REPUTATION REPUpIATEp.


Since the resumption by the State of Pennsylya-
MA of regular payment Of the interest upon her
bonds no event has occurred of such importance to
our monetary credit abroad as the recent decision
of the High Court of Errors and Appeals Of the
State Of Mississippi, by which the bonds of that
State issued on account Of the Uaion Bank have
been pronounced to be valid obligations, and copse-
quently binding upon that Commonwealth
This decision is of sufficient significance and inte-
rest to justify us in congratuatng upon it that large
class Of conservative citizens in Mississippi who
have conscienousy abored for years to bring about
at least recognition Of the legality of these bonds
in virtue of the wellsettled rule that principal is
bound by the acts of his authorized agent and that
as to innocent third parties even sovereign State
is estopped from setting up defence of incompe-
tency Of its agents to enter into certain obligations
when no steps have been taken to notify such third
parties of the limited authority of the States
agents
1t is vain to rely upon technical objections such
as some Of the journals of Mississippi have always
opposed to any reclamation of the rights of foreign
creditors. The common sense, not only of Euro
pean creditors, but of her sister States, has long
since demanded an ayowal that these bonds were
justly due, and that interest upon them should be
paid until the pecunary conditioned the State should
justify their entire liquidation The great dissatis
faction felt at the withholding any expression Of
State responsibility has not been confined to those
whose pens, dipped in the gall of personal disap-
pointment, have emulated Sydney Smith, who, be.
cause he received neither principal nor interest for
the e400 he had invested in Pennsylvania bonds,
INDUCED in splenetic attacks upon the public mo-
rality and private honesty Of our whole country
The delinquency brought doubt and suspicion upon
American obligations Of every description; and if
foreigners sought an investment amongst US, it was
from the abundance of money and the temptation
arising from rate Of interest so much higher than
could be obtained for European securities.
The other States which failed to pay promptly
the accruing interest on their debts such as Mary
land, Illinois, and Arkansas, were less known
Pennsylvania and Mississippi stood as standards
Of our honesty, and by them was judged our good
faith in meeting our liabilities.
Many an American, we believe, has felt glow Of
shame abroad, when he has been asked earnestly to
account for such apparent insensibity to loss of
mercantile honor-to the opprobrium which was
lowering upon US through all Christendom. 1t has
been hard doubtless to feel compelled, from pride
of country to endeavor to satisfy the inquirer with
arguments based on mere technical grounds, and
drawn from the false reasoning of those who resisted
recognition which, in private transaction of their
own, they would have been ashamed of, but which
they opposed in this case because the responsibility
was divided among many that no one felt his own
share.
And rel o;ce that in 50 far as depends on the
voice of the highest judicial tribunal Of Mississip
pa tribunal established directly by the State
Constitution, and its members coming freshly
from an election by the whole peope-the stigma
of repuaiasioa has been wiped off the shield
Of that rich Commonwealth. We sincerely wish
that the word could be lost and forgotten with all
the other acts which connected it with our history
We say nothing about the present and perhaps
inconvenient payment of these obligations as con
sequence Of the late honorable exhibition of judicial
integrity. The acknowledgment of responsibility
too long denied sufices for the present. This be-
ing achieved, the day does not follow the night
more surely than that of justice will induce
proper and reasonable application of the resources
of this growing State to the claims which may be
found just. If her income does not at once enable
her to discharge her debts in full the time will not
be long before she will be able to do So We have
such confidence in her honor, when properly guided,
that we think Mississippi will no longer be known
in connexon with that degrading word republication,
but will in pecuniary as in other responsibilities,
assume the place in our sacred Union to which she
is entitled by her chivalry and the gallant and viz
tuous deeds Of so many of her citizens