The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-12-27

u
sea which was ruppiDg, the man were soon reached
and rescued. On board. the Edward Everett they
received the utmost kindness, and we append their
thanks 10 the captain and Ulcers. The number Who
persisted was eight. Tbef Bames could not be a.
beIed. The exact cause OF the rapd sinking OF the
ship could rot he CLEANED, but il is thought more
than probable that she started some OF her buttenis
Captain Perkins, we understand, returns to New
York by the steamer which leaves Liverpool " N u.
row wednesday, The American Consul here fur
uished the necessary reefto the seamen.
The following is the letter referred to above:-
TO EDITOR or TIE SHIPPING AND MEscAsnLs eAzrrE
SR-Msy we through the counsns OF the Shippiry and
Mercantile Gazette eyp ess our grs efri thanks To captain
Gunby, Of the hip Edward Everett nni his OH rs, for
for their kind attention while their vessel
JOIN H PERKINS, Captain,
THos HARTLEY, First hats,
HENRY SWIFT, Second Nate,
GEORGE PHILLIPS Seaman,
Late Of the American bark 81 perion.
London, Dec. IL, 1853.
The Reputation Decision In the Mississippi
Case.
Fro the 10 idop lines, Dec. 13
The famous State o. Mississippi, which appears to
be the Holy Land Of Reputation as the Salt Valley is
that OF MoImonism, is again exciting the feverih
licitude OF its sister States. The Chancellor and
Judges Of the Court Of Errors the highest court in
the State have decided in favor Of the validity Of its
bonds; and according to the law of the State it has
nothing for it but to pay up without more ado The
judgment, however, is about 50 unpaatable as P0r-
tas in the Of Shylock when she repaid him with
literal reaaiDg Of his bond ard the American Shy
lock-that is, the noble citizens Of Mssiasipp-are
determined to resist the law by ell the me ans their
constitution puts in tseir power. AS fast as the
judges present themselves at the elections for the
Legislature of the State they are rejected by the
honest ard patriotic regulators. Judge Yerger has
already paid the penalty of his uDseemly leaning to
the rights of the creditors and Governor Foete has
been rejected there appears to be little doubt, for
having sbown the same llIjudeed prediction. The
cltizps are in AIMS, and Reputation or death
is the battle. cry of the contest. Here.
upon lie other States implore us not to con-
found them with this young wealthy, and
unprinciped State What have to do with Mis-
sis.ippi:" they exclaim. Our correspondents takes
up the cry, and laughs at Sid. ey smith for asking
the Congress 10 pay his Pennsylvania bouds, il IL
bad anything to 90 with the private affairs Of the
State ard it is thought rsther wonderful That
gentleman who wrote in the Edinburgh Reriec for
thirty years should know so little OF the model re-
public. Sidrty Smith naturally, bat ignorantly,
took his oiiols Of American law from the courts VI
Westminster, where not only these islands but the
whole British EMPIRE az prefer its comp ANTS and
demand to be satisfied. Where else should the srl-
prene court Of American justice be found thought
the injured sstirist, but at Washington? SO to
Washington he went with his bonds. and was .ughei
at for bis pains. His appeal, however nSnmal - it
might be, was rot without effect. The States Eel.
that, distinct as they were In their constitution,
the rest q the world would persist in c)nfouLdng
them, ard Pennsylvania dsgraced all its sisters by
its own dishonesty. So one oy one they have all re-
deemed their credit except Mlssi sippi which is nov
the last OF the regulators.
We should lie to witness contested election in
this same Mississippi. The popular appeals 60 the
grand prir ciple at issue must present striking
rast to the SLOW, oldfashont notions OF the elder
world. Instead Of the big loaf, a huge sponge must
be the principal emblem in the procession of the
popular candidate, while his motto of course, will
be-" Base is the slave that pays" The public
meetings must abound with that peculiar wit which
once eDliyened tie realms OF our metropolitan Asa
tia and still finds bome Though rather an uogecia
in Of prh TVS
Of Mississippi can baye 10 chance with their Cocks
unless they are up 10 the LAWS Of debt particularly
as they bear on tbe indebted side, and can prove
that neither the eighth nor the tenth commandment
bears tie case OF an Anne scan citizen who wants
to make railroad with good British gold Without the
anIoya nce of refundibg Il afterwards. The text
"Owe DO man anything" is doubtless interpreted to
mean, Acknowledge 70 pecn,,lary obisatou;' and
Nc Scriptulsl allusion to what will ppen III t5e
uitemost srtnDg is paid must be explained wit, an
Exception, the case of debts - foreigners
y all The hel dholdcrs luckily are. Ia the ui0st Of this
GOLDEN are of Triumphant insolvency the lawyers,
always locking out for work and Cat ,niug az quib-
l,s have thought Gt to say that debts ought 10 be
paid, aud In particular that tie State ought TO pay
rs debts for value received In tho shape Of canals
Rnd Other pichtable works. Hereupnn The lawyers
ard judges terrible iislavor; the citizens lave
ouacztd AIisiides the Just, ard up al Own bro
utr 70 Jucge Lynch, ia the shape oi judge Blk,
VITO Il raed 70 The scat 81 Justice Slch n the new
fdtI Il things " The State II MISS ippi. or rather
tlc 20 cfCr OF things In lbs last sirupele with public
ffsLlcl, ard oyideDtly gene t. the iist. There is
ftthise 80 desperate as debtor who has made up
be- ntic rot 70 pay, for, having gone through the
ian md s,l reproaches Of tbs decision, he is deter
nj "a 70 have lie worth cut OF IL, and to cheat "a
much as he can AZ the Price.
Ihe more respectable States, whose interests are
advocated on this occasion by the NEW YoaK
IIEsaLp shoe srest alarm lest Tie Disgrace OF this
AMIR should tell In the general depreciation Of
American funds and stocks in the British market.
Mot certainly u will, as Indeed 1t has. Every
Enliishmsn has heard Of repndiation nod has q
wholesome dread Of the doctrine, which Is about
the ereatesl heresy that can be preached in this
country. There IL not 0 very precise idsa Of
American localities, and. as we know by our NOV.
ing panoramas that the Ohio and the Mississippi
take us from The northern and western STATS
Gown TO New Orleans, we can easily imagine that
II may propagate the doctrine Of reputation through
all those regions. Undoubtedly, at this moment, the
agg gate marie ct price Of American stocks in this
country Is ociow their proper value, through this
rather damsgng feature Of Amesican morality. In
this country mans credit Suffers, otep uDreason-
ably, because be has brother, an uncle or even
a cousin, dessnlter for payment is thing that
runs 10 the blood. II the great and -four shng
we to expect from dozen States OF less note The
Gaze Of any State asking for loan, to set IL up
in position Of indie ,eDdence, will be more suspi
cious than ever particularly as the repayment will
be by special taxes spread over mary years, AID
mote from the period Of the debt. It Is very well
known that in infant or unsettled States there IL
great objection, not to say political scruplc against
paying debts for fathers and sIandfahers. Henccit
l. very likely that the example Of Mississippi will
deter many Engiehmen from investing in American
stocks, and all the States will suffer from themiscon-
duct Of one. Whether II can be prevented by some
addition to the terms Of the federal Union, or whe
cans tho Msevss Int they certainly have great In.
ttrtsf IN keeIing rp their credi, 70 the paJinr
.t!Li,