Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-07-09
THE MISSISSIPPI BOND QUESTION.

The Mobile Register takes high ground in favor
OF the Democracy OF Mississippi relieving itself Of
the reProach OF reputation. 1t recapitulates the
circumstances under which the bonds were issued
SLOWS how, at that time, the Union Bonds were
repudiated, the bonds of the Planters Bank were
admitted to be valid, and finally, how, a year ago,
the struggle was closed by the express vote of the
people repuiiating the Planters Bank bonds. On
this decision the Register remarks:
1t is due truth to say that very small vote WINS
polled at the eection that passed with very little dis
cusson that II generally lodged and left MS pabu
um Tor the demagogues and finally, that it swal-
loweu up IN lar more exciting contest The truth how
ever remains unaffected that this verdict Of the people
was an enormous wrong; and it would be no difficult
task 70 exhibit this by showing that State had
ousy received and used large dividends upon her stock
in the Planters Bank and had in her treasure cash
fund properly applicable the payment of interest ON
the bonds anu 10 nothing else which she refused to APP
proprate to It's legitimate object But this is not neces
sary for our purpose.
- The question now arises what Il tho moral t,;tda
OF the State IN regard to her liabilities? WHY il Is pre-
csey hke 'hat OF an individual with ample means shrk
ing an honest debt aud secreting his property While
the State stood in the attitude of regulating her bonds
issued or supposed to be issued in violation of her
sttuton, she had defenders, only at home but in
other States and not without them even in England
But what apology is offered what can he offered for her
now If this Judgment of the peopla Is nerssted
in s not overrued if the State does not rerace her
steps, she must be set down as having repuaed for the
The
refuse; and her creditors have redress 1t is childish
weakness, sheer imbeciity suppose that the civilized
world will give her credit honesty and good filth n
rcpudihlng one ciaso OF her bonds while she refuses
/ payment of the other, which every man woman and
child in her borders admitted to be just and
| debt.
| The exports of the State of Mississippi are now
worth about twenty millions per annum, showing that
far her and resources indication of he
wealth. she is about the weathes State in the Union
and yet she is the only regulating State except Arkan
sas State of limited means, because her
undeyeloped. Pennsylvania, whose exports les
valuable promptly pays the interest upon debt Of forty
millions Indiana with not half the of lissssip
p has made provision for her debts amounting fifteen
millions, while the liabilities of Mississippi are but halt
| that amount.
NOW, let us face the music This whole career OF
reputation has been during the ascendancy of the
Democratic party and take leave say to YOU
brother Democrats of Mississippi in all raternal kind
ness that it devolves upon you retrieve the character
of the State shrk the question longer, but to
provide for the payment Of those bonds at least which
you, and ALL admitted to be honest debt and justly
due. You have overwhelming popular majority, but
you will find il precarious and unsubsantal reliance
until you have reinstated the credit of the State.
" But more. You are engaging in a system of internal
improvements, which must langush under the bghting
influence Of Frustrated State credit We do aude
to the Mobile and Ohio Railroad which is far enough adj
vanced with and to be placed beyond all
such Injurious influences But you projecting other
great works that will develop your and add
ealculaby to your wealth, population, and power II
you succeed in them, you viii be the first State which
has perfected system Of railroads and canals without
the of State credit Nor is this all We have no
doubt, from facts which have come to know
ledge, that the regulating attitude of the State has i'm
paired individual credits within her boundaries to
amount annually little short Of the whole indebtedness Of
| the State.
" These influences, nightng to the prosperity Of
the State viii become more and more apparent from day
70 day, until bond paying party will arise who viii
swear eternal hostility to- and abjuraon Of every other
political party question until full of the bonds
Is provided for. Such party fgrow mast grow and
Will leopard II it do not PROSTATE either both of the
htca parties which continue dodge question Vita
to the best interests Of the State'
These views, so temporarily and forcbly cx
pressed, BY journal occupying SO distinguished ;
position in the Democratic party as the Register
merit the serious attention of the members Of tha
party in the State Of Mississippi