The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-11-27

ter that an occasional injustice should be done
to popular performer, than that the public
should have no guide in sach matters? Artists
must learn TO get rid of some foolish notions
they have. They must try to convince them
selves that no man. in the position OF a critic,
would venture to undertake gratuitous and
systematic persecution of one Of their number,
if the public were not of his mind He. like
they, has reputation to preserve; and he may
lose it as readily by unreasoning severity as
by slayering praise. -
Repudia alton I'm Mississlpn-The Honor OF
the SDuth.
a contest is arising in the State of Missis-
sippi, in which the national honor is involved.
That State is now the only one in the Union
which has not provided for the payment of its
just debts to foreigners. Some short while
since the bubble on which an attempt had
been made to defraud the State bondholders
came before the courts, and to the satisfaction
of every man of honor in the country, the
Chancellor and the Judges of the Court Of
Errors decided that the conduct of the State
Commissioners could not absolve the State
from liability, and that Mississippi ought to
.provide for the payment of the bonds issued
on account of the Union and Planters banks
1t would now appear that this decision
has given great offence to the citizens of
our sister State. They Indignantly repel the
imputation of honesty, and testify their dissa-
tistaction at the conduct Of their judges by de-
feating Judge Yerger, and menscing his col
leagues with similar fate at the next elec lion.
They are resolved to maintain their character
tor dishonesty. and viii not brook any COM
Functions of conscience on the part of their
State officers 1t is said that this resolution had
something to do with the defeat of Gov. Foote,
who saw no reason why State should not pay
its debts like a simple individual Whether
this be true or no, it seems beyond doubt that
a majority Of the citizens of Mississippi are de-
termiped to persist in repudiating, rather than
endure the imposition Of a small tax to pay off
their debts
In view of such q state of things, an honest
man is naturally prone to allow his feelings to
get the better Of his reason and to give vent
to his indignation in appropriate terms Of cen
sure We cannot doubt that such is the recep-
tion which awaits the news from Mississippi
abroad. We who, though not pecuniary losers
by the decision of that State, have even more
direct interest in its reversal than the bond
holders themselves, must subdue any such in
clination, and refrain from upbraiding until
persuasion has finally failed.
The debts now claimed from Mississippi have
been declared legal and just by the highest
courts of the State. The decision of the Court
Of Errors exonerates us from any obligation to
inquire into their nature and validity. Judges
appointed by the citizens Of that State, and on
whom no imputaton of bias or suspicion of ig-
norance can rest, have formally pronounced in
favor of the bondholders and against the State.
Their judgment has been confirmed by every
legal mind throughout the country. The unani-
nous voice of the American people has given
fresh force to the sentence, by recognizing in
the most emphatic manner the moral claim of
the bondholders on the State. Under these
circumstances, an intention on the part
Of the citizens to renew their reputation
scheme can only spring from deliberate
dishonesty or singular ignorance. At first
blush, the former appears the more natu-
raj motive. The case Of the Mississippi bond
holders has been discussed so thoroughly and
so frequently, both in this country and abroad,
that one can hardly understand how any one,
much less an interested party, can still remain
in ignorance of its merits. But the supposition
can be so utterly lost to every feeling of honor
and policy as to brazen out deliberate fraud
before the eyes Of the world seems so unnatu-
raj and inconsistent with our experience of
large bodies of intelligent men, that we cannot,
without further evidence, consent to regard
this as the real secret of their recent policy.
We are more inclined to regard the act as
arising from short-sightedness and narrow
view Of finance. Mississippi is, as compared to
New York, young State; and ii is highly pro-
babable that the nature and principles of linan-
cial credit are not understood among its citi-
zens 1t is unreasonable to suppose thai they
realise all the injury Reputation will inaict
upon them. They see that by repudiating they
will shirk the payment Of a small tax, sufficient
to pay off their debts at periods of fifteen, thir
ty forty-fve, and sixty years; but they do not
see that they will thus shut themselves out for
ever from the commercial and financial world.
They cannot be aware that a pursuance Of the
policy now popular among them will be total
bar to the negotiation Of Mississippi bonds and
securities for ever hereafter. Ii Mississippi
were barren State Offering no promise Of in
ternal Improvement if it never intended to
build railroads, open canals, construct bridges,
or undertake any great State work re-
curing large outlay of capital if the
planters had made their minds up not to
participate in the progress Of the Union, we
would then understand, if we could not excuse,
!. l. IL.