The Belmont chronicle, and farmers, mechanics and manufacturers advocate. [volume] (St. Clairsville, Ohio) 1848-1855, 1853-08-26

cogniiion Of the legality Of these bonds, in
virtue Of the well.scttled rule that prin-
cpil Is bound by the acts Of his authorized
agent, and that, as 20 innocent third parties,
even sovereign State Is estoppcd from set
ting up defence Of incompctrncy Of lis
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 European creditors, but of
her sister States, has long since demanded an
avowol that these bonds were Justly due, and
that interest upon them should be paid until
the pecuniary condition of the State should
justify their entire liquidation. The great
dissatisfaction felt at the Withholding any ex.
preston OF State responsibility has not been
coEiined to those whose pcDs dipped in the
gall of personal disappointment, have emulat-
ed Sydney Smith, who, because he received
neither principal nor interest for the E4OO
dulged in splenotic attacks upon the public
morality and private honesty of our whole
country. The delinquency brought doubt g.
suspicion upon American obligations of every
description; and il foreigners sought an in.
vestlnent omongst us, it was from the abund.
ance 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 tc nav
promptly the accrung interest on their debts,
such as Maryland, Illinois, and Arkansas.
were less known. Pennsylvania and Missis.
sippi stood as standards Of our honesty, and
by them was judged our good faith in meet
ing our liabilities.
Many an American, we believe, has felt
glow of shame abroad, when he has been
asked earnestly to account for such apparent
insensiblity to a loss of mercantile honor
to the opprobrium which was lowering upon
US through all Christendom. 1t has been
hard doubtless, to feel compelled, frcm pride
OF country, to endcavor to satisfy the inqur-
or with arguments based on mere technical
grounds, and drawn from the false reasoning
OF those who resisted a recognition which. in
private transaction of their own, they would
have been ashamed of, but which they op-
posed in this case because the responsibility
was divided among SO many that no one felt
his own share.
And so we rejoice that in so far as depends
on the voice of the highest judicial tribunal
of NIississiPpi-a tribunal established direct
ly by the State Constitution, and its members
coming freshly from all election by the whole
pcople--thc stigma of rcpUdiqtion has been
wiped off the shield Of that rich Common
wealth. We sincerely wish that the world
would be lost and forgotten, with all the 9TH
er acts which connected it with our history.
We say nothing about the present and
perhaps inconvenient payment of these obl-
cations as consequence of the late honor
able exhibition oc judicial integrity. The &C.
acknowledgement of a responsibility too long
denied suilices for the present. This being
achieved, the day does not follow the night
more surely than that sense Of Justice will
induce proper and reasonable application.
of the res ourccs Of this growing State to ths1
claims which may be found just. If her in
come does not at once cnable her TO discharge
her debts in iu II, 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 long
er be known in conneXion with that degrad-
ing word repudtatiOn, 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 virtuous
deeds of SO many of her citzens.-.Nat. Intel.