Southern shield., 1853-08-13
MISSISSIPPI.

Both u,imo, we learh that the High Court of Errors and Appeals-the Supreme Judicial tribunal of that State-have unanimously decided
 that Mississippi is legally bound to
 pay the Union Bank bonds; and that no action of the Legislature, or cote Of the people, can effect the question.
 Each judge delivered very elabor-
 ate opinion, which are represented as surprisingly able and convincing, covering the whole ground, and mee-
 ting and refulng every point raised
 in opposition. We do not doubt it.
 No State in the Union has abler Su.
 preme Judges than Mississippi.
 The people of our sister State now
 occupy position, so far as their hon. or, character and credit are concern ed, which should cause them to re- fleet, to study, and to ponder. as new
 CT did people before. Although re-
 pudiation has sunk her credit so low
 that a million of dollars of constitu-
 tionally issued State bouds would not
 command dollar in any of the mar
 kets of the earth, still there is anolh-
 CT, "a lower deep" into which they
 will assuredly plunge, and from which it is doubtful whether they ever can
 be eXtricated, unless they take the proper stand n0w It is this: hereto fore, the Legislature and the people have decided, by vote, that the bonds were both illegal & unconstitutional. The Judiciary, which alone had right fuI authority to pass upon the ques- tion, had given no opinion. Since this popular and legislative dicision, the subject has been brought broadly before the courts-in the manner prescribed by law, in which suits against the State must be brought, and before tribunals empowered by the laws; to settle all such conflicting questions. The case came before the Superior Court of Chancery. The Chancellor decided that the State was morally and legally bound 10 pay the bonds. The Attorney Gen. eral took the case up to the High. Court of Errors and Appeals-the tribunal of last resort. And that Court has now decided, unanimously, that the State is legally bound Ior the redemption of the bondsl
 From these decisions the people off Mississippi cannot escape, no ma tier ii the arguments Of the repudiators were sound both in law and morals. Their oaDn tribunals-courts created by themselves, 10 determine such queStions-have decided that they are bound 10 pay. Had the decision been different, had their own courts (and that would have been hardly fair 10 the foreign creditor,) decided oth- erwise, there would have been some excuse, perhaps. But now, there is none. The State is rich & able 10 pay. The p!eaof poverty cannotbe preferred. The Judges, selected by themselves, after fair trial, have decided against them. Had it been favorable thevI would have maintained that the de- cision should be absolute. As it isl adverse, they should bow to it. Nol rule can be just one that does notI work both ways. Before the courts the State should occupy the position of an individual, not take advantage of her power and bid defiance 10 the laws she herself had created.
 If Mississippi yields obedience to decisions of her own courts, and pays these bonds, she will not only retrieve her credit, but she will be advantaged double the amount she will pay in less than fifth of century. Repu. diation has already cost her moreI than the sum in controversy. Vel believe this proposition can be dem onstrated to the satisfaction of all in telligent men. And it will continue to cost her until she makes good her plighted word. A State that repu- dla'es her own sign manual, her own