New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-08-16
MISSISSIPPI REPUDIATION.


Some twelve or fifteen years ago, the People OF Ms
sgsippi attempted the difficult task on which the whole
Country bas recently eagaged-that OF getting reh by
plunsing headloDg in debt. They commenced Railroads
which have not been Peted sold each other d lands
(ontiek) from ten ihipes up fifty dollars peracrs, with
negroes to Gle ar and work them at IO0Oto 1880 aso
On tick per head every body interested in these bargains
making any amount of money by them and able and
wiling to sash them down with rare old Brandy at -
per gallon or pompously chrsteHed Champagne at -
Der bottle These fancy prices for LAID and groes
we're al among themselves, and when the bubble
burst would have lelt ths N about where they iegan
but tie Brandy and Champagne had been actually con
sumed aud had to be somehow paid for which ste up
their cotton crop aud left them co1ure up bread aud
neat ard pay for $500 Pianos and $50 Essy-Chdrs by
Firauce TIE task too arduous for people rs yet
raler green in that absrse science they generally
suaslcd from Robert J Walker whose outstanding notes
and other Cg atoms advertised by the Sl0OWO %
worth )by Shen and Mortgages dOwuto the poordeyl
vlo lad only "goneiu fort moderate plantation sal
was compelled to fail on SEINE such pfltry amount az
Thirty TO fifty thousand However, as they we're pretty
much all in for it, the aggregate Of their bankruptcies
was abuDdany respectable and, since ever body Dwell
and scarcely anybody paId their Banks all weat by the
bosrd if they bad been pipe-stevs. Aud OF these
Banks two-tbe Planters and the Union-h ID been get
up he former par. the latter almost quiCe eutIre
,-on the strength Of Stare Loans. authorized BY the
LEGISLATURE and sanctioned by the People. In other
woIds: the Ms-iss plans, having borrowed all they
could on then ind sidual names agreed TO barros Six
Mflms more on thiI public OF JOINT responsibility,
and DID is The Planters aud Union B inks were
simply agencies employed BY them ia procuring and
l;..,t I'm, this nj accommodation -
Woa: In due time the matter came to It's natural
issue Cotton fell like Niagara and the planters could
not pay the promised $50 per acre for Cotton lands and
81 200 per head iOr negroes; the Merchants couldn't
pay because tse Plsoters couldn't the Banks couldn't
paw for nobody paid themin short, there geaer-
al smash. ALd, as the State Bonds had been sold TO
the 5 Bsnk, which lad negota,ed or b Porhecated
them ia London-or, Gov. McNatt politely expressed
it, "to the descendants of Judas Iscarot and as
almost every body was abusing Nick Bddle for no:
paving over the money which had been gouged Of
him by Just such operations as hsit was concluded
70 be the best way repudste the Sate Bonds issued
10 the Planters snd Union Banks, and rub the old
score cesn out aud begin afesh with the Cotton Lands
and Negroes the Bonds aud Mortgages, all rs good
full PSI the Banks all wound up, Nick Bilde and the
Hebrews well cursed, and every thing in shapeto Jolly
GOOD time again whenever Cotton should come up to
something near the old standard.
So said, SO done. A little ingenious soPhstry about
the Constitution the power Of the legislature theterms
on which the Bonds were negotiated, the medium of
PAYMENT < C. made the matter all right ia the eyes
OF those who were disposed be easily satisfied and
who, having proftaby failed to pay their notes the
Banks we're dead set against paying them indirectly
in tie shape of taxation their lands and to
Il ID. . 4I.S- I'd.
But there were men in Mississippi who could not
tamey consent TO he thus dshonored They we're lot
Wiling 10 sand before the world as fraudulent bank
ruIts and self proclaimed sgpdlers. They knew that
the Bonds ought be paid and they resolved tina, they
siond be paid TO It's honor be II spoken, the WIG
PARTY Of Mississippi took ground openly and decidedly
il favor Of psy ing in full They went TO People on
that issue, and were voted down The Demscra'ic
party Rad as natural instinct of nonpa! ment he
Wings hae for payment. Possibly enteth Of the
Wings split Of tom their party this issue aud went
in for Reputation. while one Democrat in hundred
syoEsd himself Bond payer. Toe party lines however
separated with yery general accuracy the Bondpayers
from the Regulators. The Why's we're beaten rather
worse on this ssue than they had previously been and
the Stars in tine settled quietly and fxedy into the
slough of Reputation 1t was abundantly proved do
ring tie struggle that those Wings who voted against
Republication paid three hiihs of the Taxes har three
fourt Of those who voted repudate would scarcely
have felt the weight of taxation mad the State gOed TO
be honest but Democracy" would not be moved
at was agSinst its interest to psy the principal and
sganst its principle 10 pay the interest" 50 the
Bonds bsye gone dshonored and unpaid while ole chief
alaIuicr, Of The Democracy, by which the Safe mas
been kept faithful To lis standard IS this Ii the
Wbigs carry the State you will be taxed to pay the
State BoId,T-now amounting with interest) q
over Ten Millions Of Dollars
But a new feature in the controversy has Just been
developed The highest legal tribunal ia he STATE Of
Mississippi has decided that the Bonds are legal kad-
ing State debt and must be paid This Court is con-
posed of three justices elected By the People. Two
of the three are Democrats-s three were chosen as
standing at the head Of their profession in the State
The Rspud.Stors have chosen taer own tribunal aud
il has unanimously decided the ease against them
What nov Is TO De done Pay d. you say No.
Derocrscy Knows trick worth tso OF thar II Is
VIA. tie Weston c, Characterize rs beating N the
execution v pen Jou fail the judgment The high.
paid but then they eaEt be uni. the Legislature legies
taxes and raises the EhereEirbs 50 Democracy wiIl
choose LEGISLATURE tia, viii refuse 70 tax or sppro
pristel Hear the State Democratic The
Mississypian--of the 18th inst
THE UNION BANK BoSDs-pEcIsreS OF THE SUPREME
COURT. .
The public doubtless prepared 10 hear that the High
Court of Errors ard Appeal has decided tina, the Bonds
sod for the Of the Union Bank are legal and con-