The weekly Mississippian. [volume] (Jackson, Miss.) 1859-1864, 1860-02-15
when these impending dangers are withdrawn

Questions affecting Boards Of Police and JUS
tees of the Peace-and can we not find time
to consider of what directly concerns the in
tegrity of the State, and its fair dealing E? We
are not involved in war. The opinion is not
even prevalent that we shall be. WHY then.
shall we not consider and decide this subject?
VIII it not be obvious both to our friends and
our foes that the report of the majority is
merely an ingenious way of eyaiing any re-
sponsibility, or Of coming to any decision upon
the question And is that crediable to the
State, or is it manly way of dealing with
question like this?
But what was the proposition of the minor
ity of the committee which the majority
thought ought not to be considered Of in view
Of the perilous state of affairs ? Did we pro-
pose to pay the debt at once? To levy any
tax upon the people or to do anything,
whatever, which could, by possibility, ham
per or harass the State, in the event it should
be precipitated into hostilities, or collision
with other States ? Not at all Our propo-
sition was simply one of inquiry. We mere
ly asked that the Governor of the State lie
permitted to open negotiations with the bond
holders, and ascertain the terms upon which
the long >deferred debt could be adjusted and
report to the Legislature two years hence
and even this the majority Of the committee
thought the state of our federal relations pre-
cluded.
A majority OF the undersigned were willing
at once to declare the debt due and make in
slant provision for its payment We thought
and we think, that the State could pay the
whole debt in five years. principal and inter-
est, without Oppressively burthenng the peo-
pie; and had we been governed by our own
views alone, we should have proposed meas
ures for the funding of the debt, and the liqui-
datlon at once OF the aceruing interest. But
we knew that great majority Of the Lcgisla-
ture was elected in ignorance that any appli-
cation would be made to this body for payment
and that they were, many Of them, unwilling
to take decisive and final action on the sub
jet, without consulting their constituency
upon it, and we have thought it best for the
creditors of the State themselves, not TO force
a vote directly upon the subject which might
be adverse to their rights and yet not be a
fair expression of the people. The underSign-
ed do not believe that there are to be found i'll
the Legislature, a half dozen members who do
not believe the Planters Bank Bonds to be
valid and binding obligations on the State !;
and they confidently believe that when the
people understand the subject as it really ex-
lists, they will be equally unanimous. 1t was
in this belief that they merely asked the COM
mittee to declare the debt a just one, binding
on the State, and direct the Governor to open
negotiations with the bond holders, and ascer-
ia at what rate of interest, and on what
time the principal and interest can be adjust
ed. The undersigned believe that the credit
ors will willingly prolong the payment of the
interest now in arrear, and the principal, for a
period Of at least twenty years, and perhaps
longer; and will agree to receive a rate Of in
terest not exceeding five per cent, to be paid
annually, on this aggregate of principal and
interest now due. The undersigned believe
that with the vast increase Of taxable property
growing out of the completion of the different
railroads in the State, the reclamation of the
valley Of the Mississippi, and the great addition
to the slave property of the State made annu-
ally, the annual interest Of about $4,000,
and the principal Of the funded debt, say 81,
O00,OO0-can, at the end of twenty or thirty
years, be paid without any increase of the
present rate Of taxation or if this should not
be SO, at very inconsiderable and hardly per-
ceptible increase.
Holding these views, which we are prepar-
ed to maintain, by facts and figures they could
see no reason for sustaining the report of the
majority, or justifying the rejection of their
own proposition.
The undersigned consider that so far from
the threatening aspect Of our federal affairs be-
ing any reason why this subject of paying or
providing for our just debts should not be con-
sidered, it is the very reason, of all others,
why it should receive prompt consideration.
Should the threatened evil befall us, and a
separation of the slave and free States take
place. and Mississippi become a free and sOve-
reign State, she will need friends to uphold
her in her new position she will need to be
fortified and strengthened in that position.
She will want all the character her resources,
her wealth, her people can give her. She
now lacks character for good faith and fidelity
in her transactions. So long as she remains
in the Union, this want of character is not felt
by her. out of the Union, left to defend her
self, thrown upon her own resources she will
not only find that to have considered in adj
vance and provided for the payment Of her
Just debts, would prove tower of strength to
her, but she may further find that by putting
herself in an independent and sovereign posi-
ton, she has exposed herself and her people
to the demand of instant payment of this debt
by the Governments whose citizens are wrong
ed and defrauded by the refusal Of the State
to pay. A wrong which cannot now be reach
ed, because she is protected by the Union OF
these States, but which can be at once redress
ed, the very moment she becomes sovereign
body, recognized as such by foreign powers
and responsible to them.
In conclusion, the undersigned cannot but
express the hope that this Legislature will not
acceed to the proposition of the majority ; will
not refuse further to consider the subject /;
will not say to her too patient creditors, you
have waited nineteen years for our tardy and
long deferred recognition of your undoubted
rights, wait yet longer; we are not ready for
you we have other matters to occupy our at
tentlOn We cannot stop to hear your cGm-
plant On the contrary, we hope the Lesis-
lature will say, this is just and honest de, t.
common justice and right require that 1t
should be paid; the fair fame of the State de-
mands it; every consideration that can ope-
rate upon just and honorable people, eAa;ts
t; and we will pay it and to that end we
will ask our creditors what time they vii
give US to pay il in. We have waited so long
and so carelessly, that we have allowed the
debt to become too large for us to pay at once
without expressing our people, and that no
nation is bound to do, even to pay an admit
ted debt; and we now ask of you, through
our Governor how long time will you allow
to us to pay this debt in, and what interest
will satisfy you for its postponement If
this course be adopted, our creditors cannot
condemn us for an utter disregard OF their
just demands and our admitted Obligations
But on the contrary, will gather confidence
and hope that their claims, indisputably Just,
will be, at length, recognized and paid. There
fore the undersigned propose the accompany
ing bill, and ask that it may be adopted, in
lieu of the report Of the majority.
All of which is respectfully submitted.
WIN. C. SMEDES,
Chm House Com.
G. F. NELL,
H. r. WARE.