New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-03-02

venient to pay. The whole white population was
then only 10000 but having $5O,0OO,OOO Of
bank capital to be used, they felt themselves
bound to put in their several ladies. They did
so to some purpose, for every man, like the
State, borrowed all he could, bought land and
niggers, raised cotton, and to all appearance was
getting rich. The country was full of money,
speculation ran riot and no scheme seemed too
absurd to DO Immediately undertaken. There
must be hundreds among u, who remember this
extraordinary condition of paper prosperity, as
well as the terrific explosion which followed.
SO long as it continued, the State was able to
pay interest on her bonds, but when the banks
exploded, she ceased to pay it on any portion of
the 81, 900, 600 issued.
In 1910 the Governor of mississippi seeking
to alay the wild feIment which existed, issued
,procamation which staggered the whole world OF
capitalists and money changers. He denied, not
that they had received money for tho bonds, nor
that they were legally issued, but maintained
that the charter Of the United States Bank
prohibited it from buying the bonds from the
| Union Bank; that the contract to purchase them
| having been made by Dir. Biddle individually,
was fraud; that the sale OF the bonds was
| illegal, because they were sold on time, and not
for cash; and finally, that the sale was fFaudu'
lent because it was below par, as about Sl7O,OsO
7 of accrued interest went to the buyer. To this
extraordinary denial Of the debt, the Legislature
responded by saying that the public faith should
be maintained inViolate, and that any idea of
Mississippi repudiating was calumny. From
the Legislature the question at issue went into
poltics Jefferson Davis, now President Of the
new Cotton Republic, became the champion OF
repudaton. He repeated Gov. NcNutts infa-
mous shuttle oil over the State, with arguments
peculiarly his own. Senator Henderson opposed
him vigorously; but, 70 the shame of the people
be it rsid they sustained Davis, and in 1872
elected Legislature which enacted law for
ever rcpudating the bends. The creditors, I'M
willing 10 believe that such scoundreli,m could
be legally permitted, commenced an action in the
Mississippi Court of Chancery for TIE recovery
of single bond This was about 1850. The
Court decided that the State was bC.pd to pay
the bonds, aud gays judgment against i for prn-
cpal ard interest of the one sued for. The |
State appealed to the High Court Of Errors and !
Appeals which affirmed the decision Of the Court
below; hut all this costly litigation brought the
plaintiff no relief; tho bond was not paid, nor
has dollar of the whole s., 900, 900 issued TO
tho Union Bank been-paid 10 this day
But it will be remembered that ~, 002000 had
been issued to the Planters Bank. Cautiously
enough, tho most active regulators OF The other
bonds admitted the validity cf these IN fact,
We believe their validity had Bever been denied
by any party in or ont Of the State. ~ every
body thus admitted they ought to be pad, the
holders began 10 think il meant something, and
in 1852 had Law psssed referring TO tho people
the question rs to whether they wero wiling TO
be- taxed 70 pay these bonds. On the vote being
counted, I2,7O3 voted to be- taxed and 2l,io7
that they would Dot-t1o 10 one. The
bondholders now retired from the contest
discouraged and hopeless, and held their
peace se7sn yeara. In 1859 they sgesn ap-
peared "a supplian,S TO the Legislature But
their committee in that body reported thLs more
important questions were on hand than tie pay
nent Of old debts, and SO let the bondhOlders
aide. On reading this report carefully, aided by !
the light Of subsequent events one cannot fail 10
detect Fat it, prevailing idea, though concealed
10 all bus the inflated, was Secession. The con.
spirators were Panning it then. Their minds
were full Of il, and their language plainly SHOVE
it TO be 80.
Yet il is claimed that even In Mississippi thero
Is at this time strong sentiment Of attachment
10 the Union Notwithstanding its recent seces-
sion. u is really difficult 10 believe such fact
Of such people. Perhaps in no other State has
there been so fsFOciOus and extensive \ system |
Of lyrshing and hanging CS innocent Northern
men, without ths hand Of single individual |
being raised to prevent or punish the brutality. |
That such community should be- famiShing fox |
bread il not 70 be wondered at, nor that il |
should send begging missionaries to tia very FsO- |
pie ito own citizcn5 have lyncbcd, boseeching |
then. not 10 sell, but 20 give. The extremes Of
incidence and degradation scem in them TO 20 in
ssparsbly combined. The same swindng repu-
distor Jefferson Dans is still tho railing sespOt |
Of The people. He has converted them into "a
vast mob seceding and furnishing, to be- sure, |
but mob nevertheless. How such man, or q !
Dcope with one Ike him at their head can have |
the ehrontery TO propose the borrowing Of money |
either on bonds or anything that belongs TO them,
land or nigsers, passes comprehension.
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