The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-08-09

SeAAeEsoh DANAA tNhN NoBuaAhtANns
In the late issue Of the Continental
Monthly appears a searching review, from
the Hon. Robert J. Walker, Of Mr.. Davis
criminality in the population of Missis-
sippi bonds:
Mr.. Walker shows that Mr.. Davis
wrote two letters iustifying the act Of
repudiation--One in the Washington
Union, the Democratic organ of those
days, on the 25th of May, 1849, and the
other in the Mississippian, on the 29th Of
August, 1849.
The following is a brief history Of
transactions which preceded the repudi-
alton: In 1886 there was a great none
tary distress in Mississippi. There was
q general demand for 'relief measuree;"
when the Legislature met its attention
was absorbed by the question how to
remedy the financial embarrassment
On January 2lst 1887, a law was passed
creating the Union Bank of Mississippi
TO be based upon loans TO be obtained
upon bonds of the State, the proceeds of
which, when sold, were TO constit ute the
capital of the bank; and this money, thus
obtained, TO the amount of five millions
of dollars, was TO be loaned TO the ''oiti-
zens Of the State" TO relieve existing en-
barrassments. BY the Constitution of
the State such an ACT required the assent
of two successive Legislatures to be VAL
i'd; and accordingly the act was repassed
by the next Legislature, on the 9TH of
February, 1888. this Legislature having
been chosen in November, 1887. Mr..
Walker writes;
"There was thus full, complete, and
undisputed compliance with the require
ments of the Constitution, and, under
this act, thus sanctioned by two success
sive Legislatures, it is conceded that the
faith of the State was Pledged"
The Legislature, prohibited by the
Constitution from interpreting the laws,
usurped this function of tho judiciary,
declared the law invalid, repudiated the
bonds and the acts of three succeeding
Legislatures, and the decision of the
highest tribunals Of the State. "Jeffer-
son DAvis,p says Mr.. Walker "sustains
this Reputation, aud the British public
are asked TO take now Confederate bonds,
issued by the same Jefferson Davis, and
thus to sanction and encourage, and Of
fer premium for reputation.
"Theee so-ealled Confederate bonds
are issued in open violation of the Con-
stitutiOn OF the United States; they are
absolute utilities, they are tainted with
treason, they never can or will be paid;
and yet they are 10 be thrust on the
British public under the sanction of the
Same repudiAtor, Jefferion Davis, who
applauds the non payment of the Mis-
sissippi bonds, and thus condemns hun
dreds of innocent holders, including
widows and orphans, TO want and
misery, Talk about faith, about honor,
about justice, and the sanctity Of con-
tracts! Why, if such fragrant outrages,
such atrOciOus crimes, can be sustained
by the great public Of any nation, small
indeed must be the value of their bonds,
which rest exclusively on good faith"
The moro closely this affair is exam
ined, the more disgraceful does it appear
for Mr.. Davis. All the courts, the whole
bar of Mississippi were against him
Not a man of eminence or character in
the State appears TO have been on his
side only gathering of bankrupt cot
ton planters. MIR. Walker concluding hil
letter, says: "In the case, also, Of anoth.
er slaveholding State, that JeBerson Da
Ois volunteered to Sustain her IN the ysptt9ia.
tion of her State bonds IA case more afro.
ciotts, IL possible than that of Mississippi
As Jefferson Davis 10 now at the head O
slaveholding conspiracy, endeavorinl
to destroy the Government of my coun.
try, and is now also engaged in selling
worthless Confederate bonds in this mar.
ket, / have deemed it my duty to maxi
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