, 1863-08-01
JEFFERSON DAVIS AND Re-
RUDXATK&}T.


The Continental 1lontAly for August con-
1aius letter from the Hon. Robert j. Walk
CT, of Mississippi, recounting the history
Of tho tepudiatinn OF i've millions Of debt by
that Suite, and OF Mr. Jefferson Davis share
in the transaction Mr.. Walkers note is in
reply Il, q vote Of Mr.. 9lidel to an English
inur1 u, wherein Mr. Davis concern in tho
matter w4s denied.
The history Of matters preceding the repa-
dfatlun ia briefly as folioxs: In 1885 there
was great monetary distress In MississIppi.
There was general demand for "zclief uaea,
Fnres;" when the Legislature met, It's attcn-
tion was absorbed BY the question how Ii
remedy the financial embarrassment. On
January n. 1887, law Ens passed creating
the Union Bank cf Mississippi, to be based
upon loans to be obtained upou bonds Of the
State, the proceeds of which, when sold,
were to constitute the capital Of the bank
anu this money, thus Obtained, to the amount
Of five millions Of dollars, was to be loaned
to the "cltIzens Of the state,'' to relieve ex-
istipg esuharrassments. By the Constitution
Of the State, such an act required the assent
Of two successive Legislatures, to be valid; ;
ard, accordingly, the act 1ns repassed by the
next Legislature, on the 9Th OF February.
1888, this Legislature having been chosen In
November, 1851. According to Mr. Walker
=" There was thus tall complete aud un-
disputed compliance with the requirements
Of The Constitution, aud, under tho act, tllus
sanctioned by two successive Legislatures, 1t
Is conceded that the faith Of the State vas
p1edgedn
The bonds were sold to 11r. Biddle, Presi-
dent Of the uuited- States Bank, and alter
wards passed into other hands. The money
was received by the State, passed over to the
bunk, md loaned to private citizens, In &C.
cordsnce With the charter or act.
DAILY UsIoE.
WASHINGTON CRY, MaY Is, 1919.
srArrMExT FURNISHED NJ JEFFERSON DAVIS,
ESQ, SENATOR OF THE UNITED Stairs.
The state Of mississippi has no other ques-
ten with bondholders than that Of debt or
no debt. When the United States Bank Of
Pennsylvanta purchased what are known as
power Of any stock dealer to learn that they
had been issued in disregard Of the Coustita-
zion Of the State whose faith they assumed to
pledge By the Constitution and 1awB Of MIS-
flssippI, any creditor Of the State may
bring suit agalust the State, and test hts
bond holders have been invited; but, con-
scious that they have no valid claim, have not
soueht their remedy. Relying upon empty
fbecause false} denunc1atfoD, they have made
II point Of honor to Rhow Hhat can be-
shown bT judicial Investigation; s. T., that
there being no debt there has been no deAult-
The crocodile tears which have been shed over
ruined creditors are on par with the base
less 5enuncfatIons which have been heaped
Inon The State. These bonds were purchased
bT q bank then tottering to Its fall-purchased
n violation Of the charter Of the bank, OF
fra1dnlently, by conceallng the transaction
sn,t % those OF coneerned- purchased In violation
Of The forms Of the Ian under which the
honds were issued, and In disregard Of the
Constitution Of Mississippi, of which the law
was an Infractlon. To bnstain the credit Of
tbat rickety bank the bonds were hypotaecat:
ed abroad for interest on loans which could
not be met as they became due
4 s1nallsr amount is due for what are term-
ed Planters Bank bonds Of Missiasippl. These
ey1afnceg Of debt, a. well ~ the cr,upons Is.
sued to cover the accruing Interest, are r.
ceiyable for State lands; an9. no one has a
right to assume they will 4c<tt .be provided for