Daily national Republican., 1863-08-01
J.nsr.o. D.v,. s.d Rspud,..,on,

In the late issue OF the Continental Nonthly
appears a searching review, from the Hon.
Robert J. Walker, Of Mr.. Davis's criminality
in the reputation Of Mississippi bonds.
Mr.. Walker shows shat Mr.. Davis wrote two
letters justifying the act of repudistiou
in the Washington Union, the Democratic organ
of those days, on the 25th Of Nay, iS49, and
the other In the Ms~"ippia", on tho 10th of
August, lSi0.
The following is brief history of trsnsac-
tions which preceded the rcpudlstlon, In 1888
there was great monetary distress In Mlssis.
sippi. There was general demand for relief
measures" when the Legislature me: its atten-
ton was absorbed by the question now to rem
cdy the financial embarrassment. On January
81, 1887, law was passed creating tho Union
Bank Of Mississippi, 10 be based upon loans 10
b. obtained upon bonds Of the State, the pro-
ceeds of which, when sold, were to constitute
the capital Of the bank; and this money, thus
obtained, to the amount Of Ave millions OF dol
lars, was to be loaned 10 the "citizeus of the
State" to relieve existing embarrassments. BY
the Constitution Of the State, such an act re-.
quired the assent Of two successive Legislatures
to be valid; and accordingly the act was re-
passed by the next Legislature, on the bth of
February, 1888, this Legislature having been
chosen In November, 1887. Mr.. Walker writes:
"Thcre was thus full, complete, aud undis-
puted compliance with the requirements of the
Constitution, and, under this act, thus sane
toned by two successive Legislatures, 1t is con-
ceded that the faith Of the Slate was pledged. %
The Legislature, prohibited by the Constitu-
tion from interpreting the laws, usurped this
function Of the judiciary, declared the law in
valid repudiated the bonds and the act of three
preceding Legislatures, and the decision Of the
highest tribunals Of the State. Jefferson
Davis" says Mr.. Walker, "sustsIns this repu.
dation, and the British public are asked to take
new Confederate bonds, Issued by the same
Jefferson Davis, and thus to sanction and en-.
courage, and offer premium for repudiation.
sued In open violation OF the Constitution OF
the United States; they are absolute nullities,
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 great repudiator, Jefferson Davis, who
applauds the non-paynent Of the Mississippi
bonds, and thus condemns hundrcds of ipno-
cent holders, including widows and orphans.
to want and misery. Talk about faith, about
honor, about Justice, and the ssnctlty Of con.
tracts Why, II 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 more closely this affair Is examined, the
more disgraceful does 1t appear for Mr.. Davis
All the courts, the whole bar of Mississippi
were against him. Not nan of eminence Of
character in the State appears to have been on
his side; only gathering of bankrupt cotton
planters. Mr.. Walker, concluding Ills letter
says: In the case, also, OF another slaychoId
Ing State, will prove, from the public docu
ments, that JsGs, son Ddvis volunteered 70 sutdi,
her IN the repudiation Of her ffats bonds IN a cas-
more airoei0us, Dpossible, Oan that Of Mississip
pi. As Jefferson Davis Is now at the head of 1
slaveholding conspiracy, ondeavoring to de
stroy the Government OF my country, and II
now also engaged In selling worthless Confed
crate bonds In this market, have deemed 1
duty 10 make this publication"