The Magnolia gazette. [volume] (Magnolia, Miss.) 1872-current, 1873-10-24
MAGNOLIA COUNTY, MISS, FRIDAY. OCTOBER a.
tFrom the yieSsburg Herald,l
Our Iscpudiutcd Bonds.


Last week Hon. f. s. Fisher addressed |
the people Of Senatobia in reference to the
repudiated bond question Of our State
Judge Fisher was Associate Justice Of the
High Court Of Errors and Appeals Of
Mississippi when, in February; 1853, an
appeals was taken from the decision Of the
Chancellor, fixing the liability Of the State
to pay the Mississippi Union bank bonds,
amounting then to five million dollars, upon
which decision decree had been rendered
for the amount sued on and interest
From this decree the Stete's Attorney ap-
pealed to the High Court OF Errors and
Appeals, then consisting Of ChlefJustice
Smith, Hon. William Yerger aud the honor
able gentlemen who addressed the Senatoba
meeting when the case was argued for sew
eral days finally the case was decided BY
the unanimous opinion and decision Of the
court affirming the decree Of the Chancellor
und holding the State liable for the pay
ment Of the bonds, Chief Justice Smith
and Judge Yerger delivering elaborate opin-
ions, and Judge Fisher concurring. And
the Memphis Appeal in giving this history
adds: An effort was then made to secure
an appropriation to pay the debt 10 accor,
dance with the decision Of the High Court,
but failed. This was the unfortunate be-
ginning Of the mischief which now threatens
such a terrible consunmation The repu-
diation Of the Union Bank Bonds involved
those Of the Planters bank, and although
there was never any litigation touching the
States liability to pay these latter bonds,
the Legislature, if we recolect rightly re-
fused to make any appropriation to pay
them, which was equivalent to repndlaiion.
In his speech at Senatobia, Judge Fisher
pictures terrible picture Of the condition
Mississippi would be reduced to, in the
event Of the State being sued upon the
Union and Planters bank bonds. The
amounts Of the two judgments will be fully
thirty millions Of dollars, and il it should
be decided that the judgments Of the courts
III this case are not against the State 70 be
paid by an appropriation hy the Legislature
but by operation of law, q Judgment against
all the people Of the State, TO be enforced
ID tile usual way hy executions issued upon
tie Judgment, and levied like other expcu-
tuns, upon the private property ot the
citizens, then, says Judge Fisher, You
cprtainl, ought to know il as soon as pos
sibIe, fur even in good times i will require
property, when forced all at once upon the
market worth two hundred million dol
lars, 10 produce thirty million dollars at
shelffs sale. Besides it would be hazard
Gus for our own people to purchase proper
ty at such sales, as il would be Immediately
liable 10 new levy and sale until the judg
ment should be satisfied The judge con
tinues that the inevitable effect ot such
judgments would be to drive the people
from the State which in that event wuulc
fill into the hands Of the English bond
holders, who would settle i up with colo
nists from their own country, forcing no
only the white, but the colored people
from the country, driving the latter, il ma!
be, 10 South Americt, where the gre4
aud good Lincoln wanted to colonize them
o'rhis question" says Judge Fisher, "cal
but make Us feel sad when we come to dea
with ii. Only think of whole people
white ard coored, being stripped in day
some day appointed by law for sheriff sales
Of all they have. and driven from thei
home. into foreign lands. Why,t woul
:, be ID its effect like the last scourge yisite
upon the Egyptians when the exiermina
ting angel struck with death the frat Dor
Of the land, carrying woe and desolatio
into every household.