The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1873-01-23
Repatriation OF state Debt.
Fran rhe Chicago Tribune

The Ioadon Times. commenting on the
recent introduction on the London mar net
Of the mortgage securities Of new railroad
in Iowa, says:
Whether this prosperity on the part oil
Young community is likely TO afford any
guarantee against the influence of any such
an exam pie rs j. furnished b. the still TIL
umuhant. social. and financial career OF Mt.
jay Gould in New York, is a point when
investors must determine for themselves
at the same time it is TO be mentioned that
whatever may be the business qualities or
honesty of the people of Iowa it Is only
few months since the people o. the adJoin-
| ing State of Minnesota, upon being poiled
as 10 neither they would prefer To pay their
/ debt or repudiate, decided by large ma
/ iority in favor of reputation.
While We have no disposition To apologize
/ for regulators in any part OF the country,
/ il is no more than just TO the people OF Mlli-
npsota TO say that though the S2OOOOOU
I Minnesota railroad bonds referred 10 by the
/ London Times were duly authorized by the
Legislature of the State and issued in due
| form BY the executive authorities the state
| never received the stipulated compensation
! or consideration for these bonds, and that
| as soon as it was found that the people of
the State We're 10 be practically deiranded,
notice was given by the next Legislature
| that the contract had not been complied
with, and that the bonds would not be paid.
This notice was duly given before the bonds
| had passed out OF the hands of the first
/ holders, who were, in fact, the defaulting
| parties and who have sold the bonds with
! the full knowled &c of the Sc facts. Ii parties
! who bought the bonds did not receive the
! public notice given twelve years ago, they
! ONLY have themselves 10 blame. Neverthe-
less, there is the fact that these bonds tcere duty
issued IN a ls9di manner, pledgiRg tbs credit o.
/ the state Of Minnesota. The case Is hard
| one for all parties concerned. In the re-
| pudiation BY the State of Mississippi many
! II Il nd vet ina
| transaction was the means of casting .
| doubt upon the good faith of every legisla-
tive authorization of issues of State bonds
since that time.
mississippi reputation" is the scape-
goat of all other communities who have
refused to recognize illegal obligations.
Here is the case Of Minnesota. HerpeO-
pie have refused to pay certain bonds, for
which her faith was pledged by her con-
stituted authorities when no consider
alton" had been obtained. The conduct
OF the people in thus protecting them
selves, is condemned by the London
Times, the foreign organ of the fund
mongers but the Chicago Tribune comes
to their defence and places 1t on the
ground that the State "never received
the stipulated compensation for the
bonds" How it makes the case stronger
for Minnesota to lug into her defence the
case of Mississippi, and to misrepre-
sent it, We are at loss to discover.
The Tribune is considerable enough to
| aox, 4ho+ -, tba oaea of N;csiOp;,oni raDu-
diation the facts are quite different
! from the Minnesota transaction. Indeed
they are. Mississippi never rested her
! decision solely on the ground that she
never received consideration" for the
| Union Bank bonds, for the payment OF
which il was claimed that her faith had
been pledged. True she did not receive
farthing's consideration The
money which was paid for them, never
found It's way into her vaults 1t was
squandered by the irresponsible corpora
ton which alone was equitably bound for
its return. Her impregnable defence
consisted in the fact, that the whole
transaction was absolutely in violation of
| her Constitution. That instrument was
formal notification to her own authori-
ties and to all the world of the only con-
ditions on which she would permit the
Legislature to pledge her faith These con-
| ditions were violated: and what was she
| to do? Pay the money which the Shy
4 - l.
profit? Redeem an obligation which she
| had not, but which a soulless corporation,
/ had incurred? Rob her widows and or
| phans and toiling masses to compensate
the losses of reckless gamblers in uncon-
| stitutional bonds The matter does not
admit of controversy, rs a question of
equity. The only plausible ground
which could be urged in favor Of recog-
nizing the validity Of the claim, was the
injury which would otherwise result to
the credit of the State, which our Chi
cago contemporary tells us Git has been
said over and over AGAIN. has been ire
trevably impaired. This may be lament
able; but it would have been still worse
to have submitted to the matchmaking
operation.
Ignorance and malice are ever at work
with the fair name of Mississippi in con-
nection with her refusal to recognize the
Union Bank bonds as a binding Obliga-
ton which unlike those of Min
nesota were not 'tduly issued in legal
manner" OF late, new set of vipers
have entered the lists against her. They
are reptiles who once boosted of their
Democratic membership, and their seces-
sion creed, but have since the era of
Carpet Bag rule, been thrown to the
surface, and have crawled into office BY
turning against their own race and are
currying favor with their patrons by
classifying the history of the State and
slandering her people. Of this class
BLUE Mass MORRIS, of Subsidy notorie-
ty, is conspicuous type. In his letter
to Bingham, of Ohio, on Col. Lamar's
disabilities, he bids high for the favor of
the Radical prosecutors of our people, by
dwelling with peculiar JUNCTION on their
"perfdious reputation of their State
debt"
By the way, speaking of Republication,
although odium is attempted to be affixed
to the term, it is far from being the
hateful thing except to licensed robbers,
that interested parties would have the
world believe. 1t is the best remedy for
debts fraudulently imposed upon the peo-