Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-10-12
THE REPUDIATED BONDS.
Poverty and Ruin at the Doors Of Mis-
slsSippIans-A Horrible Picture.
The Peoples Property WIN be Sold by
the Sheriff to Satisfy Bond
holders.
F-om the vicksburg Times

FrOm the Nicksburg Times.l
We give below extracts from a speech
recently delivered at SenatObia, Missis-
sippi, by Hon. r. s. Fisher, who was
one of the judges Of the high court of
errors and appeals twenty years ago,
when the bond question was decided by
that coart. He, therefore, may be re-
gsTded as one Of the most competent
men in the State to speak on the en-
crossing subject. The picture he draws
Of the distress and suffering that will at
tend the payment Of the threatened ex-
ecutiOns Which are to be levied on the
peoples property is fearful to cOntem-
ylate. He says:
THE STATE To BE SUED.
Assuming that the State will again be
sued upon the Union and Planters bank
bonds, and the amounts of the two
judgments, if recovered, will be, as as
serted, thirty milliOus of dollars, the
question may come up before the court,
whether this is strictly judgment only
against the State, and can only be paid
by the legislature, or whether it is, by
operation of law, judgment against
all the people of the State in the usual
way by executions issued upon the jHdg-
ments, and levied like any other execu-
tiOns upon the property of the people. If
this last proposition be the law Of tue
land, you certainly ought to know it,
as soon as possible, for even.in good
times it viii require property when
forced all at once upon the market,
worth two hundred millions of dollars,
to produce thirty millions Of dollars at
sheriff7s sale, besides il would be very
to-
property at such sales, as it would be
Immediately liable to a new levy and
sale until the judgment should be salts
fed. If the owner were to buy his prop
erty at the sale, it would still be liable TO
be sold again, as his liability would con-
tinUe until the judgments were satisfied.
THE sCOUBGE OF DEsoLATION.
If, then, it is the law that q judgment
against the State upon these bonds will
be by operation Of law a judgment
against the people Of the State, the in
eVitable consequence will be that the
best portions Of the State will be sold
and purchased 10y the bondhOlders, the
rich valley of the Mississippi and its
tributaries viii fall into the hands of
Hope & Co, and of the English hold
ers of the Planters bank bonds. Hope
q C9., owning the country, Will, OF
course, settle it up with colonies from
their own country, or, more likely, from
Germany. This will not only force the
white people from the country,
but force the colored people
also to leave, and may result in
driving them to South America, where
the great and good Lincoln wanted to
eOlonize them. This question can but
make US feel sad when we come to deal
with it Only think OF a whole people,
white and colOred, being stripped in a
day, some day appointed by law for
sheriffs' sales, of all they have, and
driven from their homes into foreign
lands. Why, it wOuld be in its effects
ike the last scOurge inflicted upon the
Egyptians when the exterminating an
gel struck with death the first born of
the land, carrying woe and desOlation
iuf0 aVarv hOusphOld