The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1880-09-22
The Charge of Reputation Against
Mississippi.
The Union Bank Bonds.


article in the New York World, jour
nal of responsibility, in which invidi
Gus reference Is made to Mississippi, in
commenting npon a case of fragrant re
pudiation by Massachusetts. Also q
stupid and malicious TRADE by Nir.
gia paper, whose authors ignorance is
only equaIed by his mendacity. Mis-
sissippi Is held up by the writer as a
scarecrow to deter the people of Vir-
ginia from carrying into execution what
seems to be popular idea of repudi-
ating large portion Of the debt Of that
State, under the pretence Of "adjust-
ing" it. In speaking Of Mississippi, he
presumes to say that what he calls cher
Reputation is as bad as reputation can
be. We never heard Of any that was
more Objectionable Then, he has read
the history Of other Eations and of other
States of the Union (his own State of
Virginia included,) to little purpose
We affirm, and are prepared to prove,
that Mississippi never "repudiated," in
the sense in which the term is used
1t Is proper to state here that there
is this striking difference between the
case Of Mississippi and that Of Virginia,
Massachusetts,, Wisconsin, Minnesota,
Tennessee, and other States which are
in default of their bonds and that is !:
Tint not a .to,ftiag Of the money obtained
for III so-caiicd ''reludiated" bonds, ,cas
err reccjced By Mississippi, or applied to
may p,,biic ,eork or enterprise. for the benefit
Of he,. peopie. What she did, was to re-
fuse to be bousd By ALLEGED obligations she
ncrer incurred, and 10 pay debts she nerer
contracted, md irtjeh n 50 .tar as they p"r-
po,tcd 10 be ba,ding "pon her PeoPie, trere
fmdded In proof, we will submit
the following undeniabe facts for the
consideration Of persons who desire to
reach fair and just conclusion:
THE coSDIrIoN on WHICH THE FAITH
The Constitution of Mississippi in
force when the Union Bank Bonds were
issued, contained the following clause.
1t was designed as standing Rotifica-
ton Of the condition, and the only con
dition, upon which money should be
raised upon the credit Of the State:
No ia, shall ever be passed To raise loan
Of money upon tie credit of the State, or
to pledge the faith Of the .4tate for the pay
meut or the redemption of any loan Eebt,
unless such law be proposed in the Senate
or House of Representatives., and be agreed
to by majority of the members of each
house and entered on their journals, with
the yeas and nays taken thereon, and be re
fered to thc next succeeding Legislature,
and published tqF tEFee mqnths previous to
the next general election, IL lhtec newspa-
pers Of this State, and unless a majority of
each branch of the Legislature so elected
after such publication, shall agree to and
pass such law and in such case, the yeas
and nays shall be taken and entered on the
Journals OF EACH house. Con. Miss, Art. 7,
Sec. 8.
There is no installing these require
ments. They are SO plain that fool
could not err therein. Now let all per-
sons who have charged Mississippi with
repudiating her obligations, .and 81 who
feel an interest in the steps she has
taken, hearken unto the facts and
decide for themselves whether these
conditions were complied with in the
case of the emo. RQpk bonds In
1888, a biz chartering the Union Bank
was passed to facilitate the Bank in
obtaining money. That bill contained
Il clause pledging the faith Of the State
for a specified sum, and in consideration
thereof it contained specific guarantees
for the protection of the State against
loss, and for the benefit of the people.
The act was duly published as required
in the above quoted clause of the
Constitution and ii the Legislature
when it assembled in 1889, had put the
act into operation "a passed upon by
the people and as required by the SUI
preme law, there could have been nc
doubt as to the obligation Of the State
to make good any loan which might
have been negotiated on the faith of il
in her name But on the contrary, the
said act which set forth the conditions
on which loan binding upon the State
should be negotiated, and which became
law on the 9Th of February, 1889,
1cas Herer pat into execution. No BONDS
PLEDGING THE FAITH OF THE STATE IN
PURSUANCE OF THAT ACT, WERE EVER
ISSUED. The securities which it provi-
ded for the protection Os the State, were
never given. The Act became virtually
dead letter; and it was superseded by
a wholly different one in tenor, spirit,
and effect. The latter Act under which
the said Bonds were issued and sold,
was passed on the 10Th of February,
1889. 1t was not published as required
by the Constitution. 1t was not entered
on the journals of the Legislature. 1t
was not submitted to the people for
their decision and passed upon by a
succeeding Legislature. All of which
the Constitution required to constitute
it an obligation OF the State. 1t was
put through the Legislature with rail
road speed; and became law in ten
DAYS after its introduction. The people,
so far from having given their consent
to the measure, were in total ignorance
of it, and of the conditions on which
the money was borrowed in their name,
not to go into their treasury, but into
the vaults Of the corporation known as
the Union Bank.
Admit these propositions, which are
simply undeniahIe truths, and there is
but one conclusion, and that is that the