The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1882-05-05
MlssIsSIppI's DEBT.

Our attention has been called TO
communication recently pub
lished in the New Orleans Times
Democrat, which is going the rounds
OF the press, North aud South,
signed at. q. Mp to be found IN
another column. 1t is o comment
upon u published renlar OF Gov.
Lowry to an inyiewer tIht the en.
tire bonded debt of Mississippi Is
e5is, 100, and that the bupsls are at
par and could be cancela1 at ouce,
but that the value placed on them
is so high that they cannot be OBJ
tanned at a reasonable rate. The
writer OF the communication says
| that this statement is ut variance
With the facts M understood by
others.n He refers to the Planters
Bank bonds aud IN contradiction
OF the governors statement, quotes
the language of the iilustrious pull
lauthropist, George Peabody, in
his bequest Of fund for ednca
tional purposes in the South.
The criticism OF the writer on the
language OF Governor Lowry is, u
say the least, disingenuous. The
governor was applied to for infor
nation as to the recognized debt OF
the State. In his official capacity
he can know no claim as binding
obligation which is barred by the
constitution he is sworn to support.
For the purposes ot the Interview
his statement was lilenaay aud
absolutely true.
The payment Of the Planters, as
well as the Union Bank bonds, ARE
prohibited by the following amend
ment to the present constitution,
inserted in 1876: "Nor shall the
State assume, redeem, secure, or
pay any indebtedness, or pretended
Indebtedness claimed to be due by
the State Of Mississippi to amy per-
son, association, or corporation
whatsoever claiming the same as
owners, holders or assignees OF any
bond or bonds, now generally
known as Union Bank bonds or
Planters Bank bonds" For the
information Of our Northern friends
who imagine that everything they
regard as evil has come from the
democratic party in the State, we
will mention that the foregoing
amendment was adopted and sub
mitted by republican Legislature.
1t was, however, eugrafted upon
the constitution by the democratic
legislature that succeeded the
downfall Of the republican regime.
Though the payment OF fIic utter
est ull lhe debt bad been suspended
tol some years before the war, the
Plauters' Bank bonds had never
before been directly repudiatcd by
the people. 1t was done in 1874,
when the people had been bank.
ruptesl BY the war aud alter the
colored element, poor and unused
to the responsibilities Of govern.
meui, had become part OF tue
body polite. Nearly all the South.
ern States we're either openly rcpn.
dating or scaling their debts, some
OF the prosperous Northern States
having set the example. Candor
compels the admission that we know
of no reason beyond that Of adverse
fortune and inability, to justify the
reputation OF the Planters Bank
bonds. As Mr.. Peabody says, they
must not be c0nfounded with the
Union Bank bonds. Their validity
rests upon wholly different basis.
The very clause In the constitu-
tion of 1883, which WIS the supreme
law Of the State until it was super
cpded IN 1869 by the present consti-
tuition, that forbade the passage Of
a Law pledging the faith OF the State
| for the payment Of any loan or debt,
except Oh the conditions therein
named, aud which were palpably
violated In the case Of the Union
hunks bonds-Contained the fol-
lowing provision.
Provided, That nothing in this
section shall be so construed as to
prevent the legislature from nego-
| ..... t...fl.a. Ia.s.s NJ n H{0 MM