The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1901-07-13
STUYVESANT FlSB'S LETTER
"The Stigma of Repudiation" Con-
sidered.
JACKSON. Miss, June q, 1901

M. e. Il. Frdnt%, Jackson, Miss:
My Dear Sir-Various hindrances
have delayed compliance with your re-
quest for an expression, for New York
Journal, on the letter of Mr.. Stuyves-
ant Fish, President Illinois Central
Railroad Company, to Chancellor Full
ton of our State University.
| heartily concur in all the nice |
things that have been said of that let |
ter by the public press, and by gentle |
men whose opinions have been invited. |
| am glad that it has been very gener- |
ally published in the newspapers, and |
that it also appears in pamphlet
form.
Perhaps it is fortunate that Mr.. Fish
could not accept the invitation to ad-
dress the University at Commencement,
for had he been present his address
would probably been of an off-hand
kind. AS it is, we have the rich re-
suit of most painstaking investiga-
tion of the Material Resources of the
State of Mississippi" and practical
and timely suggestions as to how these
resources may be developed to their
fullest extent.
Mr.. Fish has been such steadfast
and substantial friend of Mississippi,
no one will question his right to give
our people his views on all the lines
suggested by him. He and his great
corporation have done, more to develop
the resources of Mississippi, in the
last twenty years, than all other agen-
cies combined. He not only sees
us from afar, but he visits us OCCASION
ally, and his visits always mean de-
velopment and expansion.
OF course he is thoroughly conscien-
tious and unselfsh when he advices
the young men of Mississippi to see
to it that the stigma of reputation is
removed by making with the creditors
of the State, such honorable settle
ment as they may be willing to ac-
| cept" If any one will read the great
speech of Senator ]. y. George in the
United States Senate April list, 1881,
he will conclude that there are two
sides to this question. Replying to
Senator Hoar, he pronounced the re-
pudiation charges a "calumny' on
the State, and then proceeded to give
the reasons for the faith that was in
him. If the young men of Mississippi
will read that speech, and read up on
the history of this bond question, they
will not discover much stigma" in
the refusal of the State to recognize
obligations that some of its greatest
men have held to have been illegally
created. The legislature of 1S4l
denied that the State was under any
obligation, legal or moral, to redeem
the Union Bank Bonds. And this
was the opinion of all the members OF
the constitutional convention OF 1890
who voted for the constitution ther
adopted, which declares in Section 25S
that 1.-The State shall not assume, re
deem, secure, or pay any Indebtedness
or pretended indebtedness alleged tC
be due by the State of Mississippi, tC
any person, association or corpora
ton whatsoever, claiming the same a:
: owners, holders or assignees of an,
bond or bonds, now generally known al
Union Bank bonds and Planters
Bank bonds.
That would seem to close the dis
cussion. One thing is very certain, th'
. present generation of Mississippian
will have to get much new light oil
this question before they will repea
Section 2FS of the present constitution
When oar carpet-bag friends made
constitution for us in 1868, they proyid
ed that tie State of Mississippi shall
never assume nor pay any debt or obi
! CATION contracted in aid of the re
bellion;" and SO our own statesmen
later on, determined to protect tn
, present and future generations from
demands which they considered unwaI
ranted and illegal.
Yours very truly
]. L. POWER.
Extract from speech delivered by Hon
j. Y. George in the Senate of the Unite
r States, Friday, April l, 1SS1)
9 Mr.. President-Since | am up, as N
o colleague was unable (on account of eS
haustion) to reply to some charges tina
were made against MISSISSIPPI IN reierehc
to reputation, | will make statement o.
that subject. had expected that thi
@ calumny would not be revived now. | vii
o make, for the Information of the senate
q from Massachusetts, tMr. Hoar), II he wi
listen to me, statement on that subject
: which will vindicate and justify the actio
:; Of Mississippi
l. The constitution of 1882 of Mississippi
, | provided that the faith of the State shoul
= never be pledged for any loan unless the la
authorizing the pledge was passed by on
G legislature, then advertised in newspaper
/. published in the State before the next ger
:. eral election and then re-enacted by th
succeeding legislature. That was the COZ
stitution of Mississippi in 1892.
q In 1888 the legislature of Mississippi
passed a law authorizing the pledge of IL
Il state of Mississippi for S15,500,000 to al
@ the Union Bank. The law made the Stat
g the guarantor surety Of the Union BAN
q That law required the stock of the Unio
Bank to be amply secured for the purpo'
d of indemnifying the State against liabllt
U on those bonds That was the project thi
n WAS submitted to the people of Mississippi
@ ut the succeeding election and which the
| authoizcd their renrespntatiyes to re.enn