Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1901-07-13
uThe Stigma of Repudiation" Con-
sidered.
JACKSON, Miss, June 27' lsoi'

could not accept the invitation 10 au- II, II
,ress the University at Commencement ii
for had he been present his address a
would probably been of an on-hahu Il
kind. AS it is, we haye the fich to
sult OF a most painstaking inVestlga' d
tlon of the Material Resources OF Uhe il
State of Mississippi" and practlcai
and timely suggestions as to how these r
resources may be developed TO thelr i
fullest extent. A.. !
Mr. Fish has been such a stead1asI
and substantial friend OF Misslssippi' I
no one will question his right 10 give
our neople his views on all the lines
suggested by him. He and MS gFea' {
corporation have done more 10 ue'elop
the resources Of Mississippi, IN tne !
last twenty years, than all other asen.
cies combined. He not only sees
rs from afar, but he visits US OCCASION
ally. and his visits always mean Ut
yelopment and expansion.
of course he is thoroughly conscleh-
t,ors and unselhsh when he adYices
the voung men of Mississippi to see
to If that the stigma Of reputation Is
removed by making with the creditors
of the State such honorable settie-
ment as they may be willing 10 ac'
cent" If any one will read the erea'
sneech of Senator ]. q. George IN the
limited States Senate, April LIST, 1851
be will conclude that there are TWO
sides to this question. Replying "
Senator Hoar, he pronounced the re-
nrdiation charges "calumny OIL
the State, and then proceeded TO give
tho 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 III
the refusal of the State to recognize
obligations that some OF its greatest
, men have held to have been lllegally
created. The legislature Oh 1o41
denied that the State was under any
obligation, legal or moral TO reueen
the Union Bank Bonds. Ana TINS
J. WAS the opinion of all the members Oh
t the constitutional convention OF 4oSo
g who voted for the constitution tlen
t, adopted. which declares in Section ZOO
q that "the State shall not assume, re
II deem, secure, or pay any Indebtedness
/; or pretended Indebtedness alleged u
n be due by the State Of Mississippi Il
e. any person, association or corpora
lf tion whatsoever claiming the same a
n owners, holders or assignees OIL an
d bond or bonds, now generally known a
a Union Bank bonds and 'PIantel
u Bank bonds.
i That would seem to close the di'
II cussion. One thing is very certain IN
y present generation of Mississippian
Q will have to get much new light o
this question before they will repes
III Section 25S of the present constitution
.ic When our carpet-bag friends MADE
III. constitution for us in 1868, they PROVE
an cd that "the State of Mississippi sha
-, never assume nor pay any debt or OBJ
NO cation contracted in aid of the T
- hellion." and so our own statesme
Nd later on. determined to protect II
I'M present and future generations fro
demands which they considered un"a
nd ranted and Illegal.
on Yours very truly,
w. j. l.. POWER
me Extract from speech delivered by He
oir I z George in the Senate OF the uhi'
States, Friday April /, lSsl')
are Mr. President-SinCe | am up AS
lite colleague was unable Ton account OF
it. haustion) to reply to some charges u
we're made against Mississippi in referel
car to repudiatlon, | will make statement
~. that subject. had expected that
'Ho cslumny would not be revived now.
tne make. for the information OF the seha
the from Massachusetts, (Mr Hoar) II ne
or+ Iist.p 70 me, statement on that subJe
which will yindicate and justify the aet
Of Mississippi, ,,,-.,-.,
UNI The constitution of 1882 Of Mississl
llth provided that the faith OF the STATE sho
sad lever be pledged for any loan unless the
-, authorizing the pledge was passed oy
''p legislature, then advertised III he"sp"p
al published in the state BEFORE the next
,yer nral election and then re-enacted by
succeeding legislature. That was tue
stitution Of Mississippi in 1882.
the In 1S8S the legislature Of MIssissi
bor ,sssed a law authorizing the pledge of
- STATE Of Mississippi for S15,5OOOOO to
ldNe tho Tnion Bank. The law made the 81
the The gparantor or surety Of the Union Ba
vate rrho+ law REQUIRED the stock Of the Ur
Ia q pnrt n he amply secured for the purT
Who ~ UNDERWRITING the State against haol
In an those bonds That was the PROJECT
:, 10 was submitted to the people OF MlSslss
i,i,, at the succeeding election and whlch
~ autholzed their representatives 70 rec
N to ana P,o'veu ,-Tat,,ro u, rossed another law
'N0 which they made the state OF Mlsslss
stockholder in the bank to the amoun
s5 600 900 made her the principal de
on bonds to the amount OF So,VVV'uVV
the stead Of being surety and guarantor as
nent. was before and without resubmlttins
ition Issued the bonds under tnat anu 'ue! ,
~, sold. The gentleman is lawyer ana
"eii see the difference. The people agreed I
ruarantors to the bank with ample ih'
nity to the amount Of Sl5,oOo,oOo'
iiloAs bonds were actually Issued anu Inc
COM authorizing them, which was never
any s | mitteu OCCOIulHk W AhV y. q.
,,,oro her principal to the amount OF Souoo
That law was never as | said subm
nsloh 70 the people as required by the constltu
!llant Not single dollar of that money
Mem went into the State treasury of Mississ
lnion and no subsequent legislature ever RAJ
II or ever submitted 1t to the people.
is the whole thing on that; there Is
deral ing else in II except that.
, and MR.. HOAR.-I should like to ask
;iness Senator in reference to what he Is
-, stating whether the legislature OF NJ
:" sIppi did not In a subsequent year II
loper' year 1S41, In January, pass a resol
their 10 the effect that the State was bour
court the holders of the bonds Of the State
. va ON account of the bank for the amou
> -'''e the principal and interest and ful
10 an more that the State Of Mississippi
nsible nay her bonds and preserve her fait
violate. The legislature at this I'm
pudiated with great vigor the insinu
"Our that the State of Mississippi would
d the diate her bonds and Violate her pit
faith. And did not the supreme eou
.fnR I,.afi II