bonds and those of the Planters' Bank, for the repudiation of which neither excuse nor palliation can be offered.' And yet I shall now proceed to prove, that Mr. Jefferson Davis did not only palliate and excuse, but justified the repudiation, in fact, of those bonds by the State of Mississippi. First, then, has Mississippi repudiated those bonds? The principal and interest now due on those bonds exceed $5,000,000 (£1,000,000), and yet, for a quarter of a century, the State has not paid one dollar of principal or interest. 2. The State, by act of the Legislature (ch. 17), referred the question of taxation for the payment of those bonds to the vote of the people, and their decision was adverse. As there was no fund available for the payment, except one to be derived from taxation, this popular vote (to which the question was submitted by the Legislature) was a decision of the State for repudiation, and against payment. 3. The State, at one time (many years after the sale of the bonds), had made them receivable in purchase of certain State lands, but, as this was 'at three times its current value,' as shown by the London Times, in its article heretofore quoted by me, this was only another form of repudiation. 4. When a few of the bondholders commenced taking small portions of these lands in payment, because they could get nothing else, the State repealed the law (ch. 22), and provided no substitute. 5. The State, by law, deprived the bondholders of the stock of the Planters' Bank ($2,000,000), and of the sinking fund pledged to the purchasers for the redemption of these bonds when they were sold by the State. Surely there is here ample evidence of repudiation and bad faith.
The bonds issued by the State of Mississippi to the Planters' Bank were based upon a law of the State, and affirmed, by name, in a specific provision of the State Constitution of 1832. The State, through its agent, received the money, and loaned it to the citizens of the State, and the validity of these obligations is conceded by Mr. Slidell and Mr. Davis.
These bonds were for $2,000,000, bearing an interest of six per cent. per annum, and were sold at a premium of 13-1/2 per cent For those bonds, besides the premium, the State received $2,000,000 of stock of the Planters' Bank, upon which, up to 1838, the State realized ten per cent. dividends, being $200,000 per annum. In January, 1841, the Legislature of Mississippi unanimously adopted resolutions affirming the validity of these bonds, and the duty of the State to pay them. (Sen. Jour. 314.)
In his message to the Legislature of 1843, Governor Tucker says:
'On the 1st of January, 1838, the State held stock in the Planters' Bank for $2,000,000, which stock had, prior to that time, yielded to the State a dividend of $200,000 per annum. I found also the first instalment of the bonds issued on account of the Planters' Bank, $125,000, due and unpaid, as well as the interest for several years on said bonds.' (Sen. Jour. 25.)
The Planters' Bank (as well as the State), by the express terms of the law, was bound for the principal and interest of these bonds. Now, in 1839, Mississippi passed an act (Acts, ch. 42), 'to transfer the stock now held by the State in the Planters' Bank, and invest the same in stock of the Mississippi Railroad Company.' By the first section of this act, the Governor was directed to subscribe for $2,000,000 of stock in the railroad company for the State, and to pay for it by transferring to the company the Planters' Bank stock, which had been secured to the State by the sale of the Planters' Bank bonds. The 10th section released the Planters' Bank from the obligation to provide for the payment of these bonds or interest. Some enlightened members, including Judge Gholson, afterward of the Federal Court, protested against this act as unconstitutional, by impairing the obligation of contracts, and as a fraud on the bondholders.
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