formance, by Mr. Biddle, of this agreement. It was punctually performed, and the money received by the Union Bank.

Of the bonds thus purchased fifteen hundred and fortythree, amounting to $3,086,000, were deposited by the Bank of the United States as security for loans to it in Europe. Some of these are now in the hands of Hope & Co. of Amsterdam. The rest may have been sold by the Bank of the United States. We cannot say exactly where they are, nor is it necessary to the right understanding of the case. It is sufficient to know, that the whole $5,000,000 are still outstanding against Mississippi.

In the following year, 1839, five millions more in bonds, under the same charter, were issued to the Union Bank; but upon the second day of March, 1840, the Governor, fearing that they would be illegally disposed of, issued his proclamation, "warning all persons and corporations, not to advance money or securities or credit on the hypothecation of said bonds, or to receive the same in exchange for the circulation or other liabilities of the Mississippi Union Bank, or to purchase the same on a credit, or for a less sum than their par value in specie, or on any other terms not explicitly authorized by the charter of said Bank," and, in his annual message, on the 5th January, 1841, the Governor informs the Legislature that, by this proclamation, he had prevented an invalid sale of the bonds.

Following these incidents, the fall elections for the Governor, two members of Congress, and for representatives in the State Legislature, came on in Mississippi, in the month of November, 1841. The bosom of that State was at this moment trembling from the effects of the violent convulsions of 1840. Perhaps no free government ever witnessed a contest among its people, more exciting and diffusive than this last-it spread to the extremes of society. Every ramification of the great family of the State, thrilled under its influences. Even private associations were torn and distracted with its divisions. It was no politician's matter;the people had been inflamed by extraordinary tumults: and it is but reasonable to suppose, that when a new subject came to be discussed in the fall of 1841, their minds, still excited, and raging under the stimulants of 1840, were little prepared for calm and dispassionate reflection.

But it is not true, as stated in the public journals, that in

the election last alluded to, the question of repudiation was distinctly presented to the voters of Mississippi. The question of being taxed to support the extravagant follies of Banking Institutions, was the one upon which the people of Mississippi voted in 1841. And although in the addresses of candidates, a great deal was said about the honor and credit of the State, the distinct issue of maintaining these was not before the people. The forces were arrayed under the whig and democratic banners; and if the latter were successful in this last issue over their opponents, it proved nothing but that banking institutions were more unpopular in Mississippi than the Van Buren administration; and that one party with great astuteness, had taken the best side of the questions mooted. This side seized upon the history of Banking Institutions in the United States, and especially in Mississippi. These had every where exploded. The extent to which they had been incorporated in the State referred to, made her a very fruitful field for example; the people were at the same time suffering under the pressure of pecuniary embarrassments-private and bank debts-a depreciated currency-and of course entertaining violent prejudices against all corporations. At this period, one party, with a degree of political sagacity rarely excelled, took advantage of the state of the times, and broke down a majority in the opposing ranks of five thousand votes. They brought before the eyes of the people, the bank charters, which, with lavish prodigality, had issued from their Legislature-they pointed to that bloated institution the Union Bank, which bound the people to a pledge for fifteen million of capital, and its prolific accumulations of interest. They showed the posterity of that people struggling under a torrid sun, in the hard-earned fields of their ancestors, to raise taxes to redeem these pledges. They exhibited the miserable offspring of these banks, called money, more depreciated than the continental money of the revolution. They arrayed the abuses of the public trusts-the schemes of a favored few-the speculations of public agents, and the condition of the public treasury, emptied of its last dollar of available currency. At this highly illuminated picture of the affairs of the country, they, in solemn derision, asked the question-Have you profited by these measures?—Are you willing to be taxed to keep up these institutions, and supply deficiencies caused by the folly and bad faith of

your public agents? Not with more swiftness or tumultuous outcries did the torch pass the long line of the exasperated multitude in the Grecian games, than did the word "No!" respond to these inquiries. Had political men, instead of boldly meeting these questions, which of course forced them to the defence of the banking institutions of the country, refused to join issue upon that point-informed the people that the legality of the sale of the State bonds was one for the judiciary alone-that the executive, legislative and judicial departments of the government were separate and distinct; and that a thousand pledges, or the particular cast of the opinions of either of the two former, however expressed, could not properly influence the latter, who would be compelled to declare the law-we incline to the belief, that the results of those elections would not have been pointed to, as evidencing repudiation.

These things we write of course without intending to question the personal integrity of individuals of either party, connected with these events, among whom the writer recognizes gentlemen of honor and valued friends. But this state of the case, as exhibited to the writer's view in one part of Mississippi, and as no doubt existing wherever elections were conducted, is given with the view of showing that the people do not sanction a principle of dishonesty.

Again, it may be worthy of consideration, that at the time referred to, public sentiment was agitated by a division between North and South Mississippi. The southern portion of the State, longest settled, and of course of most influence, had filled most of the offices with her citizens. The great influx of population to northern Mississippi, in the settlement of her newly disclosed territory, began to kindle up jealousies on this subject. They spoke of removing the capital towards the north; and, if we have been informed aright, a gentleman who once filled some space in the public eye in South-Carolina, was seriously urged to become a candidate for the executive chair in reference to this very topic, the removal of the capital. As it was, the candidate of the party which succeeded, was selected from North Mississippi; and nothing, we have been informed, more influenced the local elections in that part of the State than this very fact. Further, it may be noticed, that the people of Mississippi could have been very slightly affected by the question of repudiation of the public faith; for it is known

that the majority in the Legislature of that State, in 1841, in answer to the suggestions of its Governor, adopted the following joint resolutions :

1. "That the State of Misssssippi is bound to the holder of the bonds of the State of Mississippi, and sold on account of the Planters and Mississippi Union Bank, for the amount of the principal and interest due thereon."

2. "That the State of Mississippi will pay her bonds and preserve her faith inviolate."

3. "That the insinuation, that the State of Mississippi would repudiate her bonds and violate her plighted faith, is a calumny upon the justice, honor, and dignity of the State."

These resolutions speak decided language, and such as we have the strongest reasons for believing, the people of that State and the other States of the Union, will ever speak, when the question is distinctly presented to them. And that the legislature convened in 1842, took ground in favor of repudiation, is no pledge of the people. The subject of the validity of the sale of these bonds was a matter for the judicial department; and any resolutions of the Legislature, were but expressions of opinion,-no more, and which, we hope, can never influence the voice of the judiciary.

During the few discussions which took place upon the distinct question of repudiation in Mississippi, we never knew any argument extended further than this:

The charter of the Bank makes the property of the stockholders primarily liable for its debts. It was insisted that this should be exhausted before those were called upon who had never received any benefits from the institution; and it was distinctly declared, that every facility would be afforded the foreign debtor in exhausting this fund. Now upon the position assumed by the resolutions of the Legislature and Governor McNutt, that the State and the Bank were only connected as principal and agent, there could be no legal difficulty in reaching the assets of the Bank, or the property pledged to her by her stockholders. Independent of any legal remedy upon the stockholders Equity, whether resorted to by a foreign or domestic creditor, would not only have afforded a remedy, upon the mortgages given by the stockholders, but also have transferred the assets of the Bank to a commissioner, for the use of her creditors.

It is worthy of some consideration also, while upon this branch of the subject, that the majority in favor of the persons succeeding in 1841, was only about two thousand votes.

The whole number cast was thirty-six thousand five hundred and thirteen. There were, then, over seventeen thousand voters in Mississippi, who, independent of the numerous excitements prevailing, cast their votes in favor of taxation. These, it may be safely assumed, represent so much of the Iwealth and honor of the State; and the voices of these should be heard vindicating the character of the people. If the question of repudiating the State's obligatory sanctions was the one which controlled the election, the votes cast against the doctrines thus avowed, should have a potent effect on public opinion abroad. Judgment should not go against the entire State, and all the people of all the States, because twenty thousand voters, in the tumult of the times alluded to, cast their votes thus. Their opponents should be heard; and we risk nothing in pledging ourselves, that these voters will wipe off the stain from the escutcheon of their State, cast by the infamy of so great legal and moral guilt.

We know the people of Mississippi-they are the descendants of the settlers of the Carolinas, Virginia and Georgia-soils which never sent from their bosoms other than men distinguished for patriotism and public virtue, private honor and good faith-men, who know no distinction between public and private, legal and moral obligations; and who, rather than impose a dishonored government upon their children, would, from their private resources, save its character and preserve it from reproach.

But, it may asked, Why have they not paid the interest of their loans? For this reason, that looking, in years of great prosperity and of great expansion of credit, to the profit of their banks, they failed to see the necessity of, and therefore did not provide for, taxation. After being deluded for years into the belief that bank profits were to become the sources from which the treasury was to be filled to overflowing; and by which the State itself should be enriched with a vast system of internal improvements, the people did not anticipate the necessity of taxation, and were wary of subjecting themselves to its yoke, which always bears most heavily upon them in democratic governments: and it is not at all surprising that a people and politicians should be tender on a subject, which forms the great burthen of complaint on the one side, and often the only available capital on the other.

So far as the public sentiment is to be taken, as an evi