ose bonds.

In his letter before quoted, of the 23d March last, Mr. Slidell, the
minister of Jefferson Davis at Paris, says, 'There is a wide difference
between these (Union) 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 (L1,000,000), 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repealed the law (ch. 22), and provided no substitute. 5.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'