in accordance with the injunctions of the charter, reflecting
the highest credit on the Commissioners, and bringing timely
aid to an embarrassed community.'_ In little more than two
years, however, the Mississippi Bank became totally insolvent,
having lost the entire five millions invested in it by the
State. Immediately on this having transpired, the Governor of
the State sent a message to the Legislature recommending them
to _repudiate_ (this was the first time the word was used)
their obligations, being founded on the plea, that as the bonds
were issued with interest payable from the date, and they had
been sold to the United States Bank for their nominal amount
only, the stipulation that they should not be disposed of below
their par value had been departed from. He further urged that
although the bonds had been sold ostensibly to Mr. Biddle, the
president of the United States Bank, the sale was actually to
the bank itself, which, by its charter, could not legally
purchase them. Hence, although Mississippi had received the
money for the bonds, it was thus proposed to refuse to repay
it, on the ground that the purchaser had no right to buy them.
The Legislature, however, was not quite prepared for this, and
accordingly, in responding to the Governor's message, they
resolved: '1st. That the State of Mississippi is bound to the
holders of the bonds of the State sold on account of the bank
for the amount of principal and interest. 2d. That the State of
Mississippi will pay her bonds, and preserve her faith
inviolate. 3d. 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.' But after this, the pecuniary condition of the State
became rapidly worse, and the disposition to pay diminished in
proportion. Accordingly a joint committee of the Legislature
appointed in 1842, reported that the State was not bound to pay
the bonds, advancing the reasons before mentioned, and also
another, namely, that the bonds had not been sanctioned in the
manner required by the Constitution, since, although the
provision that no loan should be raised, unless sanctioned by a
law passed through two successive Legislatures, had been
complied wit