h, and the bonds had been legally authorized, the
act also prescribed certain conditions regarding the Bank of
Mississippi, which conditions had been altered by a subsequent
act, that had only passed through one Legislature.

'In addition to the five millions thus repudiated, Mississippi
owes two millions which she recognizes. It has always, however,
been a difference without distinction, since she pays no
dividends on either. From the period of repudiation up to the
present moment, all representations of the bondholders have
been treated with disregard. About a year and a half back,
however, one of the citizens of Mississippi, a Mr. Robbins,
admitted the moral liability of the State, and proposed that
the people should discharge it by voluntary contributions.

'The next step is the appearance of the letter from Mr.
Jefferson Davis, with whom we are now called upon to deal. This
statement, which was transmitted by him to the Washington
_Union_, in reply to our remarks of the 23d February last, runs
as follows.'

Here the _Times_ inserts Mr. Jefferson Davis's repudiation letter before
quoted.

'The assurance in this statement that the Planters' Bank, or
non-repudiated bonds, are receivable for State lands, requires
this addition, which Mr. Jefferson Davis has omitted, that they
are only so receivable upon lands being taken at three times
its current value. The affirmation afterward, that no one has a
right to assume that these bonds will not be fully provided for
before the date at which the principal falls due, is simply to
be met by the fact that portions of them fell due in 1841 and
1846, and that on these, as well as on all the rest, both
principal and interest remain wholly unpaid.

'Regarding the first part of the statement no comment could be
made which would not weaken its effect. Taking its principle
and its tone together, it is a doctrine which has never been
paralleled. Let it circulate throughout Europe, that a member
of the United States Senate in 1849, has openly proclaimed that
at a recent period the Governor and Legislative Assemblies of
his own State deliberately issued fraudulent bonds for five
millions of dollars to 'sustain the credit of a rickety bank;'
that the bonds in question, having been hypothecated abroad to