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Jefferson Davis was looking to the repudiated |
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Jefferson Davis was looking to the repudiated |
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Jefferson Davis was looking to the repudiated bonds of Mississippi, and was endeavoring to establish a precedent, by solemn act of the Congress, by which, if adopted as a principle, Mississippi, and every other defaulting State, could be justified in the repudiation of their bonds also. It is to the credit of the Congress of the United States, that Mr. Davis's resolution was rejected without a division, and without a count. When it is recollected, that at this very time, I, as Secretary of the Treasury, was appropriating the five per cent. found payable by the Government to the State of Arkansas toward the liquidation of these bonds against the protest of that State, the further meaning of these movements will be clearly perceived. Had this resolution of Mr. Davis passed the two Houses of Congress, absolving the State of Arkansas from the payment of these bonds, I could, of course, as Secretary of the Treasury, no longer have withheld that fund from the State, and appropriated it, so far as it went, toward the liquidation of the interest accrued and accruing on these bonds.
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