'A smaller amount is due for what are termed Planters' Bank bonds
of Mississippi. These evidences of debt, as well as the coupons
issued to cover accruing interest, are receivable for State lands,
and no one has a right to assume they will not be provided for
otherwise, by or before the date at which the whole debt becomes
due.'

To this the London _Times_ replied, in its editorial of the 13th July,
1849, before quoted, as follows:

'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 land 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.'

Mr. Davis's 'palliation and excuse' for the non-payment of these bonds
was: 1st. That the principal was not due. If this were true, it would be
no excuse for the non-payment of the semi-annual interest. But the
statement of Jefferson Davis as to the principal was not true, as shown
by the _Times_, and as is clear upon the face of the law. Then, as to
the lands. The bonds, principal aid interest, were payable in money, and
it was a clear case of repudiation to substitute lands. But when, as
stated by the _Times_, this land was only receivable '_at three times
its current value_,' Mr. Davis's defence of the repudiation of the
Planters' Bank bonds by Mississippi, is exposed in all its deformity.
When, however, we reflect, as heretofore shown, that the law authorizing
the purchase of these lands by these bonds was repealed, and the
bondholders left without any relief, and the proposition for taxation to
pay the bonds definitively rejected, it is difficult to imagine a case
more atrocious than this.

The whole debt, principal and interest, now due by the State of
Mississippi, including the Planters' and Union Bank bonds, exceeds
$11,250,000 (L2,250,000). Not a dollar of principal or interest has been
paid by the State for more than a fourth of a century on any of these
bonds. The repudiation is complete and final, s