Southern Argus

THE GUBERNATORIAL CANDIDATES

On the 6th inst Judge Shattuck and Tilghman M. Tucker Esq. according to a previous appointment met at this place in discussion on the subject of the obligation of the people of Mississippi to redeem the Union Bank State Bonds. Judge Shattuck commenced the discussion, which he managed throughout with a gentlemanly courtesy and a force of argument that contrasted most favorably for him with the disingenuous tricks, indecent ribaldry and desultory jargon of his competitor. He began by giving a clear and succinct account of the measures, which had been pursued by the Democratic party, after the prostration of the U. S. Bank. Upon the failure of the State Bank system, which both in their state and national policy was the favorite measure of the Democratic party, they devised in this state the Union Bank experiment to remedy the defects of the former state bank system. In January 1837 the Union Bank charter was passed by the Legislature and in the fall of that year nine tenths of the people of the State were in favor of it, no measure was ever more popular throughout the State.

In 1838 the original charter, together with the supplemental act, was passed by the Legislature and sanctioned by Governor McNutt, having no constitutional scruples then in regard to it. Judge Shattuck was opposed at that time to pledging the faith of the State, but the bill became a law and the general anxiety manifested by the citizens to take stock in the institution is a proof of public opinion in regard to the policy of the measure. By the original charter the state was to have a loan upon interest of $200,000, and ten per cent. on the profits of the institution for its bonus, and to pledge its faith for fifteen and a half millions of dollars to be obtained upon a loan. By the supplemental act the State was to take $50,000 shares of stock and to pay for it out of the proceeds of the State Bonds already provided for in the original charter. This supplemental act did not receive the sanction, (before it was carried into effect) of two distinct legislatures but that was not considered necessary at that time. The bonds were made out in due form, placed into the hands of commissioners, were sold to the amount of five millions of dollars to capitalists, the proceeds received into the State institution was carried into extensive operation, and the whole arrangement was sanctioned by the constituted authorities of the government. Indiscreet and improper persons were placed over the institution, excessive accommodations were granted in every quarter and with little prudence, its funds were squandered with wasteful extravagance and in 1839 the Democratic party in their furious crusade against all banks stopped its further career either for good or for evil. In 1840 the Democratic party after they had sufficiently gorged the people with their abortive experiments, were thrown from their high estate and it became necessary for their leaders to devise some plan to regain their former political ascendency.

McNutt thinking the occasion a favorable one to make political capital for his party by appealing to the sordid and interested feelings of the people, ventured to suggest the plan of refusing to pay the state bonds, but so grossly dishonest and revolting did the proposition at first appear that both houses of the legislature voluntarily published their acknowledgement of the obligation on the part of the State to pay the bonds, and Governor McNutt was left to flounder under the odium of his own scheme, like a harpooned whale, a huge mass of grease and corruption. The Democratic convention, which met in Jackson about this time nominated their candidates without regard to their opinions on this subject, since then despairing of success otherwise and determining to rise or bury themselves with this question the Democrats have made it the test of parties in this State. They affect to place their repugnance to pay these bonds on their patriotic regard for the constitution of the State, which requires the action of two legislatures upon all bills pledging the faith of the State, and as the supplemental act was not carried through these forms and was intended to alter the original bill that therefore the bonds are void which were prepared and sold in conformity to this supplemental act. Judge Shattuck contended that the modifications made in the supplemental bill did not affect the original charter in regard to pledging the faith of the State, that the constitutional provisions had been complied with, in that respect, and that therefore their objection could not be maintained. He argued that the appropriation of the funds arising from the sale of the state bonds, in the purchase of stock, could not be considered as pledging the faith of the State and the repeal of the ten per cent. provision could not be looked upon in any other light than an ordinary repeal of a law, which was not in violation of any provision in the constitution.

The Judge then proceeded most forcibly to show the moral obligation to redeem these bonds, and independently of the disgrace which would attach to the state by a refusal to pay them, he deprecated the debasing effects upon the principles of society which would follow such a resolution. He accounted for the present high rate of taxes, and proved most conclusively that, though the state should resolve to assume the payment of these bonds, it would not cause an increase of taxation as the present is amply sufficient and he was decidedly opposed to a further increase.

Mr. Tucker followed the Judge in an attempted reply but he struggled on like a wounded snake dragging his slow and toilsome length along, obviously without direction and shifting his course to avoid every opposing obstacle, which he seemed conscious his feeble energies and tortuous windings would not enable him to surmount until he arrived at the end nothing except the patience of his audience.

As we really felt sorry for him we were not disposed to mention one of Till's dirty tricks if his friend the Democrat, had not brought it out. During his speech, if such it could be called, he charged Judge Shattuck with being a stock-holder in the Union Bank. The Judge in reply remarked that this was the third time that Mr. Tucker had made that assertion in his presence and that he had as invariably denied it, and once for all he would take that occasion to tell him that there was no truth in his charge, that he neither was and never had been a stock holder in that bank and he required him not to repeat the assertion again. Poor Till for once in his life looked somewhat ashamed, he seemed at least under the influence of some kind of feeling but it might not have been shame.

The Democrat gives an account of this discussion, which is so wide of the mark that we should never have recognized it as a description of what actually passed if it had not placed over his painting the title of the piece.