The word “Repudiation,” in its present sense, is not old. It first appeared in Mississippi, a Democratic State intensely devoted to Slavery. If the thing were known before, never before did it assume the same hardihood of name. It was in 1841 that a Mississippi Governor, in a Message to the Legislature, used this word with regard to certain State bonds, and thus began that policy by which Mississippi was first dishonored and then kept poor: for capital was naturally shy of such a State. Constantly, from that time, Mississippi had this “bad eminence”; nor is the State more known as the home of Jefferson Davis than as the home of Repudiation. Unhappily, the nation suffered also; and even now, as I understand, it is argued in Europe, to our discredit, that, because Mississippi repudiated, the nation may repudiate also. If I refer to this example, it is because I would illustrate the mischief of the Democratic policy and summon Mississippi to tardy justice. A regenerated State cannot afford to bear the burden of Repudiation; nor can the nation and the sisterhood of States forget misconduct so injurious to all. I have pleasure, at this point, in reference to an early effort in the “North American Review,” by an able lawyer, for a time an ornament of the Supreme Court of the United States, Hon. B. R. Curtis, who, after reviewing the misconduct of Mississippi, argues most persuasively, that, where a State repudiates its obligations, to the detriment of foreigners, there is a remedy through the National Government. This suggestion is important for Mississippi now. But the article contains another warning, applicable to the nation at the present hour, which I quote:-- “The conduct of a few States has not only destroyed their own credit and left their sister States very little to boast of, but has so materially affected the credit of the whole Union that it was found impossible to negotiate in Europe any part of the loan authorized by Congress in 1842. It was offered on terms most advantageous to the creditor, terms which in former times would have been eagerly accepted; and after going a-begging through all the exchanges of Europe, the agent gave up the attempt to obtain the money, in despair.”[100]