'The State of Mississippi has no other question with bondholders than that of debt or no debt. When the United States Bank of Pennsylvania purchased what are known as the Union Bank bonds, it was within the power of any stock dealer to learn that they had been issued in disregard of the Constitution of the State whose faith they assumed to pledge. By the Constitution and laws of Mississippi, any creditor of the State may bring suit against the State, and test his claim, as against an individual. To this the bondholders have been invited; but conscious that they have no valid claim, have not sought their remedy. Relying upon empty (because false) denunciation, they have made it a point of honor to show what can be shown by judicial investigation; i. e., that there being no debt, there has been no default. The crocodile tears which have been shed over ruined creditors, are on a par with the baseless denunciations which have been heaped upon the State. Those bonds were purchased by a bank then tottering to its fall--purchased in violation of the charter of the bank, or fraudulently, by concealing the transaction under the name of an individual, as may best suit those concerned--purchased in violation of the terms of the law under which the bonds were issued, and in disregard of the Constitution of Mississippi, of which the law was an infraction. To sustain the credit of that rickety bank, the bonds were hypothecated abroad for interest on loans which could not be met as they became due. '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. 'JEFFERSON DAVIS.' To this letter the London _Times_, in its money article, of the 13th July, 1849, replied as follows: