another, namely, that the bonds had not been sanctioned in the manner required by the Constitution, since, although the provision that no loan should be raised, unless sanctioned by a law passed through two successive Legislatures, had been complied with, and the bonds had been legally authorized, the act also prescribed certain conditions regarding the Bank of Mississippi, which conditions had been altered by a subsequent act, that had only passed through one Legislature. 'In addition to the five millions thus repudiated, Mississippi owes two millions which she recognizes. It has always, however, been a difference without distinction, since she pays no dividends on either. From the period of repudiation up to the present moment, all representations of the bondholders have been treated with disregard. About a year and a half back, however, one of the citizens of Mississippi, a Mr. Robbins, admitted the moral liability of the State, and proposed that the people should discharge it by voluntary contributions. 'The next step is the appearance of the letter from Mr. Jefferson Davis, with whom we are now called upon to deal. This statement, which was transmitted by him to the Washington _Union_, in reply to our remarks of the 23d February last, runs as follows.' Here the _Times_ inserts Mr. Jefferson Davis's repudiation letter before quoted. '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 lands 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.