According, then, to Mr. Jefferson Davis, the London _Times_ and the London 'Change are great reprobates, and it is not Mississippi, but 'THE ENGLISH GOVERNMENT' which has repudiated their own public debt. From such angry epithets and fierce denunciation, the reader will be prepared to find very little argument in Mr. Jefferson Davis' second letter. He denies that Mississippi received the money. But a bank, of which she was the sole stockholder, and whose directory was all appointed by her, received it. They received it also for her exclusive benefit, for she, _as a State_, was to derive large profits on the stock of the bank, which was hers exclusively, and was paid for entirely by the proceeds of these bonds. Mississippi then, as a State, through her agents appointed by her, received this money. All governments must act through human agency, and the agency in this case, which received the money, was appointed entirely by the State. But this is not all. The Bank, which was exclusively a State bank, and based entirely on the proceeds of these State bonds, with no other stockholders, was directed by the charter to loan this money, the proceeds of these bonds, only to 'the citizens of the State,' sec. 46, and so the loans were made. The State, then, through an agency appointed exclusively by itself, received this money, the proceeds of the State bonds, and the State, through this same agency, loaned this money to 'the citizens of the State,' who never repaid the loans. The State then received the money and loaned it out to its own citizens, who still hold it; and yet this money, obtained on the solemn pledge of the faith of the State, her citizens still hold, and the State repudiates her bonds on which the money was received, and Mr. Jefferson Davis sustains, indorses, and eulogizes this proceeding. Never was there a stronger case.