Jefferson Davis And Repudiation in Mississippi

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11 This debate was important to him, since in spite of defeat in the immediate election his ability as shown in the discus- sion was promptly recognized. But for the purpose of this paper the significance of the occasion lies in the public expression of his opinion respecting the Union Bank bonds.
Though the general question of repudiation was excluded, the status and the fate of these bonds were too momentous to be ignored in the debate. In 1843 the Whigs vainly hoped to bring about a reversal
... of the Legislature's action, while in general the Democrats approved what had been done and vigorously opposed the attempt to undo it. It is clear that Mr. Davis's attitude was not the attitude of a repudiator, because, if he insisted that the bonds were illegal, he thought nevertheless that the question or ques- tions involved should be settled by the courts. The actual treatment of the bonds shows how inconsistent this was with the aim of the repudiators. The test contemplated by Mr. Davis was a suit against the State itself.

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