In the 1840s, several states that defaulted on their debt payments eventually reconciled with creditors, but Mississippi outright repudiated its debt and took steps that encouraged private debtors to do the same. Public and private debtors got away with stiffing their creditors because the popular election of judges to relatively short terms made the courts vulnerable to political pressures.
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|Other Independent Review articles by Clifford F. Thies|
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|Fall 2010||The Shaping of a Future President's Economic Thought|
|Winter 2009||Texas Treasury Notes after the Compromise of 1850|
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