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.
Repudiation in Antebellum Mississippi
By Clifford F. Thies
This
article
appeared in
the Fall 2014 issue of The Independent Review.
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Business and EntrepreneurshipEconomic History and DevelopmentEconomistsEconomyFiscal Policy/DebtGovernment and PoliticsLaw and LibertyPhilosophy and ReligionPolitical Theory
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