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The National lutellisencer, with its customary adroi,ncss in stating question, speaks of the late

 Mississippi election as having turned on the simple

 point of the repudatior of State debt. ".which 1t

 found dicnt to pay; and treats il as |" disho

 nest design, shame lessly arowed!''

 This is the tone generally adopted by the Whig

 presses. The majority of the people of Mississippi,

 are set down < swindiers'' who have dishonorcd

 themselves by cheating their creditors deliberately.

 live could believe that this style of exaggerated de-

 nunclaiion proceeds from honorable senstveness in

 behalf of the public faith, virtuous indignation at

 fraud might respect the motive, though we should

 not the less express our firm belief that the alarm is

 unnecessary, and the net rightly understood.-

 But there are many indications that the oucry is n-

 sincere and artiul, designed to some of the

 lost ground of Whiggery, by affecting superior re-

 gard for the public honor, and promul lgang the mo-

 tion that the Democratic party has wicked purpose

 to repudate the contracts of the States. Hence the

 sweeping rashucss with which they condemn the conduct of Mississippi, because Mississippi is Demo- cratic, in relation to certain bonds charged with be-

 ing unconsttuonallv issued and finudueny sold, and the recklessness with which they mpeach the credit of all the bonds of Mississippi and the bonds of all other States, though they were included in the same charges of fraud, or are to be repudatcd without Men, really zealous for the honor of

 the couny-really fearful of the evil consequences of one decision made ipon particular grounds, would take pains to discrimnate-would have sought in liberal spirit to explain wherein the reasons for re- pudaton in Mississippi, do not apply other bonds other States and would have laid stress upon the important fact, that there are imputatons of fraud cosion llegality and unconstitu,ionality ap plying to this particular case, which, though we may differ in opinion about their force, are sufficiently strong to from the conduct of that people the stigma ndustriously cast upon them, of refusing to pay their debts without cause. The conduct of the assaiants of Mississippi, in raising party alarm for all stocks such insufficient grounds, shows strong CT anxiety for l;tle political profit to themselves, than for the substantial credit of the States or the cause of truth. They are worse enemies of public credit, than the Mississippi Anti-Bond payers. We confirmed in this belief from the fact that they select for particular eulogy, the conduct of the Wings in Mississippi, who went to the election the prn- cipe of acknowledging the bonds, with reserved intention to refuse payment by the Statc It has been repeatedly charged by high authority, and that we ever heard of that the Whig can didate for Governor, and the Whis candidates for the Legislature, if not all of thempledged them selves in the canvas, to oppose any tax upon the peo pie to pay either the principal interest of these bonds. They were willing to give the form of ac- to the doubtful debt, leaving the Union Bank, and :hc Bank of the United States, 10 make good. These points the holders have in any event. The contemplation of fraud, therefore, was more strongly in the Whigs, who would have ropu' diated debt they acknowledge to be j-st-than in the Democrats, who denied the moral and legal obli gaon. The Whig candidate (Shattuck) expressly pledged himself to any pill for paying the interest, unless there money ia the treasury to pay the other debts previously. On party grounds, therefore, the Wings have little to gain, from dis cussing the history of that canvas.

 And il would be wise, in sense wider than that embraced in any party view of the question whates- CT, for the whigs to allow that there plausible and wosbty reasons for the conduct of the yeomanr, of Mississippi, which by DO means affect lhe validity