The Edinburgh University Debates Union had planned to hold a debate on whether or not political correctness had gone too far.
However, after featuring the Robertson's jam golliwog on its poster, three speakers pulled out, claiming the event would inevitably be overshadowed by the controversial poster.
Despite withdrawing the poster and apologising, the society yesterday announced it had cancelled the event.
Its spokesman said: "Reading coverage of our banner and hearing the different opinions shows precisely how divisive the issue of political correctness is. Regretfully, and despite withdraw-ing the golliwog image, we are now unable to debate that issue due to three speakers pulling out.
"Our purpose has always been to promote free speech and discussion across the University. However, we are equally committed to ensuring students see the university as a safe space.
"We are happy to be held accountable by our fellow students but unfortunately this time it stopped a full debate happening altogether."
The society has vowed to continue holding public debates and is committed to fostering discussion on a wide range of issues. It will continue working with Edinburgh University Students Association and other student societies to ensure future discussions take place 'in the best way possible.'
The debate, scheduled for September 25, was to be boycotted by advocate Fred Mackintosh, Conservative MEP David Campbell Bannerman and SNP MSP Marco Biagi, who were to argue both sides of the debate.
The golliwog began as a black character in children's books in the late 19th century before being reproduced as a toy, often given away with Robertson's jam.
Mr Mackintosh was the first to pull out of the debate. He said: "I choose to conclude that inclusion of a golliwog in the publicity material is simply puerile and ill-considered, rather than something more sinister, and I hope it is not indicative of a widespread lack of consideration for others within Edinburgh University Students' Association.
"However, I do not wish to be associated with such an event and those who prepared the publicity for this debate could do well to consider the need to treat others as they would wish to be treated."
He was followed by Mr Campbell Bannerman, who said: "I am no fan of political correctness but I am very disappointed by the inclusion of a golly logo on the banner. The advertising for this event has gone too far."
Mr Biagi also withdrew, saying: "This event has come under a cloud due to a crass and offensive mistake in how it has been publicised.
"While the material was after some discussion withdrawn, this will always now be remembered as 'the debate with the golliwog poster' and is irreparably tarnished."