Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1831-09-23
From TIE .VAdgegiNs Re:ofier.
HISTORY OF THE YAZO0 FRAUD.

/ HISTORY OF THE YAZOO FRAUD.
OF the many attempts which adNeuturers have
made TO enrich themselves at the pubic expense
( by practlcinz on the cupidl'y OF Statesmen. none
were more hagtious than the Yazoo Fraud. Inc
South Sea bubble and Mississippi Scheme had
their origin perhaps less IN knavery than IN IDLY
and the mischief thew produced was transient.-
/ They ruined ii i, true few distinguished and
some thousand of obscure persons. but were un-
important III their consequences 70 the nations
where they rose and burst. TIE shock soon pas
sed away; il affected neither the strength nor the
integrity of the empire. aud left behind 1t little
else besides liz lesson and the wrecks Of fortunes
and repuatnts which it had DESTROYED. But the
! YaHoo Fraud vas permanent curse upon the
! State which it dismembered whose power it Grip
pied and whose character. poIIty and happI
ness. it long had the most malignant influence.
Several projects for the sale Of large tracts Of
country. within the limits of Georgia. we're atdf-
! ferent periods presented 10 the Legislature
| However contrary to GOOD policy. they were lis
| tened to- But it is probable the majority OF that
Ebndv. never mad sagacity enough To iorc.ee the
| pijty with which population aud wealth would
increase. giving III their progress an immense va.
| lue to what vas then wilderness.
| Be that "a IT may however, We nd them in
! 1889. entering into contract with three compa.
MES tor tie sale If fifteen or twenty millions Of
acres Of land, including vast stock bordering
on the Mississippi river.
| But dispute arose about the payment Of the
purchase money. and the condition upon which the
grants were to issue. was not complied with.
During the sessioa of 1915 the General As.
! selnby passed an act conveying TO four aSsacia-
lions called the Georgia. the Georgia Mississippi,
The Upper M,ss.ppi and Tennessee Companies.
about thirty five millions Of acres OF land living
between the rivers Mississippi, Tennessee, Con-
"a. Alabama and Mobile.
The bill was warmly contested in both houses.
and had also to encounter opposition from the
Governor. 1t ultimately passed however BY
F., majority of ten in the House of Representative,
! and tive III the Senate
The sale OF 50 large territory was received
bv the people with almost unanimous burst Of
Indignation. for il was soon known that nearly
all the members who voted for the law. had been
either directly or indirectly corrupted by the pul.
chasers. On their return to their homes, they
were met by their constituents with the most
marked dissatisfaction, and IN some instances
narrowly escaped the popular indignation, 10
which it is said one of them actually fell victim.
! The discontented who were indeed the mass of
the people, soon found determined leader in
! James Jackson. afterwards governor of the State
and Senator in Congress. He was elected to the
Legislature al its next session. and became a
member Of the committee who investigated the
conduct Of their predecessors, and reported the
evidence which proves their corruption. The
act was rescinded. All traces of its passage ex-
plunged from the records of the State, and
! the grant solemnly annuled. Lest the authori-
( Is Of the ordinary Legislative body should be
thought inadequate to these important purposes.
the will Of the people was more solemnly and de-
! liberateIy expressed by the convention of 1898.
! That BODY re.asserted in a constitutional article
/ the invadl;y of the grants, and the fraudulent
means which had been used to procure them
! The stock holders Of the different companies
were allowed 10 withdraw the proportion OF the
purchase money which they had advanced, upon
making oath that they had not transferred their
interest. 4 privilege of which the least scru-
pulous of those who had actually sold, are said
! to have availed themselves.
| The statesmen who adopted these measures
could not be insensDe Of tie difficulties of their
situation. Much Of the stock had past out of the
hands of the original holders into those OF foreign
rrs and citizens of the Eastern States, with whom
capital was much more abundant than with the
people of Georgia These persons, really or
pretendedIy ignorant of the arts practsed to ob-
tain the grants. claimed to be considered as inno-
cent purchasers They insisted on the cOnstitn-
,ional authority Of the Legislature to SELL and con-
tended that If the corruption aledged was not al
/ together matter between the people OF Georgia
and their public agenFs. still, at all events, their
own claims. fairly and honestly acquired. must
rot be coniounded with those of others, who were
parties TO the fraud
! The first and mos. obvious evil Of this revolu-
ton. for 81 1t NAV be called, was the degradation
Of the judicial. wh'eh The new constitution reduc-
ed to an abiect dependence on the legislative
power. This measure could be excused only on
:. the devils plea Of necessity" 10 have trusted
the state courts witt, independence while such
question might be asitated before them, would
have been an act of poltica! suicide But the su-
preme tribunal of the union was beyond the reach
of state legislation, and from il there lay 10 ap.
peal except to the sword.
Under such circumstances it was natural enough
to look round for some powerful protection. The
United States had therefore family asserted
doubtful claim to the territory in question, and in
their hands alone could the demands of the fraud