New-York tribune., 1871-06-29

STATE PLEDGED TO SUPPORT hAlLkOADo-
CAUSES OF THE EVILS.
[FROM OUR SPECIAL CORRESPONDENT
ATLANTA, Ca, June 1O.-The finances of this
State are not IA bad condition those OF south
Carolina there have been extravagance and dshon-
esty enough on the part Of the Legislature and certain
State officials to create much Indignation among the
people, and to seriously damage the Republican party,
which is charged with all the sins OF the few bad men
who proessed its in the days OF reconstruction In
order that they might get into Office The taxpayers are
not as excited however they are In South Carolina
and the reason that here there has been no Increase In
the rate OF taxation, and the valuation OF property Is
made ON oath by the owner himself instead OF being
fixed by the Assessors. Tho burdens imposed on the
are not, therefore, at once increased the
money which is said Ito have been squandered having
been obtained by increasing the State debt. and
10, soandino the earnings OF a railroad belong
,no to the State This railroad runs from Atlanta
to Chattanooga. Nobody appears to know 10 what
amount the State debt has been increased since the
constructed Government got control Nobody can know
but the Governor who has been given Dy the LegSate
surnr,sro latitude OF discretion In the matter OF Is
suing bonds which he seems to print and sell or hypoth
eoate in quantities TO suit his judgment or convenience
The Controller says he has record to show
the number OF new bonds issued and the Treasurer says
that his office totally in the dark about the amount OF
the debt and that the Governor gives him no Information
upon the subject. Gov. Bullock says that when the
financial operations he is conducting are completed
he thinks the augmentation OF the debt since he went
into office will not exceed two millions, though why it
should have been increased at ALL s not easy to under
stand.
These financial operations in progress are those
about which there is most complaint The Legislature
OF last year in session long enough to empty the
treasury devour the schoound and contract additional
expenses to the amount of about 200O0o which there
was no money pay To raise money to meet these un
Ile thp authorized
"to q sufficient amount" in the language OF the law
Gov Bullock under this authorization, has had bonds
printed to the amount Of s20OOOOO The treasurer re-
fused the coupons and his signature was engraved
and printed on them He threatened prosecution Ior
forgery and bonds thus printed were returned TO
him and replaced by Others with the name OF the Con
troer substituted for that OF the Treasurer
The same Legislature authorized the issue OF seven per
cent gold bonds sufficient to redeem tho Old DEBT ot he
state as should fall due; and, under this act IL Is
charged that four millions OF dollars OF bonds have been
issued although the old bonds now due and redeemaDe
amount TO only about s35O,OOo Tho public have no
knowledge OF the amount Of the obligations that have
been issued or to what the money realized has been
nut and this gives rise runors OF the en-
ployment Of tho funds for speculative purposes.
There Is question about the misuse OF the
revenues derived from the State railroad
In 1869 this road brought to the State
treasury the sum OF 100000 At tho beginning OF 1870
appointed his friend Foster BlOdget superintendent
who paid $4,000 the treasury during the first month
OF his management. and $4,000 the second but ater
ward ceased to pay anything At the end OF the year
was found that not only had all the earnings OF the ROAD
been spent but that debt OF 100000 had been con-
tracted which the state had to pay. Fortunately for
the taxpayers Of Georgia. this system Of railroad man
agement is not still going The road was leased in
January TO company OF Northern capitalists who pay
the State s25 900 per month for its use.
In the pro6igate legislation OF the last session OF
the General Assembly the numerous bills granting State
aid to unmportan local railroads particularly repre-
henslbe. The Endorsement Of the State was pledged to
the bonds OF 80 railroads. covering distance Of over
1000 miles and amounting to about SOOO0O0O Most Of
these roads OF importance and are to connect
scure villages which do not afford travel enough to sup
port stage line. Only small amount OF this immense
obligation proposed to be incurred will, however,
DO saddled upon the state for before any COM
mencement can be made in building most OF the
roads, the next Legislature will no doubt repeal the
laws granting them aid. One road, the Brunswick and
Albany has been entirely constructed with funds raised
by piedRing State credit 1t first given an in
dorsement own bonds by the State 20 the amount
Of SIS 900 per mle and last Fall 1t received 5000 more
per mile in State bonds making s2S mile The road
runs across perfectly level country and s entire cost
IA said TO have been less than $4,000 mile The men
who are building this road are as might be supposed
very potential with the Legislature and the powers that
control the State Government.
1t is not worth while TO enumerate all the charges
made against those who have managed the finances OF
Georgia since the establishment OF the reconstructed
1t Is enough to say that the same old story
Is repeated here that heard all through the South
There Is an ignorant and irresponsible Legislative body
unfit to be trusted with the powers Of Government
ring OF State officials and hangerson who were worth
nothing when they got their places, and who now own
fine houses drive fast horses embark In large business
transactions and live sumptuously extrayagant ex'
pendtures in all departments Of the Government, and
the credit OF the State has been made of for the ben
eft Of individuals and the State debt has been largely
increased.
SOUTH CAROLINA.
ITS PRESENT CoNDITIoN-THE POSITIONS AND