The Planters' banner. [volume] (Franklin, Attakapas Co., Lou.) 1849-1872, 1871-02-01
Financial Con6iticn n Of Alabama.
THE LATE CAEPET-BAGGERS RULE.
From the Montgomery Advertiser

From the Montgomery Advertiser
New YORK. January 5.-The Evening
Post says the Alabama and Chattanooga
Railroad Company has suspended payment
of January interest on their first mortgage
bonds on which The State of Alabama is in
dorser. The amount of these bonds is about
$4,OOO,OOO of which about three fourths are
held abroad and one fourth here.
The above comes to us by telegraph.
The defalcetioa in payment of January in
terest, is unluckily not confined to tho first
mortgage bonds of the Alabama Il Chatta-
nooga Railroad upon which the State is in
dorser. The company also falieu to meet
the interest on the two million Of bonds is
sued directly by the State as principal, bat
turned over to the Alabama aud Chattanoo-
ga Railroad company as the BENEFICIARY. 1t
therefore follows. actually aud technically.
that not only the Alabama and Chattanooga
Railroad Company is under protest. but that
Tie State of Alabama is virtually in the
same humi!iating position.
1t is not unreasonable to assume that un-
der the present circumstances. neither
the State Of Alabama, on It's own obi
cations, nor any of the railroad corporations
with the State as security can borrow dollar
in this country or in Europe. 1t has been
suggested that it is the policy of the pres
ent directors and managers of the Alabama
and Chattanooga road to suspend and break
down, with a view of having their road
seized and sold, and parties i'll interest with
present direction. stand ready to purchase it
at half price and leave the State to hold the
bag as principal or security for the Whole
debt contracted up 10 this time. by the sale
of bonds. The probability is, if, indeed it
be not certainty. that the other roads now
in process of construction will cease TO move
forward. Unless they can obtain funds from
some quarter, they must inevitably stop.
The Conservative Cover of AIabam. r. B.
Lindsay. lately elected, in his message,
says:
Ito what extent bonds. under the various
statutes have been endorsed, and issued by
the State. it is impossible to inform you.
Neither in the Executive office, nor in any
other office of the Government. can be found
a record Of the action Of the Executive in
tLis regard
have said there is no record of the State
liabilities in behalf Of the Alabama and
Chattanooga company. neither can be found
any of the securities required By law t" b.
given to the State by that company. What
has become Of them, or whether they were
executed, delivered. and placed OIL file in any
of the offices of the Government. am una
BILE to inform you.
While the Alabama and Chattanooga Com
pany have faled to fulfill their pledges anf
obligations to to the State and their imme
diate creditors. may be permitted to sa,
! that their enterprise is one of great interes
and vaiuO 10 the 6trte, aud the work. T.
this time, conducted with skill and energy
although their financial transactions hav
been wanting in prudence and economy ant
their designs ON the State reprel,ensible.
There is no doubt that the Chatanoog
company will serve Louisiana in precisel
the same manner. And yet some of ou
citizen seerl anxious to have this unscru
pulous and grnsping railroad monster, who's
head is in New York, and his tail is in Bos
ton, control and swallow the State as it ha
controlled and swallowed our slimy legisIa.
ture.