, 1872-12-21
WASHING
Reputation in the South.
Some Facts and Figures.
From Our O,c7a Correspondent.

Louisiana COLLISION seems destined to be avoided
by the vehemence Of the Presidents selection
between the wrest1ors. The Florida quarrel has
not Jet been reached, and the contesting parties
there escape investigation by the remoteness
and wortblessness Of their country. In Arkan-
sas, the Democrats generally prefer Clayton's
domination to Rico's, and, except some wild
words in tho Senate, that trouble will end.
THE TRUE SOUTHERN CONTEST.
The great fight in the South is probably not to
be one Of violent factions, is its arena to be
the United States Senate. The strong contest
in eight States Of the South 1s to be upon the re-
pudiation Of their public debts. That contro-
yersy is already opened as far North as the State
OF Virginia, where tho daily word Of the gambler
is: "We don't owe anything morally. They
Lave destroyed the assets Of the State, the basis
Of credit, and that releases MS from our obliga-
tions." In North Carolina, the Governor is
obliged to make special plea to tho Legislature
against ropudiation. In South Carolina, Scott,
while he brings libel-Ruit against the New York
Tribune for saying the same, confesseB an empty
treasury and hollow solvency. Georgia has re-
pudiated large part Of the Bullock debt, as you
can see from this conversation which held with
the State Treasurer at the State Capitol.
THE REPuD1AT1oN By GEORGIA.
In highly interesting conversation with N. L.
Angler, Esq, Treasurer OF the State Of Georgia,
~ ~AAAS~t
following statements we're made from the books
OF the Office:
. What is tho debt OF the State!"
AnsWer-"Ihe direct bonded Indebtedness IS
1886, 300. The contingent indebtedness is
So, 159,000. Total, $11, ga, 500"
|sWhnt would he the debt of the State il all
Bullock's obligations had been Valid?"
Answer-"$3 ,6s3, ,o0o."
most conservative men in Georgia that the State
will acknowledge about 81 ,033 4oo OF Bullock 8
bonds, bringing tho whole debt up to about
5l5, 5o0, 0oo.)
Question Of tho Treasurer" What Is the IN
come OF the State, and what is the taxable value
OF property id Georgia ?"
Answer-:The property Of the State, at the
low valuation OF our own Tax Assessors, is
capital and railways. The general State tax Of
lilo Of per cent would produce $937 ,9G9.8 81.
! The taxos On corporations will add 330, 200, end
the reutal OF the State Board $3.50, 600, making
in all Ill, ,oG9 (Tha special school tax Of 1-lo
Of per cent and some forms Of license make
S544, 1922 The entire disbursements to carry
On the State in 1872 were $500 900. and this left
Tor interest on the different loans s317 .sG0.s7,
The assets Of the GeorSin Government are CON-
puted at s, ,188, 900, scant.'
0Do YOU believe that Bullock's excessive
obligations should be forsworn Z"
Answer do. If they call it repudiation,
it will protect us against future thieves, aS
Mississippi is protected. No State credit makes
TIE ENTERING WEDGE.
Tho above shows that, by tho late action OF
tho State authorities SIS, 900. 900 have been dis
owned in Georgia for which the State bonds
nrc outstanding Whatever tla justice OF the
defence, it is improbable that mankind will call
this act by moro than ono word, aud that will DO
Repudiation.
The foar States which will not gay 81 Repu-
Keatucky. Missouri, and Texas, although. in the
latter State. tho public contracts with railway
grantees have been broken in some instances, on
Grounds of private or party prejudice
in tie problem as to to whether % the % lsrSo ~ negso 70
population can comprehend the honor and i'm
portance OF q. public obligation. This will de-
pend upon the tone OF counselg they receive
from fro their 's head men :" and white advisers.
What would be the effect OF general repuaiation
in the South upon our internal concerns, North
ern credit. and politics, is still third matter
..a COMFORT Eon r11EM wuo ARE IN BONDS.
The depreciation of State credit, if unattended
with public indifference, is not necessarily
matter Of apprehension. People arc now living
who remember that tho bonds Of Illinois brought
less in the market than those Of South Caroline
or Arkansas to-day but, with sturdy spirit
persevered in meeting its Obligations, and its
credit is now unirnpoachable.
In mississippi, S. s. Prent;aB wased such m
into1erant war with Reputation, that he said:
s that the Mgs MAKE T.
oA9AA4N@o NNAAt-9"s tSANtAS%-A
Reputation was not only resisted there with
v9gor and gelantry for years, against grade
Of citizenship never de1noralizod because never
moralized, but Calhoun wrote at the time:
"Ipledge myself that South Carolina will pay
punctually every dollar ehe owes, should it tako
the last cent, without inquiring whether it was
spent wisely Or foolishly. Should in this be,
BY any possibility, mistaken, would disown
her!"
In the year 1910, one-helf the States in the
Union we're unable to pay their debts when duo
nbroad, and, in many cases, did not meet tho
current annual interest. These debts amounted,
in gross, to 9170, ,000 and Pennsylvania was
nearly as badly of as any State, and received the
caustic tributes OF Sydney Smith by every
steamer. A vigorous effort was made by Barring
Brothers & Co. to make the Federal Government
assume the State obligations; and subsequent
attempt to give the proceeds Of land-sales to the
States, to meet their bonded interest, was
voted for in the Senate by Clay,
Crittenden, and Webster. Every State but
in the former State. the Courts OF 1889 adjud1,
caleo TIE ne repucaaseu ooh1s as ieany nc1npene
upon me Conlmon~ealtn; "hile .ne ArAansas 11ais
21nus i Tete ~ sanen W, aunueo' ano aaop'eo' "i'a