New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-19

| sented men of more marked ability and
| courage. In the Confederate war Georgia
| contributed men, material and transporta-
ton of great values. The resolute and
practical character of her people and the
abundance of useful supplies contributed
by the State, were of indispensable impor-
lance to the Confederates in the mainten-
ance of their war Since the war Geor-
gia has gradually regained the control OF
| her own affairs, and, with Virginia, has
withdrawn her aspirations to manage fed
eral concerns, contented under its protec-
ton to restore and regulate her own.
Perhaps Georgia had the sagacity to OBJ
serve that SO long as she kept up the very
unequal controversy by political strategy
which had been decided against her by
military force, she subjected herself to all
abuses which might be practised in the
name Of the federal government, while
she was practically excluded from its more
kindly agencies. Thus Governor Bullock
and his equally venal Legislature governed
Georgia on the theory that she was a dis
affected and unruly member of the Union.
The power thus acquired YVES dedicated to
the manufacture and sale of Georgia secu-
rites to the lowest bidder. The man who
abused the character Of the Republican
party by practicing fraud in its name for
his own gains was compelled to flee the
country, and having been succeeded by q
respectable conservative and Union Gov
ernor, the Georgians proceeded at once to
arrest the further robbery of their treasury
and to an investigation of the validity Of
the Bullock debt. The message of the
Governor, published yesterday, shows the
result of the investigation. Of the gold
bonds about seven per cent have
been discredited as illegally issued The
gold bonds Of later date, amounting to
two million seven hundred thousand dol
lars, have been summarily disposed of, as
follows: Eight hundred and eighty thou
sand dollars have been returned to the
treasury and Cancelled, the balance,
amounting to ohe million eight hundred
and eighty thousand dollars, have been
declared void by Legislative enaetments.
Of the currency issue five hundred thou
sand dollars have been returned to the
treasury and the balance declared void.
State currency bonds amounting to six
hundred thousand dollars have been rec
turned to the treasury and Cancelled. Rail-
road bond Endorsements amounting to
about two million dollars have been thus
declared void, and Endorsements on other
railroad bonds amounting to two million
seven hundred and fifty thousand dollars
are recognized as part of the State debt
There has been about five and half mil
lions of State obligations Cancelled, and
the balance rendered more valuable by
this rigid scrutiny and new acknowledge
ment
The wisdom of our Legislature in pass
ing an anti-bribery law and in subjecting
the warrants and other obligations to scru-
tiny, as well as in having limited the ca
pacity of the State government to incur
further indebtedness, will be made ap-
parent by the example of Georgia. The
declaration of purpose to reform, forti-
led by substantial acts gives confidence.
This is shown by the following tabular |
of the market rates of certain |
Southern bonds, as of thirty-frst of De-
,ember, 1872, equated to six per cent:
Iorth Carolina (asked)
outh Carolina (asked).
uiDia