The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-09
DEBTS OF THE SOUTH.
A Grand Scheme for the Relief Of the Recon-
structed states-An Issue Of $125, 900
70 Be Divided Among the
Southern States.

The following brochure ID In ctrculatlon "Where
1t Will do MOST good" It Is deserving OF attention
In view Of the fact that 1t proposes prompt
remedy for the financial embarrassments Of the
Southern States, and preventative OF the threat
ened reputation Of the enormous load OF debt I'M
der which those States are at present groaning:-
While the condition Of the country is Of great gene
raj prosperity that OF eleven OF the states considered
conon. Their SITUATION is undoubtedly mainly to Sc
attributed to The results Of the war in which they were
action which the deemed It NECESSARY to
erasions which inc Sonsrss decided to
operation isolsa @ great ananssi evils
legal Question %SstSeS' asScn govern
msnt they had ceased 70 be state, and could only
had :;
40 S sna
nS &c s
their properly does eauitaSy Justify sonpTS%9is
@ ne
nSwsysI
public purpose. DAMAGES result ndiydua interests
fus %Sen he Is lawful and right but
cases respas other wrongful acts Compensation is
Sc 70
ssssaiiy. Their debts We're largely increased
,.SsS r., sT sr,iy
market. .s91f @
fs'Ss SsS
CLIPPED condition these eleven states have furnished in
Sss s TIsss Tss
their bonds are held are se suffer-
he TACT that s"e Of the states Cannot meet their ob
cations 1ndoahsay iniaIss Al x@sTican credit not only
per cent bonds are scarcely equal in market the
II the government of the United States can without loss
or serious to itself and WITHOUT imposing
proper for TO do The plan suggested has been
Bansers mercSsnss and oher emine Citizens and has
me, the almost unanimous approval of all who have ex-
groCosea that there BE- an issue Of not more than
at the rate Of four per cent specie and rcdecmane at
e end forty Let these bonds many Of
hereinafter stated be apportlonSa the sleyenrc
and popaiaten-viz, Of sum divided in pro-
Of 20 sr @ a ds hs q s a on the II,
Of their population shown by the Of 1870 Let
with the advice and the senate, whose
pensaon shall be equal TO the salary Of Justices Of the
be
06 the s four % Eaiss rssa SsI s
The s S Of this
bonds he holds at the reduced rate as xei for the
ya I've he four per
condition. however imposed on said states that at the
SnS S.s S.ys
when he period tSsa years has expired the
@ pr
sos % ~ 81
had dissharsed lis 9sSations relieve the
ss and 'A pflnsps ns would $
each Of It's senSion I'd
ss
tons instssd Of ssneeiins Them Them ''s''' ''NsA
to s S %ssa sns fS Rsss
sssssS y.sS be great ,. relief to tn.
hold for half the amount q United states four
per Sa cent. Tor sh' ans
s 81 yS sS scms 8
states would probably have their debt reduced third
tat !Ssy might easily the rsn:i.dsf shsif oSi
eny also Ss
their prosperity make preparations to meet their
Great sSysniSss woua probably be At once expert
sumers of the productions Of foreign countries But
of eleven States have heretofore furnished
United States, willis the government has been
mainly supported by duties imports received in
exchange. is obviously. therefore, its advantage
that the exports should be large possible Improv
ing the condition Of these States VIII tend greatly to
to only twenty millions the present tariff
would be sufficient TO afford the government greater
than the i've millions annually 10 be paid by way
interest leaving out of view the fact that this
repaid by the States
seeaIf the credit Of all the States restored
that all American obligations promptly met there
be little to doubt but that the bonds of the
United States would bear higher value abroad The
fact that the after having down
gigantic rebellion showed itself able restore the credit
OF the States would give it additional
and prestige in the eyes OF all the civilized naens OF
globe. 1t can scarcely be doubted but that in conse
quencc Of this it would meet moro favorable terms in
time find to undertake. As this
presented for the first time for considerable IL II
promptly adopted, those now holding the State bonds
woud derive the chief immedat benefits while delay OF
action IL might lead 10 the promotion speculative
cembinstons and might thus be prejudccd in the eyes
OF Congress and vi the country at large As the plan
so simple that w mere renders II ntelleibc to
reason why should not be adopted these suggestions
made present the subject rather
han dicate form in c tbr