The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-08-13
COEUMEIA, S. &C.,
Thursday Morning, August IS, 1874.
Fraudulent Bonds OF tho Southern
States.

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States.
We learn from the st. Louis Republi.
can that the Arkansas State Conveu-
tion is debating the question of repu-
dating the bonds, about SO. 900. 900 in
amount, authorized by the Legislature
while under control OF the Republi:
cans. to be issqed TO .ceytsin railroad
companies: These bonds. .haya. not all
beenh hgs9ffa igs9ea aoy. aoy.yI|f'9Tte BfTseF having re-
fused stS give give them to. certain roads
that had! not compiled With The condi-
tious. What amount, has been issued
and put on the market we do not
know; but it is almost certain that all
will be disowned on the ground of
fraud. Thisfthe people demand. and
the convention will comply with the
popular wish. The issue of these
bonds by the Republican officials was
marked by frauds similar to those
practiced by the Bullock government
in Georgia. Iu one case, it is stated,
the railroad company built section of
ten miles, drew the bonds thereon.
took up the rails and relaid them on
the next section, and drew another in
staliment Of bonds, and 80 o1, till it's
whole quota OF bonds had been drawn.
and no road built-the venal State
authorities conniving at and probably
participating in the fraud. In some
Instances, the bonds vere sold for
twenty cents on the dollar, the State
receiving no confederation for them
whatever. The Republican makes the
following comments on the proposed
population by Arkansas OF the fraud
ulent bonds issued while the State was
IN the hands OF the Radical plunderers:
"The Reputation of these bonds by
the State OF Arkansas is very unfortu.
nate; we do not know that it is wise
and just. But it is another example
OF the inexorable disaster in which the
Radlcal governments in the South
end. Repndistion in Georgia, repudi-
alton in South Carolina, reputation
In North Carolina, reputation in Ar.
kansas. and q threatened insolvency in
Tennessee. are the dismal residuum of
the reconstruction rule in those States;
and We have no reason to hope that
the process is ended yet"
. People who purchase stolen pro-
perty, knowing it to be stolen, have no
right to complain When the law re-
turns it to the rightful owner, and
Furnishes the receiver and the thief.
When the governments OF the South
were wrested from the intelligent and
lawful custodians appointed by the
people to administer them, they fell
into the hands of adventurers and
pluoderers. who. under the speoious
pretexss of progress and internal i'm
provement, involved the Southern
States in the widest and most extrava-
CANT undertakings. Their purpose was
to enrich themselves and involve the
people ID irretrievable financial ruin.
No sane mhn SSn ever expect the ta1-
payers of South Carolina. for instance,
to pay the fraudulent honda issued
without the sanctioned the people OF
the State. Gall it repudiation or what
you please. we aak.i in al candor, what
have the honest, Observation-Disclosures of
South Carolina-who are helpless aud
powerless to protect themselves. to re-
press a wrong or assert q right Ito do
with the bonds issued by the mongrel
government? There Is no moral obli-
CATION on their part to redeem one
single dollar of the millions OF pro-
misses Issued in the name of South Ga
rolina. These bonds and the bonds of
other Southern States we're sold OF
prices ranging from fifteen cents on the
dollar and upwards, bearing, in most
cases. eight per cent. interest. The
purchasers, the Augusta Chronicle ana
Sentinel justly asserts, did not expect
the property holders to redeem them
when the government reverted to their
keeping.
Our Governments have been in the
hands of robbers. who, not content
with stealing everything they could
lay their hands on in the respective
State Treasures. have issued millions
of promises TO Day.J The nrasa xparno3