The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-08-13
COEUMBTA..,, s. e.,
Thursday Morning. August Is. 1874.
Fraudulent Bonds OF tho Southern
StnteH.


We learn from the st. Louis Repu6li-
can that the Arkansas State Oonven-
ton is debating the question of repu-
dating the bonds. about SO. 600, 900 in
amount, authorized by the Legislature
whiIe,under control of the Republi:
cans. to be issqea to eeJRin railroad
companies. pasniss ...II These bonds .haya not all
Sss ss;S ss.ss
that hada DOT complied With the Sondi-
tions. What amount has been isaued
and put on the, market we, do not
know; but it is almost certain that all
will be disownedaon the ground OF
fraud ThiaFths 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
practieed 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.
stallment Of bonds. and 80 oa, till its
whole quota Of bonds had been drawn.
and no road buiit--the venal State
authorities conniving at and probably
participating in the fraud. In some
instances, the bonds we're sold for
twenty cents on the dollar, the State
seceiving no consideration for them
whatever. The Republican makes the
following. comments on the proposed
repudiation by Arkansas of the fraud
ulent bonds issued while the State was
Ia the hands Of the Radical plunderers:
'The reputation of these bonds by
the State OF Arkansas is very uniortu.
nate; WE do. not know that it ia wise
and just. But it is another example
OF the memorable disaster in which the
RadicaI governments in the South
end. gRepndistion in Georgia, repudi-
alton in South Carolina, Reputation
in North Carolina, reputation in Ar
kansas. and threatened insolvency in
Tennessee, are the dismal reaiduum of
che 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 wheu the law re-
turns It to the rightfnl owner, and
Furnishes the receiver and the thief.
When the governments OF the South
we're wrested from the intelligent and
lawful custodians appointed by the
people to administer them. they fell
into the hands Of adventures and
planderezs. who. under the specious
pretexts OF progress aud internal i'm
provemens, involved the Southern
States in The widest and most extrava-
giant undertakings. Their purpose was
to enrich themselves and involve the
people ii 1irretrievable. 'dnanoial ruin.
No sane MAP bid ever expect the ttasx.
payers of South Carolina, for instance,
to pay the fraudulept bpnds ,issued
without the sau6siodR lie ppacpiee Of
the State. Gall it repudiation or what
you please. We ask. In al candor, what
have tue, honest. Observation-Disclosures OF
South Carolina-who are helpless aud.
powerless to protect tfaalselves. to re-
press wrong or assert . right-to 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 sqgthsrnt 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 CAronic1e," J" and
Sentinel Justly asserts, did not expect
the property-holders to redeem them
when the government reverted to their
keeping. ""'i
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 Treasuries. have issued millions