The daily gazette., 1876-02-23
should Southern state bonds bs
HOIiOred


We find the annexed article in the
New York Sun, of the 22d instant. 1t
expresses sympathy for the purchasers
Of Southern bonds. Such people ought
to have known they were not dealing in
gilt-edgepaper that the bonds were
somewhat like stolen property; and that
a man would be fool to buy n stolen
horse and expect to keep 1t, or get the
money for it from the ewner. If people
will not learn except by experience
they must be by experience taught; and
the present is very favorable time for
the southern people to impress the world
with fact that aught to be known, !. e.,
that promise made or given without
value received, or under durance is of
no value, and of such character are most
Of the Southern bonds:
lady correspondent who holds rail
road bonds bearing the endorsement of
the State of Alabama, desires the Sun to
demonstrate against the action of that
State in refusing to pay the interest due
on these bonds. To do so would be Of
little use. for the people of Alabama
nave utCllItu JlelT uIIek lnaOlllLy 10
meet the obligations contracted in their
name, though at some future time it is
possible they may make an endeavor to
redeem the credit of their State by a
compromise with its creditors, if not by
payment in full. The situation is of
hardship to innocent holders of Alabama
securities, and we have no doubt, if the
State succeeds in its efforts to repuaiate
large portion of its public debt, that
as our correspondent says, the result
will be extreme suffering to many fami-
lies. Still, it should be remembered that
this condition of affairs would never have
occurred except under gross mismane ge-
ment of public affairs by the thieves who
were imposed upon the people there as
their rulers under Republican auspices,
when the citizens who have the taxes to
pay, had no influence whatever in regu.
lating the public expenditures. Under
carpet bag and negro rule the State debt
was raised from $8,000,000 to over 800
600 600 By the votes of ignorant and de-
praved adventurers who had acquired
possession Of power, and who were sup.
ported in their rascality and extrava
gance by the whole authority and inhu
ence Of Grants Administration.
The State S endorsement to the amount
OF millions of dollars was given to rail
road bonds without requiring any secur
lty for their payment by the railroads
and after the bonds were in possession 0.
the jobbers who procured their endorse.
ment, the most outrageous frauds wer,
perpetrated under pretence of building
the roads. The great bulk of the money
realized by the sale of these bonds wen
into the pockets of the political jobber
who have represented Grants Adminis
tration in the South, the taxpayers re
ceiving no benefit whatever from thes,
corrupt transactions. When the people
IN 1872, succeeded in electing Legisla
ture of their own, threats of Federal in
reference led them to accept Of u com
promise by which Grants friends wer
left in the majority, the terms being die
tated by Landaulet Williams then Attor
ney-General. Even now, in those part
OF Alabama where the GRANTEES are i
the majority, the worst class of scound
rels are sent to make laws for honest pee
pie to obey. There is one negro in tn
present Senate of Alabama, and anothe
in the House of Representatives, both {
whom are fugitives from Justice. On
was imprisoned in North Carolina [
await his. trial on the charge of burglar,
and the other simply for larceny. The
broke Jail and went to Alabama, whel
they were given seats in the Legislator
The accomplice Of Corson, one of thes
Alabama laWglvers, was recaptured att
the two had broken out of Jail, and is no
serving out his sentence in the penite
tiary.
How ever unpleasant ard rcprehens
ble the idea of Reputation by Sta
may appear, it must be confessed that
many cases where the Grant party Ii
held possession Of State Governments I'll
utrages committed upon tax payers ha
placed them III an exceedingly embarras
ing position, and one in which it is b
natural that they should seek excus
for evading the payment of obligatio
which they have No part in contractin
The people Of the North will yet lea