Saint Mary's beacon., 1877-02-08

SourHeaN Stars IxDIBrrpNtss.-
A meeting vas last week held in New
York or leading bankers and merchants.
TO consider plan for the liquidation Of
the debts Of several Of the Southern
6hfes slfeady largely.in default for in
teres. and rapidly verging % bankrupt
cy.. Both the Carolinas, Virginia, Ar
kansas and Louisiana are in this terribly
involved condition, and Florida 10 not
materially better oG. Alabama has
made q compositions with her creditors:
Mississippi has NO State debt, there be-
ing constitutional prohibition; Georgia
has ecaled her debt bv repudiating the
fraudulent portion Of II, and the State
bonds are now q good investment: Tex
es has her debt in a manageable condi-
ton. The finances Of Tennessee are
somewhat at loose ends.
Nothing positive was resolved upon
at the meeting, but It seems to be gen
orally recognized that in equity large
abate ement of the face amount of these
Southern debts should be made BY the
creditors.
The bulk of these debt. were created
in fraudulent way BY the carpet-bag
State governments, which came into
power in consequence Of the operations
Of the reconstruction process. The car
pet-baggers never could have ruled the
States but for the the fact that they had
the support Of the United State army,
and were elected at time when the
best citizens OF the States were disfran-
chised.
The debt in South Carolina in 1861
was 81, ,OOO, 900. in 1871 it was $29,-
OOO,OOO. II has been twice scaled
down, and divided by two since then,
but it still amounts to about $25, 200, :
900, for which the State has positively
nothing to show. Patterson, Chamber
lain and their friends got all the bonds
could be sold for, and the State got
nothing. The debt OF North Carolina
under carpet-bag domination increased
from nine and half millions in 1868
to thirty-6ve millions in 1871, for which
the State got nothing. In Tennessee
the railroad and turnpike indebted dness
was run up to so, 800, 900, without the
State receiving any benefit. The great.
er part of this debt " as contracted " bile
"a, 900 OF the best citizens Of the State
were di.franchised, and Brownlow and
his gang kept up a reign OF terror. In
Louisiana the debt has been increased
from $4,000, 900 in 1861 TO more than
So, 900 900 in 1876, although the State
constitution prohibits the State from in.
curing any debt beyond SIS, 900, 600
Kellogg, Warmoth and Packark & Co
have pocketed the proceeds and the
State has nothing to show. The situa'
ton Is the same in Alabama and Flor.
ida. Even the small community Of the
District of Columbia is saddled with ,
debt Of $25, ,0OO, 900. incurred under the
Shepherd government, which was in
every respect analogous to the South
ern State governmt nts under the car.
pet-baggers.
II IS estimated that the carpet-bas
governments add $2OO. .O0O. 900 directly
to the debts Of the Southern States. be-
sides increasing the taxation at least five
times as much as it was before the war
In other words, from 1867 to 1915
their infamous satrapies have cost the
Southern States not less than $500.
O0O, 900 in money mostly stolen. Upor
this statement Of facts it would seem a.
If the movement to release part Of ths
Southern State debts is founded in rea
son. equity and humanity.