The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-04-11
..IIorseshoe Money" in Alabama

senator mofRan on is Advantages
The state OF Alabama is in a more pros.
Porous condition to-day than any Of the
southern states, and / think it is due 10
what we considered one OF the most ras-
cally inventions that carpet.bag misrule
ever foisted upon u people. When l say
that Alabama ia the most prosperous
state In the South, / do not mean that we
have The most money within our borders.
Probably there ia more capital locked up
10 Georgia than any Of the southern states,
but the people Of Alabama are more &C.
lively employed, less involved in debt,
and as a whole more contented than the
people OF any other state in the South. ]
don't believe there is a starving man, wo.
man or child in Alabama, believe that
this is due in great part to the peculiar
circulating medium Of money, ii you
please, that we have in our state.
When the republican politicians came
down on our fold from the North at the
close Of the war, they began a systematic
course OF plumber and robbery. Every.
thing and everybody was taxed to the Ut
most limit. Finally the day came when
nothing could DO obtained by taxation,
because the people had been plundered Of
nearly their last farthing. The carpet.
baggers then Issued 100000 worth oil
bonds or certificates, pledging the state to
pay them at some remote day. On the
backs Of these bonds were printed coupons,
10 the shape Of a horseshoe. The bonds
took the name OF "horseshoe money
They were issued in denominations oil
$40, $50, $50 and sl00, bearing interest at
the rate OF 5 per cent. The coupons, which
were multipies Of the whole amount Of
the bonds, were made payable quarterly,
The bonds were made receivable in pay
ment Of taxes. When a person went "a
pay bis taxes he presented his bonds,
coupons enough to satisf$ the debt, in
terest Of course being computed thereon
to the credit OF the holder, were Cancelled
and the bond itself was returned. When
the bonds were not presented in payment
Of taxes, interest constantly accrued al
the rate Of s per cent, per annum on the
coupons, and consequently many persons
paid their taxes In legal tender and hoard
co the DOnut.
When these bonds we're Issued they
were worth only go cents on the dollar
But In purse OF time the carpet.bag gov.
eminent OF the state was overthrow and
the democratic party took the reins oil
government In hand. Confidence was re
stored everywhere, and these bonds began
to appreciate in value until now they are
worth 102. II you were to go into any
place Of business in Alabama and oak 10
exchange a $40 gold piece for "herseshoe
money" the merchant would decline TO
accommodate you. He would say; "Your
gold piece may lie in my safe for a year
aud purchase nothing. Our horseshoe
money, air, Is bringing me in s per cent,
annually It matters not In the slight
est il every coupon on the bond is cancel.
ed. The bond itself Is Just as highly
priced and is just as readily received In
business transactions. Now the state 10
taxed $4,000 annually to pay the inter
est on these bonds. You will perceive
that the farmer IL taxed to pay the inter.
est on The money that he pays his taxes