New-York tribune., 1879-08-30
THE ERA OF REPUDIATIOg.

TIE ERA OF REPUDLATIOE.
Florida aud Mississippi were guilty of rePuda-
ton long before the rebellion and when losses sus-
tanned by the war could not be offered as an excuse.
But the era of general and systematic repudaton be-
ganabout yearsago. Ithas been generally COIN
cdent in the several States, with the seizure of pO
litica power by the Democratic party. The excep-
tions are Louisiana and South Carolina. where the
first steps toward reputation were taken when the
Republicans still retained control, and both parties
appear to have been responsible But even 10 those
States it was reserved for the Democrats to sig
naize their return to power by plunging into still
lower depths of financial infamy. The Southern
Democrats have tried to justify paate their dis
honesty by various pretexts or two OF which
may be briefly noticed.
In the first place. they assert that the loss of ma
terial resources after the close of the rebellion de-
priyed them Of the power to pay their debts. The
losses Of all the seeding States by the slave
property included were estimated at $2,7j9,-
527,91s. The assessed valuation of property in
1865 was 81 ,GO3, 4O2 429 in 1870 it was $2,141-
1884, 7SS. and the census valuation of the same year
was 50 73J, ,545, ,45I ; in 1S77-7s. il was $1G23,-
25617 showing an increase Of only $20.00o00o
since 1865 decrease of over S5lS, 100000 from
the assessed valuation of 1870, and decrease Of
over 81, III, 100000 as compared with the t,de
census valuation Of the same year. In 1877, the
assessed valuation of property in OHIO alone was
$12O 900, 600 more than in the nine repudiating
Southern States combined in indiana and Illinois
together it was about $26G. 900, 900 more
Again. the Southern States named raise one
fourth OF all the tobacco, than nine-tents Of
all the cotton, and all the cane sugar produced in
the United States. In ,he last nmc years Q57O-
1873 the production OF these three staples has
been as follows:
Cohon-19, ,l16OOO,O0o pounds; Of which 1882
Tobace0-43O1 100000 pounds OF wEch 1915
600, 900 were produced in the r.Duliatn. sait"s.
SlgaY-I 423 100000 pounds; of winch nineteen
wenueths were produced IN the single State oi Louis
Tie value Of cotton produced in the last seven years
alone exceeds - 23OO,OOO.O0O.
These figures show that property IN the South is
assessed at mere fraction OF its value; and that
the inability to meet their engagements pleaded by
the Southern people Is a pretence.
Another excuse given by the Democrats in the
South for their dishonest treatment OF the public
creditors IS that most of the deb., were contracted
by corrupt and extrayagant Republican admnstra-
tons; that the States received an insufficient con-
sderation for the bonds issued; and tnIt IN many
instances the money received for the bonds was
squaDdcred.
The charges of corruption in the issue Of bonds in
some of the States have in several cases been
proved; but the amount Of such bonds cannot DO
shown to have exceeded 32O,000O00 altogether,
and even as to these the present holders Of the bonds
are entirely innocent. Moreover acareful exlmna-
ton of the facts leads to the conclusion that 50 far
as corrupt influences were used ono political party
was uuite as guilty as the other. On this point par
tcular attention is invited 10 what viii be said
under the head of South Carolina.
As to the expediency Of lending the credit of the
States TO railroad aud other internal improvement
companies in the South, by which means "A large
portion of the debt created il has been clearly
shown that that policy was initiated in mos of the
Southern States before the war. It's continuance
after the war received the approval OF both political
parties. But the Democrats no sooner gained power
in a State than they began to dispute the validity
of the indebtedness thus incurred. The dishonesty
OF this pretex however, is apparent when the fact
is borne ia miud that while the aggregate recog-
nized indebtedness and liabilities of the seeded
States in 1863, when the reconstructed state
Governments were already organized. was
Sl7f,IsI,3J3, the amount as 1t viii appear
when the present schemes of "rcabus'menP arc
fully carried out, viii beonly about soO'ooo'ooo.
And this reduction has not been caused By the pay
ment of the debt but by reputation and rea'bist-
ment. Again, the reduced deot of S9O,0OOOOo is
Sl2 900 900 less than the recognized debt OF lS6o'
and S32, 1000. 600 less than that OF 1868. It ap
pears. therefore, that reputation has noS been con
fined to that part of the debt contracted by KepuOh