The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1879-09-05
Debts Of the Southern states.

Numerous inquiries as to the debts
of other Southern States, their
amounts, and compromises made,
will be best answered by giving all
the information we possess on the
subject:
The debt of Alabama in 1878 was
So, ,452, ,669; real and personal estate,
tax basis, $117 ,4s6, ,581; tax, 20 cents;
amount raised by tax, 1927, ,399.
Arkansas, debt, 81, 153,O35; un-
funded debt, $13, ,967 ,012; tax basis,
$94, 100000; tax, GO cents; amount
raised by tax, 1857 400.
Florida, debt, 81, ,348, ,272; tax basis,
$50, 100000; tax, 80 cents; amount
raised by taxation, s225, 900.
Georgia, debt, S10,644, 800; tax
basis, $235 ,659, $50; tax, so cents;
amount raised by tax, 81, 10000. In
1872 Georgia annulled $10,477 900
clearly fraudulent bonds, leaving the
debt at that time 81, $50, 500, recog-
nizing $5,798,000 of the Bullock
| bonds.
Kentucky's debt is only 81, 1852,
841; her tax basis, 1857 1926, ,O13; tax,
40 cents.
Louisiana's debt, 1873, amounted
to $12,660, ,443; tax basis, $174, $780,
900; tax, 81 45. The amount raised
by taxation. in 1873 was s2,473, ,629.
Mississippi, debt, $2,954, ,458; tax,
so cents; tax basis, $12,7QO, 900;
a oroorn+ ,a;aod bx +avot;on cRo1 7n1
Missouri's debt in 1879 was $16,-
758, 600; tax basis, real and personal,
a little over Sc, ,OOO, 900; tax, 40 cents;
amount raised by taxation, So, ,843, ,953.
North Carolina, debt, 1873, S27,-
120, ,228; tax basis little over $148,-
600, 600; tax, 3S cents; amount raised
by taxation in 1873 $685., ,635.
South Cardinals debt in 1873 was
6,739, 500; tax basis little over
$125, ,000,000 tax, 45 cents; amount
raised by taxation, S715,982. The
debt statement in 1874 was $17, ,017,-
651, of which s9,54O,750 was bond
debt; $2,679, ,293 floating debt, and
81, ,797 sos contingent liability. And
this statement did not include S5, $685.
900 bonds issued for conversion of
State securities under the act of
1869, which even Republican Leg
| islature declared issued without
authority The amount given as the
debt in 1873 is that left after a fair
judicial investigation by court cre-
ated for that purpose.
Texas's debt in 1878 was $5,O73,-
861; tax basis, $257, ,632, 900; tax, so
cents; amount raised by tax, ST.
356, 40.
Virginia's debt in 1873 was $780,
$50, ,826, her tax basis, real and per-
sonal, 1922, ,569, ,631; tax, so cents;
amount raised by tax, $2,500,000 per
annum. Since that time a settlement
has been proposed which is abso-
lutely demanded by inability to pay.
We have not the details of that set
tlement at hand, but it is much more
favorable to the holders of the bonds
than that of Tennessee.
Tennessee's debt and interest is
$24, ,857 ,115; the debt as scaled will
amount to little over $4,000, 900,
the interest to about 100000, re-
curing a tax of less than 35 cents on
the 800, in addition to the amounts
from other sources, such as privileges
and the 100000 from railroads, to
pay this and ordinary expenses. The
tax basis in 1878 was 1928, ,212, 153,
and the amount raised in 1873, was
$626, ,529.
1t will be seen at once from this
that Tennessee will bear after this
settlement lighter burdens than any
Southern State, even after Louisiana
| secures her reduction Of interest to 8
per cent. for Is years, leaving the
| principal intact. The question per-
tains to ourselves solely. What is
right, just, and the best policy foi
ourselves, is the sole question; but il
anyone chooses to look to other
States for light, he will find that
everything points out the reception
to this settlement as the best posi-
BILE course to take.-Nashville, Tenn.
american, july 18th.
1 LOCAL MIsNoMERs OF NEW YORK STATE