, 1880-10-16
statc Debts and Repudlation-Tho
Dlaokest Of Black Lists.
rho Issue OH Which tlie Solid
South Is Solidcst. -
Tho Rome.Ruto Of mississippi and lho
"Home.R " of Massachusetts Compared.
sobl II s1.o4, Tho Measure Of III. Solid south and
tho solid North IN Tho Worlds Markets.
Important Questions for November.
From Our O.V71 Correspondent.

From Our Ofu1 Lo7TkspaHHsnN
WASHINGTON, u. G.. Oct l3,-Afr. Robert
p. Porter of Chicago, who now occupies Il
vcry important position In the Census Onlce,
md Is olle Of the principal contljutors Of Gen.
walker III tic great work OF taking md cont
nlIinc the ccnsus Of 1850, has prepared for tho
Eoyember number of the International Re
,Ic,p I. very exhaustive, elaborate, and re-
narkablo article OIL State Debts and Kepu-
dtation." An examination Of tho proor.shcets
NJ this article makes 1t apparent that tllerO
has never before appeared 50 authentic and
comprehensive n paper on tho subject OF
which It treats. Tho claim eau rem
.,nnnby be Mat1o for 1t that It Is
accurate in tho mlnutest details, md tho
napcr will undoubtedly bo accepted rs
tic final authority upon this yexcd uucs-
tion Tic results of this Investigation
hos extended ovur a period of many months,
ard In tho course of which access las been
had to tho best original sourccs-tilsclose
facts Which arc worthy the most serious at
tcutlon Of a1l businessmen, and Of all
thoughtful patriotic men, in view OF the
pending Presidential contest. Mr.. Porter Is.
not politician; he Is n statistlclan and all
economist; but no 0no can read
THE CHAPTER UrON ,REpUDlATIoN
which lle presents without inuulring whctl,-
CT Luu uNF[ERhLluH VI sothLESt kIlOWH pDl1t~
ically as the "9olid South" which hns such
financial record, is tho political power to
which the control Of the Nutional Govern
nent should be intrusted. The doctrine of
"1lome-Rule III Republic Is wholesome
doctrine; but It is political principle
properly subject to aomo conditions. Tho
lnborinR men. the capitalists, honest mon
everywhere, for instance. would prefer the
"llone-RMlo" Of a section which pays It's
dobts, and whose bonds nre at a prcmiutn III
the worlds markets, to the "I1ome-Rulun of
community of States which has repudiatcd
It's debts, and whose statesmen bonst Of TINT
dshonor. Few taxpayers and few ,nen who
by louest Industry hope sometime to llnve a
homestead that may he taxed, would. with
their eyes open, choose tho "11ome-1iulo" OF
the Solid South, the ayerage value of whose
bonds for eight years has been 81 cents on
the dollar, 10 the "uomc-1sule" of tho
Eastern, Middle, and Western States,
whose securities during the sa1ne
period have had M average salab1e
value Of sl.o4. Yet TINT Is tile relative dlf-
ference betwecn the two sections In the mar
kets OF the world, which arc the measure Of
peoples honor. Tho civil rule md civil
administration OF RepubIicanlstn aro rated
III tho eyes OF tho world at SlN {Rhodo
1sland); the civil rulo and civil udminstra-
tion of q Solid South aro rated by tho sano
standard ut SO.10 (Arknnsas)t This Is ono
Df tho suggestions presented by this compia-
llon Of statistics, The liquidation chapter,
however, forms but Ill incident in the his
tory Of tho State debts presented In the arti-
e1e, Of which tho following Is
A BRIEF SUMMARY:
Mr.. Porter shows that tho history of State
debts , y proporly snid to dnto from tho ycnr
s oy %hs abos S stass s e. ao pGn fno WsrS w u
.,,.,. syyen ,y;1t ye;a11s the greater part Of tic
embarrassment III 1871 and 1919 was con
tEaetSat t%icn te stnte Goyornments !a the
which ,haye since overtaken many OF our
6tates, md dlsgracctl US both at home and
abroad: aor ,Ihn y Increase !n TIC Whole public
to sin, Tic Stats debts Of TIC difer
June 25, 1872:
Eastctn states. s.,............,.......,.,$ T,1EAg4
snuthcr1i States. .,......... f13tOui7
western States. e3..-..,................ 60,V3t ISL
Total. ,$sl3, 0l0
This writer shows TINT, during tho seven
years following tho election Of Gen. Jackson
III ls2B, q vehement deslre nr0se to construct
Rreat public works, chiefly such Us taelll-
foreign. commercial debt Ind been paid with
se much promptness Tint European capital-
.tsta FORMED q, ,vory high opinion hotil Of our
resources md our honor. alitl they took tho
beel, gold and silver until these stocks
Tcaclieu the enormous proportions given In
tho above table. Then canlo
X TIE CALAMITY.
The Bank Of England found itself In q critic
Eass@a preas ss Sa sosFs Mepo a.sa enSy
bic; TIC United States Dauk OF Pennsylvania
loved by every bank soutl, Of Plliindeiphia.
country had not recovered iron, tli6 effect of
Years Of speculation. u,d that the attempt 70
iSe,l fSSt9rn t2 falso position had bHt Increased
Melr 4llllcultiea.. A panic. followed; gil
value. Some Of. tho States, to whicl, tho
writer particularly refors, refused, tuu ntilors
omitted. to provide fur tho Interest which
/nad !a bee9n,e peyable on their debts. Tho era
49, Porter thon gives In detail tho nnan-
eial condition Of PennsylrRniu, Maryland,
9ilsslsslppi Michigan. l.oustana, Illinois, md
ss aa ~ a yl1S no Ia aa
alsasters OF that time, he atsome length points
out tho comparative resources of these States
a. q tlMa In, their history wlen the question
stbep bserM2vsy M %s ,slo BY
bsates to appropriate 500 600
To FAY oFp THIS INDEBTEDNESS.
As an Introduction to tho discussion Of tho
present financial condition OF all thu States
OF TIC Union. Mr.. Porter says:
rs15w saau III ct Ste s. n
ucDtedneas; to study tho changes thnt hnv0
saa @sSn l. p'aso snco shon. ioth in q the debts
eipSi tho aeea'naat'ea a' Of tho G ntenaest, n1't
sat State ssoastius. Tho IN motaots aaopto dot % q
pay, pay taose tGbts w aolu1 stAtes, md to avoid