National Republican., 1880-07-28
SOUTHERN RErunIAr1oN.

SOUTHERN REPUTATION.
In correcting the Stars Interpretation OF
n sentence in General ARTHUR's letter
of acceptance, we promised to show that had
he intended to reflect upon the southern
methods of treating pecuniary obligations
he would have been amply justified in doing
so by the facts Of the case. Upon looking mp
the financial record of tho southern states,
for the purpose of fulfilling the promise, we
find wealth of material to prove our
point.
In view of the notoriety of the facts, il is
indeed strange that a newspaper could be
induced to say, as did the Star: mo sin
"gle southern state Except Mississippi
before the war; has repudiated its obliga-
tons." So far is this from being correct
that the sentence could almost be truthfully
reversed in statement. The southern seced.
ing states which have not adopted some
form of repudation are the exceptions, not
the rule.
Arkansas has repudiated 81 POS, 900 fund
ing bonds, 81 ,0s6, ,763 levee bonds and So, $780,
600 railroad bonds. Total rcpudiated bonds,
SS,634,773. There is every probability that
these populations will be made constitu-
tional, and very large number of demo-
cratic politicians in that state are in
favor of a total reputation o every form of
public debt. The cry of low taxes, meaning
no taxes for boated boudholders is an
attractive one to the average democratic
voter of Arkansas.
Georgia, which is quoted as a state whose
credit is above par, has, by constitutional
provision, declared void bonds and state
endorsements issued in aid of railroads, to
the amount of about SsO0O,OOO.
North Carolina has gone through the
entire gamut of population. By the
funding law Of ts7o, bonds to the amount
OF S15,1002SS were totally repudiated.
Sixty per cent, of the face of all the ante
war bonds were repudiated, n new bond
for forty per cent. of the face being issued to
holders of old bonds The new railroad
bonds were scaled at twenty-five per cent of
their face, aud another class of bonds were
scaled at fifteen per cent. The special tax
bonds, 81, ,407 900, were declared absolutely
void. The total repudiation of principal
and interest in North Carolina amounts TO
about S27 600. And yet she sends her
Senator VANCE over into Virginia to rebuke
readiusters
In Louisiana all bonds issued now bear
the date of January l, 1874, and bear the
uniform rate of interest of seven per cent
These bonds have been made by reducing
or refunding the state indebtedness at sixty
cents on the dollar. The state debt ordi-
nance, adopted with the new constitution,
December 2, 1879, provides for the payment
of two per cent. interest on all the consol
bonds for five years after January /, 1SsO,
three per cent for the next fifteen years,
and four per cent. thereafter The interest
on these bonds is in default, aud so little
likelihood is there that democratic legis-
lature will provide for it's payment that
the bonds were quoted yesterday at forty
six cents on the dollar When Governor
NICHOLS was bargained into power the
bonds were at eighty,
Tennessee rejected every entreaty to pay
her debt, or to provide for any form of set
tlement. Her legislature rejected by a
large majority an offer of compromise made
by her creditors at forty cents on the dollar
The republicans are now making n cam
paign upon a debt'paying platform II
enough of them are elected to the legisla-
ture there will be fair settlement, bat q
majority of the democrats of Tennessee are
undoubtedly in favor of total reputation.
South Carolina has entirely repudiated
$5,9G5000 Of bonds sold by her agent in
N,p for 90 i'll, Il, Z!
rs high rs eighty-two cents on the dollar
She scaled the balance of her debt amount.
ing to 30,ss6,G27, at the rate of fifty cents
on the dollar, The coupons upon the con-
soils thus issued were made receivable
for taxes. In making this settle ment both
political parties united, every democrat in
the legislature voted for the compromise oI
tho debt, and political conventions of botl
parties pledged the faith of the people to it's
faithful Observance No sooner did HAMP-
TON secure the office of governor by fraud
and force than the work of population
was begun. The first step was to violate
the contract in regard to the coupons, The
tax collectors were by law directed to re-
fuse them when rendered for taxes TheI
commission was appointed, which opened
up the wholed debt settlement and proceeded
TO brand as worthless moro than half of th,
consols, so solemnly guaranteed TO be
valid debt by democratic conventions, com
mittees Legislators and speakers. A gov
ernment made possible only by the murders
Of Hamburg and Elenton, gaining its only
color of title by the frauds of Edgeheld
Barnwell aud Laurens, and securing it
existence by despicable bargain, was no