Morning journal and courier., 1880-07-31
SOMETHING To THINK ABOUT.

Some of the Democratic organs nave very unwisely taken to discussing the correctness and justice of the following sentence ill Gen. eral Arthur's letter of acceptance '"There is danger in intrusting the control of the whole law making power of the Government to party which has in almost every South ern State repudiated obligations quite as sacred as those to which the faith of the na- tion now stands pledged'' The facts show that General Arthur's statement is a very mild reference to a most disgraceful and sig nifcant record, and that the statement of one Democratic newspaper that ''No single Southern State (except Mississippi before the war) has repudiated it's obligations" might be truthfully changed to read Almost every Southern State hasrepudiated it's obi gations'' The Southern seeding States which have not adopted some form of repu- diation are the exceptions, not the rule
 The total repudiation in Alabama during five years of Democratic rule $28, 00O, O0O made up as follows: Principal $15, f66, ,O91 interest, SC, 1000, ,OOO; sealing recog nized debt $7,0Oo,O GOO.
 Arkansas has repudiated $1, ,298, 900 fund ing bonds, $1, ,996, 7G3 levee bonds and $5,- 1000 railroad bonds. Total repudiated bonds, $6, ,G34, 773. There is every proba- bility that these repudiations will be made constitutional, and very large number of Democratic politicians in that State are in favor of total repudiation of. every form of public debt.
 Georgia, which is quoted as State whose credit is above par, has, by constitutional provision declared void bonds and State en- dorsements issued in aid of railroads, to the amount of about $S, COG, ,O00.
 In Louisiana all bonds issued now bear the date of January l, 1874, and bear the uni form rate of interest of seven per cent These bonds have been made by reducing refunding the State indebtedness at sixty cents on the dollar The State debt ordi- nance, adopted with the. new constitution, December ?, 1879, provides for the payment of two per cent. interest on all the conso1 bonds for five years after January l, 1880, three per cent for the next fifteen years, and four per cent. thereafter. The interest on these bonds is in default, and so little ikeh- hood is there that 8 Democratic Legislature will provide for it's payment that the bonds are quoted at forty-six cents on the dollar. When Governor Nichols bargained into power the bonds were eighty
 North Carolina has gone through the en- tire gamut of repudiation. By the funding law of 1879, bonds to the amount $15, 100, ,26s were totally repudiated Sixty per cent. of the face of all the ante-war bonds were re- pudiated, a new bond for forty per cent. of the face being issued to holders of old bonds. The new railroad bonds were scaled at twen- ty-fve per cent of their face, and another class of bonds were sealed at fifteen per cent. The special tax bonds $11, 407, ,O00, were de- clared absolutely void. The total repudiation of principal and interest in North Carolina amounts to about $27, ,0o0, 900.
 South Carolina has entirely repudiated $5, 965, GOO of bonds sold by her agent in New York, for some of which she received as high as eighty two cents on the dollar. In addi- tion she has deprived creditors of at least g., ,O0O, ,00O more.
 Tennessee rejected every entreaty to pay her debt or to provide for any form of settle ment. Her Legislature rejected by large majority an offer of compromise made by her creditors at forty cents on the dollar The Republicans are now making a campaign up- on a debt-paying platform. If enough of them are elected to the Legislature there will be fair settlement, but q majority of the Democrats of Tennessee are undoubtedly in favor of total repudiation.
 In Virginia the amount repudiated reaches $64 ,276, 4o2.
 From the above it will be seen that the South, so Democratically solid, is almost equally solid, under the control of the Dem- oeratie party, in repudiating just debts. The losses sustained by the creditors of the States lately in rebellion already approximate $272,- 0Oo GOO. exclusive of municipal obligations, which, if added, would bring the figures up to $500, ,00O, 900. Do we want the Democratic party of the South in control of the national T oI+