Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-10-30
HOW GEORGIA REPUDIATED
Her Bonds Since Worth los on
the Dollar.

EDITOR LEDGER After the war
had closed General Meade, at the
point Of the bayonet, installed man
by the name Of Bulloch as governor of
Georgia, in the face of the election re-
turns which showed that he had been
defeated by ten thousand votes; and
declared elected legislature com
posed of scallawags, carpet -baggers
and negroes. In some cases men took
their seats who had not been in the
state a month. In others, certificates
Of election were given to some who
had not been candidates. This an
gust body OF officials issued and sold
Georgia bonds as long as they would
bring ten cents on the dollar, until
the debt of the state surpass-
ed in magnitude the similarly
created debt which now hangs over
aud threatens the impoverished
the people of Tennessee. The re-
publicaus at the north congratulated
the people of Georgia for having
elected such wise aud progressive Off
cials. But a reaction came. The op-
pressors OF the people fed. Some Of
them have not turned up to this day.
Bullock himself went to San Francis
co, and telegraphed his resignation
from that place.
Then there was an interregnum
in Georgia, followed by free and
fair election to fill the offices of the
state When the legislature met, the
bondholCe swerc on hard aud "trusdcd
that one II the first acts of that able
and intelligent body would be to de-
clare all outstanding bonds valid, that
the honor of the state might be main
tanned" The bondhOlders were rep
resented by Crews, and had plenty of
money to pay for favOrs. The mem
bers were just such men as Wilson,
our candidate for governor; they had
been in the army for four years, and
we're a hard looking crowd some had
lost an arm, others a leg-dressod in
their faded and thread bare gray coats.
They had come out of the army bare
footed and penniless. Their wives
were then at home clad in homespun
dresses, with corns in their hands
from four years use of the ak and
plow; their little ones ragged and
barefooted, often going to bed hungry.
These men were poorindeed; but there
was not enough money in Wall street
to influence a single vote. The bonds
we're declared to be fraudulent-to
have been issued without the author
ity of the people of Georgia, and were,
| therefore, null and void; and in the
new constitution, adopted later, their
payment was forever prohibited. Is
that state dishonered? Is her credit
destroyed? Georgia six per cent
bonds issued since, were quoted in
! New York at 10S. A year or two. ago
the state issued few four per cent
bonds, and in Wall street they sold at
par. fany state in the union has
ever been able to float four per cent
debt, the writer does not recollect it.
} If those thirty millions of bonds had
, been declared valid, that state could
not to-day borrow dollar. lie!
Hawkins and Wright men think o.
these things before depositing theil
ballots. fthis debt is declared valid
t you will then fnd that instead o.
$25, ,000, 900 as represented by tho high
tax party, it will be little short o
0,O00,0 600, more money THAI all tn,
! land in the state would bring il sole
, at sheriff sale tomorrow. j. L. j.