The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1883-02-23

'y employed in constructing public
works and promoting internal COM
merce.
A brief sketch of the financial his
tory, so far as it is shown in the fuc-
tuations of their debts OF the South
ern States, will at this time be of in
terest. In ls41 the State debt of
Tennessee was So, 3,los,l66. At the
close of the next decade it was about
half a million dollars more; but in
1860 it had increased over four times,
being SEC, o,s9e,606. During the next
ten years the debt increased to $685..
s39, 1902, part OF which was the nat
ural result o! the accumulation of
interest, and small part was doubt
less the result OF undetec:ed conduct,
like that of the defaulting Treasurer;
that is, the State was virtually rob
bed. AT the period when the State
owed the most the amount of indebt-
edness was 4l,e63, ,406. Between
that period and the date when the
repudiating and scaling process was
completed, the Indebtedness was re-
duced to $25, ,6s5, 1922. - In 1873 the
credit of the State was fair, and the
average value Of the securities was
seventy-nine cents on the dollar.
The talk of repudiation then began,
and from that time the value Of the
States paper gradually declined, un-
til in 1879 it was worth only thirty
three cents on the dollar. After the
supposed final settlement a few
months 60 the securities were more
valuable, and the State was on the
road to prosperity. It will take Ten
nessee years to recover from the
backset given her by the misconduct
of her Treasurer, but whose action is
only the result of the pernicious
teaching and practice of e class Dof
politicians whose pride in the official
honor of their State is not equal to
their desire to manipulate offices and
Office holders. Tennessee, Virginia,
Louisiana, North Carolina, South
Carolina and Arkansas are the only
Southern States which in 1870 had a
larger State debt than at any time
previous to the rebellion.
Virginia in 1860 owed sal,77e,-
O62, which had increased in 1870 to
$47,39O,s39. This was scaled $lS,-
O45, ,6l3, and in 1880 amounted to
s29,345,226. The market value Of
the States securities fuctuated in
proportion, and declined from fifty
cents in 1872 to thir,y-eight cents on
the dollar in 1879.
Louisiana in ls41 owed $685.
900. This was decreased to s4,56I,-
100 in 1860. During the next ten
years it increased to S25,O2l,734,
and when it reached the highest
amounted to $40,4l6,734. Its was
scaled down to sl2 2,6s5, $40, being a
reputation of s27,7so,924.
The valuation of Louisiana securi-
ties showed considerable fuctuation
between 1870 and 1880, ranging
from twenty-five cents to sixty-eight
cents on the dollar, and averaging
about forty-six cents.
North Carolina owed less than a
million dollars in 1852, but in 1860
it owed se,e99,ooo, and in 1870
$2e, 900, ,o45, hich it scaled down to
$3,629,5ll, repudiation of $26. .270,-
534. The States credit naturally
has not been good, and its securities
have during the past ten years ranged
from nineteen cents on the dollar in
1876, to thirty-three cents in 1879.
South Carolina, in 1s41, had a
debt hanging over her of IS. SOL ,234.
During the next ten years this debt
was reduced about. two million dol.
lars, but during the succeeding ten
years increased nearly million, and
was in 1860 s4,o4e, $40. In 1870 it
increased to s7,e65, 900, The sacs
ceeding few years in South Carolina
were distinguished for official extray,
agance ndheedless waste of money,
and before the close of the decade
the State Indebtedness had growns90
$24, 1872 ,906. This was scaled down
to $7,l75,454, reputation Of q
6O7,452 The market value ot IN
State bonds decreased from thirty
four cents on the dollar il 1879 "a
eleven cents in 1879.
The State debt Of Arkansas il
1s41 was So, ,e7e, 900; in 1851, $l,-
SOC, ,5e2; in 1860, $s .o92. .62a; il 1870
ss,459.557. During the kncceeding
years it increased until IL amounted
to $685., ,29s. when it was scaled
down to IS ,sls.627, . repndi4tien q
tl2,47s.e4e. Ten years so ths