Savannah morning news. [volume] (Savannah) 1868-1887, 1886-09-16

ciOus disregard for truth and persistency
that would seem to be the outcome of des-
peration and despair.
The readers OF the MORNING NEWS are
familiar with the history Of the
bogus bonds. Many of the ablest and
most UPRIGHT legislators Of the State de-
voted months to the investigation OF the
subject, and all the bonds that were issued
and Endorsed by Bullock under the
"forms" OF law were recognized and ac-
cepted as part of the lawful debt Of the
State. Many OF these were believed to be
fraudulent. but all technical questions
were laid aside and the holders given the
benefit of every doubt. Those bonds that
were clearly Illegal as well as unjust
were dIsowned and eventually condemned
by solemn nstItutional provision.
The question OF their recognition and
payment may be regarded as forever
settled.
The recent efforts OF Henry Clews and
his contedeTates to injure the credit Of
Georgia have been noted in these col
umns. They have secured adverse action
on the question of listing the new bonds Of
the State by the New York stock Ex-
change. OF course, this can have no effect
on the credit OF the State. Georgia is in
dependent OF the Stock Exchange and
does not need it's recognition or influence.
Our new State bonds were all sold at
premium, although Clews and his
crowd persisted in the false assertion
that they had not In fact been scotland
they are now held by investors. Three
years from now Georgia will doubtless
issue another large lot of bonds to take
up bonds that will then fall due. There
is not doubt that they will be disposed
of at even more favorable rates than the
last lot. The people OF Georgia would
much rather have these bonds held by in
vestors than by INSCRIPTIONS w all street
spectators Of the Clews type.
Clews and his confederates had fair
warning when they acquired their bogus
bonds that they would probably never
get anything tor them. The MORNING
NEWS and other reputable journals
In Georgia, uay after day. during
the time the bonds were being is
sued and Endorsed by Bullock, con-
demned them, and declared that they
were illegal, unconstitutional and void.
The whole world was put on notice, and
1t cannot now avail anything for Clews
in his circulars to quote from old letters
indorsing his claims written by Hon. A.
Ell. stephens, ex-Gov. Brown, or any other
person, or to mention the fact OF Bullock
having been acquitted after his return
from the selt-impOsed exile after he alb
seconded and left the Gubernatorial office
between two days.
The holders of the bogus bonds are not
entitled to any consideration or sympathy
If they have lost any money in their trans
actions with Kimball and the other great
carpet-bag and scalawag "developers."
There is abundant reason to believe that
Clews & Company have no hope of ever
getting anything for their bogus bonds,
but that their efforts to injure the
credit of Georgia is part OF a
speculative scheme by which
they hope to fleece the bona fide hold
eTs Of Georgia's recognized bonds. 1t
would be tine thing for them il they
could depreciate Georgia bonds and have
discount. They are not by any means
too scrupulous to do such q thing.
OF course, il they could buy
these bonds at Soc, 60c., or even
75c. on the dollar. they would make a
great deal of money by the operation, as
there is 20 question as to the fact that at
the prevailing rates of interest the bonds
are worth more than par. Ii such is the
| object Of Clews Il Co. 1t will fail. Every
sensible and unprejudiced capitalist must
! know by this timo that Georgia will pay
| its just Indebtedness, and that 1t will
not pay the fraudulent and illegal bonds
! The fact is, nothing could injure Geor.
gia's credit and retard the prosperity Of
| tie State more just now than the recog,
milton of the bogus bonds. The repeating
of the false charges against Georgia and
| its people can only make the case oil
| Clews and his confederates worse, il it can
be made worse than it is. The people
| OF Georgia will never forget or forgive
these persistent andwlllful ISLANDERS, even
II they should ever, In days OF great pros
perity, become so generous as to be will.
Ing in a measure to condOne the infamous
transactions TO which the bogus bonds
owe their origin.
1t is well for the people OF Georgia to
take notice Of the continual agitation OF
this matter by the holders of the bogus
bonds. 1t is more than probable that the
agitation will take another form in a few
years. 1t is believed that large blocks OF
these bonds are held, in the State by par.
ties who never paid anything for them,
and who will one day try to build up a
sentiment in favor OF their recognition
and redemption. Let the people not for
get the history Of these bonds, which will
go down in the annals Of the State with
that OF the great Yazoo fraud.
The captain and crew Of a schooner saw
a sea serpent on PatuXent river last week.
! Tho inU aavs whom tho vnaaal xuaa on n ri