The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-03-20
PLUCKING THE YANKEES.

How State Debt Was Manipulated in the
Interest of Democratic Spectators.
Special to the indianapolis journal.
WASHINGTON. March 19-Soon after the war
The Democrats of the Southern States raised
howl about carpet baggers, and for years they
kept it up constantly. Carpet-bag frauds in
state and federal Offices was boldly proclaimed,
with the announcement that if those States were
placed wholly in their hands purer governments
would be the result everywhere in the South.
This howl was used with telling effect in some
Subsequently, in Tennessee, along
about 1869, that State passed into the hands of
the howlers. At that time Tennessee had
bonded debt of near $40, 000 900. The bonds
were worth on the market seventy-fve cents on
the dollar AS soon as the Legislature met an
apparently formidable movement was made by
certain Democrats to repudiate all of the State
bonds except a very small portion issued before
the war. This knocked the bonds down to less
than fifty cents on the dollar. Then the Demo
Gratis loaded up all they could buy. AS soon as
they had secured big load of the bonds--all
they could pay for, in fact--the Democratic leg
islators took another tack and proclaimed the
doctrine that the Democrats were opposed to re-
cratic Legislature adopted series of resolutions
70 the effect that it would maintain the honor
and credit of the State to the last extremity"
and would pay the last cent of the States in
debtedness.
This action of the Legislature sent the bonds
Up in the market, and they were again quoted
ct about fifty cents on the dollar Then there
was rapid unloading ali along the line at that
price the shrewdest pinetop operators of Ten
heating SharnerS
Some of the Tennessee Democrats made immense
profits.
1t was thus that one round had been run by
the hominy eaters of Tennessee in their little
game of NOW she goes up, and now she goes
down" But they were not satisfied. They
wanted more. AS the money came mostly from
the Yankees. whom the Tennesseeans were
ilamnine. they felt an exercise of a kind of re-
ssgous duty in keeping up the swindle.
At the recent session of the Legislature
other and apparently more determined effort
was made at Reputation, resulting in another
knock-down in the price of State bonds issued
by the "blanked, carpet-bag and niger Repub-
Mcan legislatures after the close of the war.
The same result followed. only little more IA
vorabe to the bond buyers. the price falling
lower than in the first round. Then there
another loading up, and having more money now
The Democratic leaders could take in more of
the deprecated bonds, with prospectively and
proportionately increased profits Then they
went through the process of resolving about the
-'comm0nW01itA5 spotleSS character ana their
determination TO liGuidate every dollar of the
debt Then there was another unloading and
another pocketing of big profits by the leaders,
who thus gambled for years with the good name
Of the State, hoodwnking their followers in the
meantime as to their designs. by keeping up a
constant uproar about carpet baggers," mig
GER LEGISLATURES" etc.
How much money these gamblers made by
these scoundrelly processes can never be known
now; but single individuals are said to have
made hundreds of thousands, if not millions, all
Of which they might as well have stolen outright
What was done in Tennessee was done In
many other Southern States no doubt and If
compilation of the exact stealings could be made
Il would be mountain of proof of the vicious.
of Bourbon government. In many of the
Southern cities there were similar processes
operated, until the great bulk of them have
either large debts hanging over them or they
lave repudiated their debts.
1t this thing Is done lin State and city corpora
hons BY Democrats why will II not be done
9TH tho general government There Is some