Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-28
SLATON GOES To
SEEK MARKET
FOR BONDS
Governor Leaves for New York to
Negotiate Refunding of
State Debt.
Continued From Page I.

ture possibly might be organized.
In these circumstances IT will be
absolutely necessary that the pres
ent Legislature G913-14), which yet
has one session to serve, make def
mite and exact arrangements for the
refunding of the bonds in question.
The Governor Friday, discussing
the bond issue, said to The Georgian:
Georgia must and shall market its
bonds soon to become due upon en-
t1rely favorable terms and conditions.
The credit of the State is as high
as the best, and higher than most.
It's security for every bond IT has out
standing-and under the Constitution
no more bonds may be issued for any
purpose and no further debts may be
cTea ted-is ample. It's Western and
Atlantic Railroad alone would pay It's
entire debt five times over. Its Capo-
toi, It's State institutions, and even its
Governors Mansion, all are subject to
levy and sale to pay whatever Geor-
Eia owes.
THE object Of my visit TO New
York Is TO consult with various f1nan
cial authorities with respect to the
terms and conditions OF this refund
most likely to prove attractive to in
vestors.
Likes Georgia as Market.
"shall the bonds be serial in form.
or shall they all fall due upon the
same date? Would It be wiser to ar
range for the bonds directly, or should
bond commission be created?
When. where and how may the bonds
best be advertised and offered for
sale?
Does New York offer as promis-
ing a field for the marketing of this
reissue as the South offers-as Geor-
gia offers, say?
Maybe we shall give New York an
opportunity TO buy our bonds, and
maybe we shall not. That is one big
question l am turning over in my
mind now, and upon my present trip
East depends something, perhaps
everything, of its solution.
Not a great while ago certain
Georgia banks demonstrated to the
world just how periodically and sure
ly Georgia banks may come to Geor
gias relief when necessary. II the
East wants these forthcoming bonds,
Il must want them knowing good and
well that Georgia banks stand ready
to take them, and upon terms abso-
lutely in keeping with Georgia's credit
and standing Already l have had
numerous letters from Georgia hold
ers of Georgia bonds about to fall due,
asking me upon what terms they may
be exchanged for bonds of the new
issue"
New York Interested.
81 have engagements with half a
dozen financiers in New York. and all
of them are anxious to discuss the
issue proposed. / am entirely opti
mistic as TO the outlook for the reis
sue Even IL New York does under
take to buy all our bonds, still would
be glad to see a part of the reissue
bought in Georgia, because-well
maybe il Is because my mind runs
more or less sentimentally in that di-
reCtion
Investors might rake and scrape
the face of the earth to the utmost
limit of their ability and a finer in
vestment than a Georgia bond could
not be found
Think OF it-every one dollar OF
bonded Indebtedness possible under
the Constitution, and every dollar of
any other sort OF Indebtedness posi-
bile. which means the present total
debt and not one penny more, has
back OF Il easily ten dollars of Sc
curity. Can you beat that? You
most assuredly and most certainly can
not?
Il think l shall be able to point the
way TO the Legislature in my message
on the bond question, and that Geor-
gia may rest assured its bonds will
be refunded upon entirely fair and
equitable terms-perhaps much better
terms than many States could secure
] already know what may be done at
home If necessary, and / am now
going to find out what may be done
in the big money centers of the East
From all this assembled informa-
ton l feel sure l shah be able TO find
the answer / am looking for.
Il expect TO be in the East ten days
possibly two weeks. There is no
other business OF State concerned in
my visit save that stated"