The Repudiation of State Debts: A Study in the Financial History of Mississippi, Florida, Alabama, North Carolina, South Carolina, Georgia, Louisiana, Arkansas, Tennessee, Minnesota, Michigan, and Virginia

The Repudiation of State Debts: A Study in the Financial History of Mississippi, Florida, Alabama, North Carolina, South Carolina, Georgia, Louisiana, Arkansas, Tennessee, Minnesota, Michigan, and Virginia

by William Amasa Scott

Paperback

$27.95
View All Available Formats & Editions
Choose Expedited Shipping at checkout for guaranteed delivery by Thursday, January 24

Product Details

ISBN-13: 9780343808198
Publisher: Franklin Classics Trade Press
Publication date: 10/19/2018
Pages: 334
Product dimensions: 6.14(w) x 9.21(h) x 0.70(d)

Read an Excerpt


CHAPTER IV. REPUDIATION IN GEORGIA, LOUISIANA, AND ARKANSAS. Georgia. The year 1868 marks the beginning of an epoch in the political and industrial history of Georgia. It was the year in which she complied with the requirements of the reconstruction act, and was readmitted to the councils of the nation on an equality with the other States ; and it was the year in which she entered vigorously upon the prosecution of a plan for the revival of her industries, and the development of her resources by a system of internal improvements. Her industries up to this time chiefly agricultural had not been conducive to large accumulations of wealth, and the capital which had been saved was greatly reduced by the calamities of preceding years. In order to secure the means necessary to her new industrial undertakings, therefore, she was compelled to resort to the capital of foreign countries, or of the Northern States; and the great problem of how to attract this in the quantities desired, early confronted her statesmen and politicians. It is not surprising that the use of the State-s credit for this purpose was contemplated. The federalgovernment and nearly every State of the Union were subsidizing railroads; and the traditions of the South suggested the use of the credit of the State for purposes for which the capital of private individuals was inadequate. Moreover, the State had herself adopted this policy in 1836, when she passed an act providing for the construction of the Western and Atlantic Railroad; also, in 1856, when she invested $ 1,000,000 in the Atlantic and Gulf Railroad; and again a few years later, when she indorsed the bonds of several roads. The framers of the constitution of1868, foreseeing the needs and very likely the policy of the State, prescribed the co...

Customer Reviews

Most Helpful Customer Reviews

See All Customer Reviews