HOW A SOVEREIGN SOUTHERN STATE CHEATED THE NORTHERN MEN WHO HELPED HER IN DISTRESS.—A NEW WAY TO PAY OLD DEBTS.—CANCELLATION BY REPUDIATION OF JUST CLAIMS FOR CASH LOANED TO SUSTAIN THE STATE GOVERNMENT, BUILD PUBLIC SCHOOLS AND MAKE NEEDED IMPROVEMENTS.—BOTTOM FACTS OF THE OUTRAGE.—THE RECENT ATTEMPT TO PLACE A NEW ISSUE OF GEORGIA BONDS ON THE MARKET, WHILE THE OLD ONES REMAIN UNPAID.—THE CASE BEFORE THE ATTORNEY-GENERAL OF THE STATE OF NEW YORK.—HE EXAMINES THE LEGAL STATUS OF THE BONDS IN CONNECTION WITH THE SAVINGS BANKS.—HIS DECISION PROHIBITS THESE INSTITUTIONS FROM INVESTING THE HARD EARNINGS OF THE WORKING PEOPLE IN THESE DOUBTFUL AND DANGEROUS SECURITIES.—A BOLD EFFORT TO HAVE THE FRESH ISSUE OF GEORGIA PAPER PUT UPON THE LIST OF LEGITIMATE SECURITIES OF THE NEW YORK STOCK EXCHANGE FIRMLY OPPOSED AND EVENTUALLY FRUSTRATED.—REFLECTIONS ON THE BAD POLICY WHICH ADVOCATED REPUDIATION AND HAS INJURED GEORGIA CREDIT IN THE EYES OF THE WORLD.—GENERAL OBSERVATIONS UPON THE NATURE OF REPUDIATION OF STATES’ DEBTS, AND THE MORAL INFLUENCE ON THE GENERAL CREDIT OF THE UNITED STATES.—SUCCESSFUL APPEAL OF BONDHOLDERS OF THE REPUDIATED BONDS TO THE STOCK EXCHANGE. One of the saddest events of my business experience arose from the purest motives on my part, to aid the South in the work of reconstruction, in the way of which, as I have stated in the previous chapter, President Johnson threw the greatest obstacles. I ventured my money and offered my friendship at a time when that section of the country stood in need of both money and friendship, and used my best efforts to bring about the return of such feelings of fraternal harmony as should exist among all the citizens of this great country. For these kindly offices I was treated with the basest ingratitude by some of the Southern States. I held a large amount of Southern securities, all issued for full value received, which went into the internal improvements of that section, enhancing the taxable value of its property. These securities bore the great seals of the Sovereign States of Georgia and Alabama. The dishonor attaching to repudiation in these instances has been brought out in more glaring colors, from the fact that these States have long since become abundantly able to liquidate their obligations, and to erase the black spot from the escutcheons of their chivalrous people. The people themselves are not so much to blame as the disreputable politicians into whose hands the management of their affairs had fallen. It is of the sovereign and high-toned State of Georgia that I have most occasion to complain. On account of the bad faith of that State, through her political managers, I suffered a terrible reverse in my fortune, which came near crushing out my financial existence.