Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
Does not the taking of other people’s money to build up our
railroads, and refusing those people a hearing in courts of our
own creation, before judges of our own election, indicate a want
of confidence in the justice of our cause? The Territory and
State of Minnesota used other people’s money to open up her
lands by the construction of railroads, just as Georgia did,
pledged the faith of the State for repayment, and then
repudiated, just as Georgia did. After twenty years’ delay,
justice has been done, and her obligations, as ascertained
through her court, have been paid. I have faith to believe that
the Empire State of the South will eventually keep pace with her
sister States in the Union in meting out exact justice through
her courts to every man, come from whence he may.
* * * * *
Hon. Wm. A. Post, Deputy Attorney-General of this State, by
appointment, visited this city last Friday to take evidence on
the Georgia repudiated bond question, the object being to
determine the legal status of a new issue of bonds by the State
of Georgia in connection with the savings banks of this State.
Owing to the repudiation of that State, at present these
institutions are debarred from investing in bonds of any
repudiating State, and the effort now is being made by the
representatives of the State of Georgia to remove that barrier,
so that the savings banks can be gutted of their surplus means
and filled up with the bonds issued by that State, which are
more than likely to share the wicked fate of repudiation, as
previous issues to the extent of $8,000,000 have done. The
savings banks managers, even in the event of obtaining a
decision authorizing them to take Georgia bonds for investment,
should be held personally liable for any losses that may fall
upon such institutions if they hereafter invest the funds of
widows and orphans in a security which, judging from past
experience, is almost sure to be wiped out and made worthless.
Mr. Clews charged that Mr. Calhoun’s appearance in representing
the State before the Attorney-General at Albany was a
surreptitious proceeding, and was only heard of by mere chance
by the holders of the repudiated bonds through a squib in a
Georgia paper. He also stated that the bondholders had patiently
waited twelve years for their money, and no body of creditors
had ever been so lenient as those of the State of Georgia, and
justice demanded that these long-suffering and much-defamed
creditors should be settled with prior to the financial world
according to the State of Georgia a sufficiently high credit to
admit of her floating any new issues of bonds. A motion was made
to adjourn the meeting until the 20th, which Mr. Post said he
would accede to after asking ex-Governor Bullock a few questions
Public-domain text, read in full here on John Shaqi.
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