“Next, we learned during the period from 1869 to 1874 inclusive, that what was denominated the floating indebtedness, covering the printing schemes and other indefinite expenditures, amounted to nearly $2,000,000. A conference was called of the leading Negro representatives in the two Houses together with the State Treasurer, also a Negro. After this conference we passed an act for the purpose of ascertaining the bona fide floating debt and found that it did not amount to more than $250,000 for the four years; we created a commission to sift that indebtedness and to scale it. Hence when the Democratic party came into power they found the floating debt covering the legislative and all other expenditures, fixed at the certain sum of $250,000. This same class of Negro legislators, led by the State Treasurer, Mr. F. L. Cardoza, knowing that there were millions of fraudulent bonds charged against the credit of the State, passed another act to ascertain the true bonded indebtedness and to provide for its settlement. Under this law, at one sweep, those entrusted with the power to do so, through Negro legislators, stamped six millions of bonds, denominated as conversion bonds, ‘fraudulent.’ The commission did not finish its work before 1876. In that year when the Hampton government came into power, there were still to be examined into and settled under the terms of the act passed by us and providing for the legitimate bonded indebtedness of the State, a little over two and a half million dollars worth of bonds and coupons which had not been passed upon.