In addition to the bonds already mentioned, bonds to the amount of $600,000 were issued under acts of 1868 (S. L., 1868, pp. 14 and 138.) These were not sold and were returned to the possession of the state during Bullock's administration (Angier's statement, K. K. R., vol. 6, p. 162). Also, before the issue of $3,000,000 mentioned, bonds to the amount of $2,000,000 were issued (Conley's message cited). These were hypothecated with several bankers in New York. Some of them, amounting to $500,000, were returned and cancelled during Bullock's administration (Conley's message). The rest, amounting to $1,500,000, remained in the hands of the bankers. Conley stated, in January, 1872 (message cited), that these bonds had been replaced by bonds of a later issue and canceled during Bullock's administration, and had therefore ceased to be a claim against the state. This statement conflicts with three facts. 1. The bankers who held these bonds refused to return them after their alleged cancellation. 2. One of these bankers sold the bonds which he held after their alleged cancellation (Henry Clews, _Twenty-eight Years in Wall Street_, p. 277). 3. The legislature of Georgia repudiated these bonds in 1872, which would have been unnecessary if they had been cancelled. It seems probable, therefore, though not certain, that this $1,500,000 should be added to the debt incurred by the reconstruction government. [343] S. L., 1868, title xvii. [344] _Ibid._, 1869, title xv. [345] _Ibid._, 1870, title xi, division vii. [346] Angier's statement, K. K. R., vol. i, p. 129. [347] Conley's message above cited. [348] It is to be remarked, however, that four of the roads whose bonds the state had guaranteed became bankrupt before 1874. See Poor's Railroad Manual for 1873-4, pp. 432 and 582; and for 1874-5, p. 426. [349] E. M., 1870-74, p. 449. [350] See the case of Hoyt, Minutes of Fulton County Superior Court, vol. I, pp. 371, 445. [351] Report of the investigating committee of the legislature appointed in Dec., 1871. Its report was printed in Atlanta in 1872. It is bitterly partisan, but a minority report made by a Republican admits, with humorous resignation, that the charges are true. [352] A. A. C., 1869, P. 305. [353] See K. K. R., vol. i, pp. 137 and 138. The statements are on pp. 11 and 12 of the letter as published in Atlanta in 1871. [354] See Conley's message cited.