Some time afterward Lakin related a blood-curdling story of pursuit from
Tuscaloosa by a band of Ku Klux and his almost miraculous escape from the
horrible death to which the band had condemned him. This story provoked
the publication of a counter charge,--that while Lakin was preaching
somewhere in New York State he ill requited the hospitality of an
entertainer by dishonoring the household.
And this man's ultimate aspiration was to represent Alabama in the United
States Senate!
One of the most scandalous chapters in the history of the Republican
regime relates to railroad subsidies. The Lindsay administration favored
encouragement to the building of railroads, as means for development of
natural resources, and in 1867 the legislature passed, and the governor
approved, an act which authorized the state to indorse bonds of new
railroads to the extent of $12,000 per mile, with an additional
endorsement for bridges; but indorsement was safeguarded carefully, and no
wrongs were committed in connection with the execution of the law until
the Radicals assumed control. Then there began a riot of bribery and
corruption.
November 10, 1871, I. F. Grant, state treasurer, submitted to the
congressional commission investigating affairs in the southern states a
statement from which the following extracts are made:
"Bonded debt of the state January 11, 1861, $3,445,000.
"The state is and was bound to pay in perpetuity for annual interest on
the school fund the sum of $134,367.80.
"Interest unpaid during the war, accrued up to and including January 1,
1867, was then funded and new bonds issued for the sum of $621,000, which
made the total bonded debt on
January 1, 1867 $4,066,000
"The war debt, amounting to $12,094,731.95 was repudiated.
"Eight per cent. bonds sold in 1867-68 659,100
"Eight per cent. bonds sold in 1869-70 657,700
"Total bonded debt January 1, 1871 $5,382,800
"Cause of increase, sale of bonds to carry on the government.
"There is a prospective liability for an indefinite amount growing out of
the passage of an act, approved February 19, 1867, and amended August,
1868, whereby the state is required to indorse railroad bonds to the
amount of $12,000 per mile, which act was further amended in March, 1870,
so as to increase the indorsement to $16,000 per mile.
"The same legislature in March, 1870, made a loan to the Alabama and
Chattanooga Railroad Company of $2,000,000 in Alabama 8% bonds, over and
above the indorsement of $16,000 per mile for the entire length of the
road, thereby adding to the direct and collateral liability of the state
for this one road the sum of $6,700,000. In addition to this, the
Republican governor, W. H. Smith, issued to the road bonds to the amount
of $500,000 above what the road could ever by any possibility claim under
the law.
Public-domain text, read in full here on John Shaqi.
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