CHAPTER XXVII.

THE GEORGIA BOND REPUDIATION.

How a Sovereign Southern State Cheated the Northern Men 255

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