CHAPTER XXVII

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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

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