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Updated: June 15, 2025
Although the fact was subsequently developed that a small increase in the bonded debt of the State could not very well be avoided, yet, after careful deliberation, the plan agreed upon was to materially increase the rate of taxation. This proved to be so unpopular that it came near losing the Legislature to the Republicans at the elections of 1871.
To materially increase the bonded debt of the State was not deemed wise, yet some had to be raised in that way. To raise the balance a higher rate of taxation had to be imposed since the assessed valuation of the taxable property was so low.
The Assyrian brickwork in which so many vast undertakings were carried out consists of units all of one dimension, and bonded by the simple alternation of their joints. Supposing a lower course to consist of two entire bricks, the one above it would be one whole brick flanked on either side by a half brick. An Assyrian wall or building consists of the infinite repetition of this single figure.
"Water power or steam?" said Scattergood, somewhat irrelevantly. "Both. We're putting in steam engines and boilers, but we're going to depend mostly on water power." "Goin' to build a dam, eh? Big dam?" "Yes." "Um!... Stock company?" "Yes. We'll be solid. Capitalized for a quarter of a million and bonded for a quarter of a million. Gives us half a million capital to start business."
Besides the regular line of bonds and mortgages growing out of debts due us on our real-estate sales, and against which we had issued the debentures and the guaranteed rediscounts of the Grain Belt Trust Company, the factories, stock yards, terminals, street-car system, and most of our other properties were pretty heavily bonded.
What a strange fate was theirs! Two brothers the one the owner of three hundred slaves, and the first man of his district the other, a bonded menial, and so poor that the very bread he ate, the clothes he wore, were another's! How terribly on him had fallen the curse pronounced on his race!
At such times the Government has no other way to supply its deficit and maintain redemption but through the increase of its bonded debt, as during the Administration of my predecessor, when $262,315,400 of four-and-a-half per cent bonds were issued and sold and the proceeds used to pay the expenses of the Government in excess of the revenues and sustain the gold reserve.
As matters now stand, the company cannot be made to maintain the line in due efficiency, because, unfortunately, it has neither capital nor credit to do so. Nor can the amount needed for that purpose be permitted to be taken out of earnings, because that only increases the guaranteed interest properly payable on the bonded debt of the line by the Government.
By early autumn the iron industries of the country were gasping, and the stacks of pig in the Chiawassee yards, kept down a little during the summer by a few meager orders, grew and spread until they covered acres. As long as money could be had, the iron was bonded as fast as it was made, and the proceeds were turned into wages to make more.
At such times the Government has no other way to supply its deficit and maintain redemption but through the increase of its bonded debt, as during the Administration of my predecessor, when $262,315,400 of four-and-a-half per cent bonds were issued and sold and the proceeds used to pay the expenses of the Government in excess of the revenues and sustain the gold reserve.
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