[The New South by Holland Thompson]@TWC D-Link book
The New South

CHAPTER II
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The possibility of the negro's holding the balance of power seemed dangerous and ultimately led to attempts to disfranchise him by law, which will be considered in another chapter.
The relation of the races was not the only question which confronted the whites when they regained control of the state governments.

The problem of finance was equally fundamental.

The increase in the total debt of the seceding States had been enormous.

The difference between the debts of these States (excluding Texas) in 1860 and in the year in which they became most involved was nearly $135,000,000.[1] In proportion to the total wealth of these States, this debt was extremely high.
[Footnote 1: See W.A.Scott, _The Repudiation of State Debts_, p.

276.
Texas had practically no debt when it passed under Reconstruction government, but added $4,500,000 in the period.


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