56/83 In 1873, the carpetbag government attempted to fund these bonds at twenty-five cents on the dollar. The Funding Act of 1876 repudiated $4,700,000 outright, reduced the bonds loaned to one railroad from $5,300,000 to $1,000,000, gave land in payment of $2,000,000 more, scaled other bonds one-half, and funded still others at par excluding interest. About $13,000,000 in all was repudiated and the State was left with a debt of less than $10,000,000[1]. 63, but see also W.L.Fleming, _Civil War and Reconstruction in Alabama_, p. 580 ff.] During 1868 and 1869 bond issues to the amount of nearly $28,000,000 were authorized in North Carolina, but not all of this amount was issued. |