From the $13,313,000 which was outstanding at the end of the carpetbag regime, the State had received little or no benefit.

Interest was not paid upon this sum or upon the previous issues, and the total debt increased rapidly.

Unsuccessful attempts to compromise with the creditors were made in 1874 and 1875, but not until 1879 was the matter settled.

The Reconstruction bonds were repudiated outright, and the legitimate debt of the State was funded at from fifteen to forty cents on the dollar.

No provision was made for the unpaid interest.