In 1893, nearly fifteen years after this offer had been made, more than $1,000,000 of the old bonds were still outstanding.

In 1901, a New York firm presented to the State of South Dakota ten of the class which had been made convertible at twenty-five cents on the dollar.

That State brought suit in the Supreme Court of the United States and collected the amount sued for.[1] No progress has been made in collecting the special tax bonds issued during Reconstruction though some New York bond houses hope against hope, and the Council of the Corporation of Foreign Bondholders in its annual reports plaintively regrets the perversity of this and other Southern States.
[Footnote 1: South Dakota v.

North Carolina, 192 U.S.Rep., p.

286] South Carolina presented such a carnival of incompetence and corruption that the total amount of bonds issued has never been accurately determined.