Appletons' annual cyclopædia and register of important events of the year .. . ng of the principal, of suchan enormous debt utterly impossible—even ata very low rate. It would be to mknowledgean indebtedness equal to one-fifth of all theproperty of the people—and to provide for theannual interest which would accrue would re-quire a tax, if not inhibited by the constitu-tion, which would be tantamount to confisca-tion. It is apparent, therefore, that a just andhonorable compromise is indispensable. Un-just claims must be rejected, and those whichare acknowledged must necessarily be a
Appletons' annual cyclopædia and register of important events of the year .. . ng of the principal, of suchan enormous debt utterly impossible—even ata very low rate. It would be to mknowledgean indebtedness equal to one-fifth of all theproperty of the people—and to provide for theannual interest which would accrue would re-quire a tax, if not inhibited by the constitu-tion, which would be tantamount to confisca-tion. It is apparent, therefore, that a just andhonorable compromise is indispensable. Un-just claims must be rejected, and those whichare acknowledged must necessarily be act was passed, and received the ap-proval of the Governor on the 23d of Feb-ruary, with this title: An act to ratify andconfirm the settlement of the existing indebt-edness of this State, as proposed in the reportof the commissioners appointed under the actapproved 17th of December, 1874, and whichwas communicated to the General Assemblyby message of the Governor of 24th January,1876, and to carry said settlement into effectby the issuance of new bonds of this State, at. STATE SEAL OP ALABAMA. a reduced rate of interest, in adjustment of aportion of said indebtedness, and the surrenderof certain securities held by the State in dis-charge of another portion of said indebted-ness. This authorizes the issue of $7,000,000of bonds, to be designated as Class A, and to beused in payment of the first class of liabilities ;$596,000 of bonds, designated as Class B, tobe used in discharge of the second class ofliabilities above mentioned ; and $1,000,000bonds of Class C, to take the place of all lia-bilities on account of the Alabama & Chatta-nooga Railroad Company; $310,000 acknowl-edged to be due to II. Clews & (o. is to be paidout of proceeds from bonds of Class A. A\ Lthregard to the direct bonds of the State loanedto the Alabama & Chattanooga Railroad Com-pany it is provided that the liability of thoState on their account shall be discharged 00acceptance by the holders of the li
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Keywords: ., bookcentury1800, bookdecade1870, bookidappletonsann, bookyear1876
