The results that speedily followed were an increase of its bonded debt from less than $6.000.000 to more than thirty millions within a period of five years. and the depreciation of the taxable value of property of fully 50 per cent.. not estimating what had been lost in slave property. It was impossible that the people could pay interest on so large a sum. The holders of the securities were hopeless of the ability of the State to meet any of its engagements. The people were discouraged. emigration rapidly swept off the population. and all industries were conducted with reference only to the supply of immediate necessities. But I will not outer into further details. It is enough to say that no Christian country had ever been worse governed. and no people had ever more entirely lost confidence in the future of a State.
Keywords matched
emigration