The Repudiation of State Debts a Study in the Financial History of Mississippi
The Repudiation of State Debts a Study in the Financial History of Mississippi
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In our eReader you can find the full English version of the book. Read The Repudiation of State Debts a Study in the Financial History of Mississippi Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Repudiation of State Debts a Study in the Financial History of Mississippi
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59 inability to meet obligations brings. The Ala- bama and Chattanooga Railroad Company failed to pay the interest which fell due Jan. 1, 1871, ^ and with this the trouble began. The State took possession of the road, and ultimately sold it, after liaving paid out nearly a million dollars in interest on its bonds, and after having become responsible for the payment of $312, 000 in receiver's fees, and 1140, 000 in employees' wages. After all this she was still liable for the indorsed and direct... bonds, and was obliged subsequently to com- promise them all. By 1873 the other subsidized railroad companies had defaulted, and she became responsible for the interest on over $18, 000, 000 of bonds in addition to the burden of her regular debt. Of course she was obliged to suspend the payment of interest, and her debt thus increased with frightful rapidity from year to year.
The State made many laudable attempts to meet her increasing obligations, and to provide for the payment of her debts in full.
What to read after The Repudiation of State Debts a Study in the Financial History of Mississippi?
You can find similar books in the "Read Also" column, or choose other free books by William Amasa Scott to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
59 inability to meet obligations brings. The Ala- bama and Chattanooga Railroad Company failed to pay the interest which fell due Jan. 1, 1871, ^ and with this the trouble began. The State took possession of the road, and ultimately sold it, after liaving paid out nearly a million dollars in interest on its bonds, and after having become responsible for the payment of $312, 000 in receiver's fees, and 1140, 000 in employees' wages. After all this she was still liable for the indorsed and direct... bonds, and was obliged subsequently to com- promise them all. By 1873 the other subsidized railroad companies had defaulted, and she became responsible for the interest on over $18, 000, 000 of bonds in addition to the burden of her regular debt. Of course she was obliged to suspend the payment of interest, and her debt thus increased with frightful rapidity from year to year.
The State made many laudable attempts to meet her increasing obligations, and to provide for the payment of her debts in full.
What to read after The Repudiation of State Debts a Study in the Financial History of Mississippi?
You can find similar books in the "Read Also" column, or choose other free books by William Amasa Scott to read onlineMoreLess
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