>EIGHT of the sovereign States of the American Union owe large sums upon their bonds.
>The Bonds outstanding we believe have been estimated at from $60,000,000 to $75,000,000
>southern regimes were forbidden by the Fourteenth Amendment to pay the debts incurred for fighting the Civil War.
>It is not true, as often asserted, that the debts are Civil War obligations, created to carry on "the war between the States"
>State Principal in Default
>Alabama (no reliable data)
>Arkansas $ 8,700,000
>Florida 7,000,000
>Georgia 12,700,000
>Louisiana 6,000,000
>Mississippi 7,000,000
>North Carolina 12,600,000
>South Carolina 6,000,000
>Total $60,000,000
>The 11th Amendment of the Constitution of the United States precludes any individual bondholder from taking action in the Supreme Court in order to obtain an impartial hearing of his case, and unless either the States concerned or Congress will take steps on their own initiative to arrange for the redemption of these Bonds, the unfortunate bondholders have no recourse but to go on waiting.
>Some private citizens tried deeding defaulted North Carolina bonds to, say, Massachusetts, since one sovereign state may sue another, but the Supreme Court held that this was only a dodge to get around the Eleventh Amendment and would hear nothing of it.
From 1865 - 2019 = 154 years
1+ 6% ^ 154th power = 7,890 multiplier for accrued interest
7,890 x 75 million = $591,750 billion
