The state debt before Republican and carpetbag rule was $8,336,083. Ultimately, the debt would amount to $25,503,593.
During the eight-year Republican and carpetbag rule, the state's property value decreased 45 percent.
In 1860, the state's taxable property was $672,322,777. By 1870, that number dropped to $226,329,767. During just one governor's term--Governor Bullock--the state debt increased from $5,827,000 to $12,500,000.
State debt jumped more than $40,000,000 with little to show for it. Additionally, city and county property depreciated 40 percent and 50 percent, respectively.
In payment of excessive taxation, about 6,400,000 acres of land were forfeited to the state and immense amounts of taxes were collected and later wasted.
The entire Reconstruction debt was over $38,000,000. In 1860, assessed property was $292,000,000 and taxes were $543,000. However, in 1870, the assessed property was $130,000,000 and taxes were $1,160,000.
In 1860, taxable property amounted to $490,000,000 while taxes were $400,000. In 1870, though, those numbers were $184,000,000 and $2,000,000 a year, respectively.
All information for this page was taken from "The Carpet-Bagger" at http://www.CivilWarhome.com
This page was created by Joey Coleman
E-mail the author at email@example.com
This page was last updated on 04/18/2000
Return to History 312 Student Web Sites Page
Return to the homepage