In North Carolina, July 4, 1868, "this new State government was organized. Senate, 38 Republicans, 12 Democrats, 12 carpet-baggers. Outside the legislature, in the lobby, a swarm of the same kind,… all of them disreputable. The treasury was robbed, the school fund stolen to pay per diems. The educational investments in securities were sold out at nearly one- third their par value to the Republican treasurer for himself and his associates…. In less than four months, this legislature authorized a State debt of over $25,000,000 in bonds, in addition to $16,000,000 for various minor schemes. The entire debt imposed by reconstruction on North Carolina exceeded $38,000,000, while the taxable wealth of the State at that time was returned at only $120,000,000. . . . Similar corruption in municipal bonds. Yet not a mile of railroad was built, although $14,000,000 in bonds were actually issued. Not a child, white or black, was educated for two years; not a public building erected, no State improvements anywhere." (Noted Men of the Solid South.)
Alabama's debt, before Republican rule, was $8,336,083; at the end, $25,503,593.
In North Carolina, the assessed property in 1860 was $292,000,000; taxes, $543,000. In 1870, assessed property, $130,000,000; taxes, $1,160,000, showing a difference between local government and enforced military government under carpet-baggers.
In South Carolina, in 1860, the taxable property was $490,000,000; taxes, $400,000. In 1870 (Republican rule), assessed property, $184,000,000; taxes, $2,000,000 a year.
In Georgia, in 1860, the taxable property was $6,72,322,777; in 1870, $226,329,767. When Governor Bullock became governor, the State debt was $5,827,000; at the date of his flight, the debt was reported to be $12,500,000; bond endorsements amounted to $5,733,000, aggregate over $18,000,000.
