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Here©s Georgia! LIBRARIES - the Digital Library of Georgia

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FACTS ABOUT GEORGIA 61<br />

Finance, Banks and Taxation<br />

<strong>Georgia</strong>'s Splendid Credit in Financial Circles<br />

There is no state in <strong>the</strong> Union whose credit ranks higher than<br />

that <strong>of</strong> <strong>Georgia</strong>. With total property values as returned for<br />

taxation approximately one billion dollars, <strong>the</strong> State©s outstanding<br />

bonded debt is only $6,530,000, back <strong>of</strong> which as an asset is also<br />

<strong>the</strong> Western & Atlantic Railroad, 138 miles long, owned wholly<br />

by <strong>the</strong> State, and variously estimated to be worth from twelve to<br />

twenty million dollars, without a dollar <strong>of</strong> encumbrance. The<br />

railroad now brings <strong>the</strong> State an annual rental <strong>of</strong> $420,012, which<br />

will be considerably increased under a new lease soon to be made.<br />

This valuable railroad was built by <strong>the</strong> State in 1836, between<br />

Cartersville and Atlanta (<strong>the</strong>n called "Terminus"). It was<br />

operated for some years at a heavy loss, and at one time was<br />

<strong>of</strong>fered for sale at a ridiculously low figure, but as no purchaser<br />

could be found, <strong>the</strong> legislators boldly decided to issue more bonds<br />

and complete <strong>the</strong> road to <strong>the</strong> State line and to Chattanooga, Tenn.<br />

The wisdom <strong>of</strong> this action was soon demonstrated.<br />

<strong>Georgia</strong> was engaged in banking as well as railroading in <strong>the</strong><br />

early days, and operated <strong>the</strong> Central Bank at Miledgeville, <strong>the</strong>n<br />

MACON-PEREY PUBLIC ROAD (SAND CLAY) NEAR MACON, BIBB COUNTY

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