Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-02-03
For the standard,

$50. For the Standard
ASSUMPTION OF THE CONFEDERATE DEBT.
Mr.. EprroR:-The guarantee or assumption Of
the deSt of the Confederate States, by the State of
North Carolina, is question of graver Importance
than any ether which has claimed the attention OF
our Legislature for many years.
10 addition, Mr. Editor, to the very able editorial
contained in the Standard feg days since, nope
the important and startling character of the claim
will justify the further consideration of this question
in some other of its bearings
Will the assumption Of the Confederate debt pro-
mote the interests and aCeltdys of The people Of
North Carolina? For these should be objects of all
our legislation
Let us see what would be North arolna's share
OF this debt Mr.. Memminger, Secretary Of the
Treasury, says the whole amount Of the Confederate
debt on the list of next July will be $946 59S S75)
eight hundred and forty sic millions fUe hundred
and ninety-eight thousand, eight hundred and
seventy .tfre dOLLars The plan proposed for its
division among the States is according to the num-
Der of Representatives which each State is entitled
to in the Confederate Congress. The whole num-
Der OF Representatives are lot, including II from
Kentucky and Mssouri-while all well-informed
persons admit our claim to be merely nominal on
these two States. Leave these II members out of
the calculation and there remains but 80 among
which to divide this enormous debt! North-Ca
lima having ten members of Congress, her share of
the debt would be ninth part 1894 065, 542,)
ninety four million sirtyttoe thousand foe hun
dred and torty-too dolLars!! Can any sensible
man who has regard for the credit of the State
the ~eLtare of her people, advocate the assumption
of such an enormousd debt? 1t would oe milestone
to the neck of our honest good old State, which
would sink her into irretrievable ruin. Her six per
cent bonds which now command in the market IS
per cent premium, would be worth scarcely any
thing. Is not this so?
To this sum of $94, OOO, 900, add our own State
debt lately increased by the war to about $25 OO0,
900, and we have a debt sadded on North Carolina
of (Sl19, O0O, 0O0) one hundred and nineteen mil
lions Of dollars! Can our people ever pay it? p
Can they ever pay the interest on it. which would
amount annually to ($7, 14O 000) million
hundred and forty thousand dOlLars' The highest
taxes ever paid any one year into the State Treas
ury by our people, are believe about ($800, 000)
eight hundred thousand dollars Them to pay the
interest alone this vast debt taxes would have
to be increased nearly old-in other words where
we pay one dollar of tax now, would have to pay
ten to meet the interest of this debt alone! Could
the people bear such tax? They could not nor
they would not When, then. would the principal
be paid
But for argument sake, suppose an impossibty,
that North Carolina could pay her share. Would
this plan, proposed by Alabama, of dividing the
Confederate debt among the States according to the
number of delegates each has in Congress, be Just
towards North Carolina? She is an old State with
her population nearly stationary, scarcely increas
ing ten per cent. in ten years; while the population
| of Alabama, Mississippi, Louisiana, Texas, and
Arkansas, Comparatively new States) in the same
time increases from hundred to two hundred per
cent Thus while North Cardinals share of the
debt apportioned as aforesaid would be nearly or
quite double the shares of many of these Gulf States
yet before twenty years eapse, each of them will
probably contain double the population of North
| Carolina and double her wealth! Would this be
! just? Would this be right? Yet this is the very
fair plan proposed by some of these Gulf States =
Where is the North Carolnian so degenerate to the
land of his nativity and recreant to the rights of
her people, as to accept monstrous proposition
Besides, these States produce the great staple of
cotton, which from the liberal profits of its produc
ton, might enable them with comparative ease to
pay large debt, which would bankrupt one of the
| old grain growing States.
This enormous debt, of nearly eight hundred and
fifty millions, and increasing at the rate of ST. 315
525 per day, has been created by The Confederate
| government, which is the common agent of all the
| States. The States, when they entered into the
| Confederate government granted to her the exclu-
sve right of raising revenue from imports and duties
! on the foreign trade brought into the country.
From this source alone the Confederate government
could raise millions of dollars without being felt by
any one while this debt if assumed by the States,
| would have to be paid by direct taxation on the
! people. Is North Carolina, to her utter ihpover
ishment and ruin, prepared to accept this PROPOSE
tion in order that these Gulf States may carry out
| their fanci(ul ideas of free trade?
Further, the Confederate government orns all
! the public lands, which might, and ought to be
| hereafter applied towards paying the public debt
as was done by the United States in extinguishment
of the old national debt The Confederate govern
ment, possessing all those resources for raising
revenue, which are denied to the States, would it
not be the most cOnSummate stupidity folly and GRIM
naity for the States to assume this Overwhelming
debt?
Was it for the purpose of taking from the pockets
of her people more than one hundred millions of
| dollars that North Carolina entered the Confeder-
acy? 1t was for no such purpose She entered
the Confederacy for protection she supposed, in
consideration of which, she surrendered the right
which she possessed as an independent and sove-
reign State of raising revenue by tax on the foreign
| importations entering her ports.
Assume this debt, or guarantee it, which amounts
to the same, and the character of North Carolina,
which stands nigh for integrity and her stocks will
go by the board, and she will be able to command
| scarcely dollar in market. She will have entailed
| on her debt which she never in the tide of time
can pay, nor the interest thereon, which, as has
been shown would not be less than SeUen millions
one hundred and forty thousand dollars per gear.
To attempt to pay this, together with our greatly
increased county taxes, in consequence of the war,
would impoUerish our people and grind them to
| poverty between the upper and neither milestone.
OlIeT TepuulaLlOn, Win bankruptcy Ill CreulL ana
character, would be the inevitable consequence.
Is it for this, that North Carolina sent upwards Of
$4,000 of her to the hattie field? Is it for this
that she has made sacrifice of the lives of more
than 20, 900 of her sons Is it for this that she
has submitted to all conceivable sorts of hardships
and prvations? Then have ourp people been deceived
and betrayed by those who professed to be their
friends, and the great purpose OF government which
is to promote the welfare and happiness of the peo
pie has been perverted to the ACKNOWLEDGEMENT and
enrichng of officials and SPECTATORS to the oppres-
sion, impoverishment and ruin of the great masses.
To the Legislature, the people look for the pro-
lection Of their rights and interests, and to guard
the credit of the State from dishonor and ruin.
| A TAX PAYER.