Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-02-06
For the Standard.
For the Standard.
THE PROPOSED GUARANTEE OF THE CON
FEDERATE DEBT.

| 1or the STANDARD
THE PROPOSED GUARANTEE OF THE CON
FEDERATE DEBT.
Mr.. HoLDEN In this matter, as in many others
| there is much discussion without clear under
standing of the point in question.
What is the proposition? do not propose t.
argue it, but rather to state the points involved
and let each one form his own Judgment
A hot-headed man will impatiently answer, that
tits simply that the States of The eonfederacy shall
zach one guarantee the debt of the Confederate
y Government Having given this answer he will
not look further into the matter
But will not every thoughtful man see that the
point is not yet stated?
Fac State SHALL it is said guarantee its proper.
ton.
What is each States proportiong Shall Mary
land, Kentucky, Missouri and Western Virginia be
counted? This is not an idle inquiry. North
Carolina 1uld be interested some twenty millions
OF dollars, at least In having them in the list of
guarantOrs.
But waving the point, and supposing them not in
the list the question recurs, what kind of an act
shall the Legislature pass by way of guarantee ?
Shall North Carolina be bound to pay her proper
ton at all events, or shall her obligation depend on
the action of the other Southern States? | sup
pose no one will advocate the binding of our State
to pay her share as State, and then, as a member
of the Confederacy, being bound for the remainder
take it, therefore, that the advocates of the meas
ure will make the obligation of State depend on
the action of the other States.
What action? Should North Carolina be bound
for her proportion the other States
assume theirs, or when the other States pay and
discharge theirs
| suppose the advocates of the measure will
assume the former position, and insist that eleven
States of the South shall each pass act bind
ing the State to pay its proportion of the debt in
case the Confederate Government fails to do il.
will so further, and assume that each State is to
l. - H. r,la
basis, though the taxation basis, the white pop
ulation basis or some other basis will certainly
have Its advocates. [ will further assume that
each State Shall pass the same act, and all under
stand its meaning in exactly the same way, so as
to have no future misunderstanding about it. beg
to suggest however, that in this respect some kind
of general conference or understanding might not
DE useless
The proposition then is before US North Caro-
lima shall pass an acs guaranteeing her proportion
of the debt.
What debt? The debt up to what date Up to
how? Or up - the end of the war? Or up to
what period?
Well, up to the present time North Carolina
can go into it again, if the necessities of the Con-
federate Government require it.
What then, is the debt? Assume the portion of
our State to be one hundred millions; the portion
on the other States will be equally as heavy on the
citizens thereof.
Can those States pay? What of Virginia? of
Mississippi If they do not, North Carolina is to
pay her part rs a State and then as a part of the
Confederate government stand TO what is unpaid
because the Confederate government will have the
remainder to pay.
Bnt one hundred millions to North Carolina J.
What effect would the obligation have the credit
of NorthCarona? Her bonds now out-her twen-
ty millions of solemn promises to pay for money
borrowed Of her hard working men-what of these
promises?
What is to become of the estate of the orphan in
the shape of State bonds, for which the guardian
has paid dollar for dollar? Has State the right
any more than an individual to heedessly destroy
its ability to pay its debt? Where, but by direct
taxes North Carolina possibly raise the ten or
twelve millions annually which will be required to
meet the interest? Did it ever occur to certain per-
that taxation could be carried far to
der the ownership of property burdensome ?-that
slave ownership and land ownership would be I'M
desirable when the government demands all thesur
plus profit thereby How would North Carolina be
able to False means for herself hereafter if she de-
sired to do so?
But further: The Confederate government is to
do the Spending and the State governments to do
the paying. Where is the responsibility {? Where
the motive to economy? What complicated net
work of debts, and what wonderful army of Office
holders State and Confederate, to attend to these
obligations.
Can North, Carolina do what she is to solornnly
promise to do: Is there no danger of her failing
to meet her plighted faith? Is she not stepping
forward and undertaking with Valor what she will
be compelled to back from, crestfallen2 Are we
sure that we can keep our word? Are we dealing
justly ard honestly ingving additional inducements
to men to lend their the faith of guar
antee, unless We had settled in our own minds our
ability to pay beyond question?
Let US reflect on the matter, and understand it
on behalf of the State, just reasonable man
would do and ought to do for himself.
The good sense of our people will decide it cor
recty. Let it be understood Let it be laid before
the public in such way as that they may consider
it calmly and dispassioqately and all will be well.
W.