Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-02-04

OOs4 s.ast-- = .. .4sis, X. 20. y.
- 49,. For tn. s..assssd;..
ASSUMPTION or TIE CONFEDERATE DEBT.
Ma ED1roH:-fhe graroatss or -ass,1Mption Of
the da6t of.the CoaxsdeSate StsfeA by the State d
North. Carolina, is question Of raver Importance
than any other. which has claimed the attention Of
our Legislature for many years.
Id addition M. Editor, to the very sble sditoriA
contained in the Standards few days since, I hope
the important and startling charscter ofthe 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 ahd soelfdre Of the people OF
North Carolna2 For these should be objects Of al
our legislation:
Let us see what would be North Cardinals share
of this debt. Mr.. Memminger, Secretary Of the
Treasury, says the whole amount Of the Confederate
eight hundred and forty sac millions Jfue hundred
and ninety.eight thousand, eight hundred and
seosnty JSoe dollars. The plan proposed for its
division among the States is according TO the mum
Der of Representatives which each State entitled
to in.the Confederate Congress. The whole num-
Der of Representatives are 107, including II from
Kentucky and Missouri-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 Caro-.
lima having ten members of Congress, her share Of
the debt would be one ninth part or ($94 065 ,542)
Dsnetytour million, sirty foe thousand, foe hun
dred and tortyetsoo doalaTs! Can any sensible
man who has regard for the credit of the State or
the ue!are of her people, advocate the assumption
Of such an ENORMOUS debt Itwould oe milestone
to the neck Of eur honest good I'D State which
would sink her into iretrevable ruin. Her six per
cent bonds which HOW command in the market 1S;
per cent. premium, would be worth scarcely any
thing. Is not this so?
To this sum of $94,0oO,OOo, add our oson State
dSbt lately increased by the war to about $26 00O
900, and we have debt saddled on North Carolina
of ($l19, 600 O00.) one hundred and nineteen mil
lions Of dollars! Can our people ever pay it =
Can they ever pay the interest on it, which would
amount annually to ($7. 40 0e0 seuen million one
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. Then, to pay the
interest alone this vast debt taxes would have
to increased nearly ten od-in other Words where
We pay one dollar Of tax now, we would have to pay
ten to meet the interest of this debt alone Gould
the people bear such taxi They could not nor
they would not. When, then, would the principal
be paid
But for argument sake, suppose an impossibility.
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 jpst
towards North Carolina? She is an DID 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
cent Thus while North. Carolina's 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 elapse, 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 Garolnian so degenerate to the
land of his nativity and recreant to- the rights Of
her people, as to accept 80 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 case 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 thu rate Of 81 ,s15
| $40 per day. has been created by the Confederate
government which is the common agent of adj The
I s%efea- Statess wheff they enreFed INTO THE
! Confederate government granted to her the eErls.
sive right Of raising revenuefrom porasaHH duties
on the foreign trade brought into the country.
From this source alone the Confederate government
could raise millions of dosfs without icing felt by
any one while. tAissdt, if assumed by the States,
! would have 70 be paid by direct taxation on the
people. Is North Carolina to her utter i,npover.
ishnent and RUM prepared to accept this PROPOSE.
tion in order that these Gulf States may carry out
| their fanciful ideas of free trade
I Further, the Confederate government oDns all
the public lands, which might, and ought to be
hereafter applied towards paying the public debt
was done by the United States in cxtinguishment
Of the old national debt. The Confederate govern
ment, possessing all those resources for raising
revenue, which are denied to the States, would L
not DO the most consummate stupidity, folly and crn
nality for the States to assume this OVERWHELMINGLY
debit
Was 1t for the purpose of taking FROM the pockets
of her people more than one hundred millions q
dollars that North Carolina entered the Conka0er
acyf II 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 soss
reign State ofraisng revenue bya tax on the foreign
| importations entering her ports. *
Assume this debt or guarantee Il, which amount,
to the same, and the character Of North Carolina
which stands nigh for integrity, and her stocks will
| 60 by the board, and She will be ablet command
scarcely dollar in market She will have ehtailed
on her debt which she neyef in tho tide of tim
! can pay, nor the interest thereon, which, g has
been shown, would not DO less than seoen million
To attempt to pay this, together with our greatly
increased county taxes, in consequence.of the war
! would impocsrish our people and grind them ID
pQcerty between the upper and neither milestone
Utter reputation, with bankruptcy in credit and
character, would be the inevisabt Consequence :.