Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-02-11
g. For the Standard.
TIE PROPOSED GUARANTEE OF THE CON.
FEDERATE DEBT

FEDERATE DEBT.
Mr.. HoLDEs:-In this matter, as in nany Others,
there is much discussion without clear under
standing Of the point in question.
What is the proposition? l do not propose to
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
it is simply that the States of the Confederscy shall
each one guarantee tho debt of the Confederate
Government Having given this answer, he will
not look further into the matter.
But will not every thoughtful manesse that the
point is not yet stated?
Eacn State shall, it is said, guarantee its proper
tion. s.ss-
What is each. States proportion? Shall Mary
land, Kentucky, Missouri, and Western Virginia he
counted? This is not an idle inquiry North
Carolina would be interested some twenty millions
Of. dollars. at least, IN having them in the list Of
guarantors.
But waving the point, and suppcsing 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 shall her obligation depend on
the action of the other Southern States? I 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 our State depend on
the action of the other States.
What action i? Should North Carolina be bound
for her proportion as soon rs the other States
assume theirs, or when the other States pay and
discharge theirsi .f-...~;
l suppose the advocates of the measure win
assume the former position, and insist that eleven
States Of the South shall each one pass an act bind
ing the State to pay its proportion of the debt in
case the Confederate Government fails to dois. !
will 60 further, and assume that each State is to
pay its proportion to be ascertaned on the federal
basis, though the taxation basis or the white pop
ulation basis, or some other basss will certainly
have its advocates. l will further assume that
each State shall pass the same act and ali under.
stand its meaning in exactly The same way, SO as
to have no future misunderstanding about it Ibeg
to suggest however, that in this respect some kind
Of general conference or understanding might not
oe useless =
The proposition then is before US :: North Caro-
lima shall pass an &C. guaranteeing her proportion
Of the debt =,
What debt? The debt up to what datei Up to
now? Or up to tie end of the rarf Or up to
what period9-
Well, up to the present time North Carolina
can 60 into it sgain if de necessities of the Con-
federate Gesernment require it
What then, is the debit -AsspaAe ethe portion of
our State to be one hundred millions; the portion
on the other States will be equally q heavy on the
citizens thereof. - ~
Nississippi7 II they do not. North Carolina is to
pay her part asa State and then as part Of the
, sConfsderate government stand TO what is unpaid
because tho Confederate government viii have the
remainder to pay. -.
But one hundred millions to North. Carolina -
What effect would theobligation have on the credit
Of North Oarolina Her bonds now out-hertwen-
ty millions Of solemn promises to pay for money
borrowed of her bard working men-what Of these