Daily national Republican. [volume] (Washington, D.C.) 1862-1866, 1865-10-19

,on the rebel war debt We extract from the
Worlds report H t.N..L.
The ordinance proposed by Mr.. Settle on
the State debts next came up for consdera-
tion.
Mr.. Winston, speaking on behalf of the
committee to which the ordinance had been
referred, denied that they had been actuated
by a desire TO stife discussion They had
reported back tho ordinances referred to
them with n recommendation that no action
be had on this subject by the present conven-
tion; and this they had done because they
believed their Recommendation expressed the
general sense Of the convention.
Mr.. Thompson thought the action Of the
committee indicated the desire to stave off
discussion which had been alluded to. That
committee had admitted there was no differ
ence of opinion among them in regard to the
payment Of the State debt contracted before
the war. If they all agreed that this debt
should be paid why did they not recommend
action on that part Of the debt? He held it
10 be important that this should be done.
The credit of the State was prostrated. The
State owed two and q half millions Of money
in New York, in coupon bonds which were
liable to be protested any day for the no1-
payment Of interest due. Would II not be
some consolation to the holders Of these cou-
pom bonds to hear declaration from II o
leonvontion that the State intends to pay
them? Some Of these bond-holders are now
probably selling at less than fifty cents on
the dollar. Was it not the duty Of this body
to aid them, by declaring that the debt
should be paid2 Everybody know that we
wero dependent on New York and other
Northern cities for the money needed to
build our railroads and carry on our internal
improvements; and it was desirable that the
convention should take the right action to
inspire confidence in the credit Of the State
and thus aid in securing the assistance
needed.
In reference to the non-assumption of the
war debt he resented the stigma of repudia-
tion. What he proposed to do was not re-
pudiation. The war debt was not debt Of
the people Of North Carolina. It was more
properly debt Of the confederate govern
ment. If we assumed this we should vir-
tually bind ourselves for portion Of the
confederate debt that would have fallen to
our share; for the obligation, II there were
any, rested on tho same principle in both
cases He spoke Of the nature Of the claims
Of individuals against the States. The debt
was illegally contracted for purposes which
were In violation Of tho Constitution Of the
United States. Those who took stock in II
did SO with their eyes open. In relation to
the banks, he said they had loaned money at
their own peril They knew the nature Of
their security, and had voluntarily accepted
it. They had staked the property Of widows
and orphans, the literary fund Of the State,
the university fund, and other property In
trusted to them, without consulting the
owners. Speaking Of the debt due in Europe,
he said We do not owe dollar there that We
are under any obligations to pay. 1t was in
the hands Of men who had speculated in
violation Of the blockade.
That blockade had been recognized by all
the nations Of Europe, and the trade which
gambling transaction on the part Of those
engaged In 1t. They had entered into II
with a knowledge of the risks involved, and
would have no right to complain at the con-
sequences. He argued that the men inter-
ested in the assumption Of this war debt
were chiefly blockade.runners, Spectators,
and extortioners. All these were arrayed
against the people Of the State, and theyhadno
advocates except their representatives here.
If there was any obligation to pay the war
debt, the same obligation held good in all
cases Of property destroyed through the war;
and every man who had lost leg or an arm,
and the families of all those who had been
killed in battle, had n claim against the
State for indie Identification. He was opposed to
the debt, finally, because it had been con
tracted for reasonable objects, and he had
always considered treason the greatest of
crimes, and the one least entitled to tolera-
tion. 'D' '. .. 90
Mr.. Ward Of Rockingham, regarded this
MS question of vital Importance. It in.
volyed the credit of the State, and the fur
ther question whether, on reassurning her
Federal relations with the other States Of tho
Union, she should also resume her career of
material prosperity. He spoke Of the OK
haustion Of the State and the present de-
preston in her fortunes and the spirits Of
her people. There was no money In the
State Treasury, and none in the pockets Of
the people. In his own section of the State,
at least, there was scarcely one man in
twenty who could raise dollar. In this
condition Of universal poverty what did 1t
behoove us to do? Was the prosperity OF
the people to be quickened into renewed vi
tality by. taking up the immense burden Of
this debt? The lawful debts Of the Stute
were as much as the people could pay, un-
less ground to the very earth by taxation.
And would gentlemen heap another noun.
tain on the top Of that? Would they pile
Pelion upon 0ssa? Was this the way to GET
tho State upon her feet again? Beside, this
would bring with It n thousand other claims
The State troops had never been paid of and
they might just as reasonably present their
claims for their services in aid of the rebel
lion as the bondholders interested in the pay
ment Of the debt. No man who voted for
the ordinance which repudiated the doctrine
Of secession could consistently to assume
this debt. Secession in that case would die
like snake its head had been mashed, but
its tail would continue to wriggie until this
debt was finally cast inside. J..
Mr. Winston said he must asseverate that
his sole consideration in opposing the repu-
diation OF this debt was the honor Of North
Carolina. He desired to pay every dollar
that the State owed either legally or morally.
He believed TINT the passage Of tho ordi.
name as proposed would be the beginning @.
general repudiation, upon which he would
stamp as upon viper. He protested against
the association OF the payment Of this debt
with rebellious sentiments. The fnct thrt
the State was engaged in rebellion whom she
contracted it was no excuse for refusing to
pay. He should never refuse to pay a note
which he had given, on the ground that he
was engaged in o mean speculation at the
time he gave iii for he could not cite his own
meanness as an excuse for not paying his
debts.
Tho ordinance WINS laid on tina table