The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1866-02-07
THE STATE.DERT a

AAAS ~ n ~ slJIID l.feF ~
!. IL Is IS 5lmpractlcable toraise. money by taxa
State debt. 1t cannot be done.
ltwould be unwise to bond the accumula-
ted coupons; 1t would be compoundinp on !.
the necessities OF the State. At time when
liberal feeling should animate the public
creditors, it would give them Shylock ad-s
vantage of the peoples poverty Indeed. this
policy might defeat itself, by making the bur
den OF debt eventually, too irksome to be
borne ~ S'a -i'QiSs',lF 9 = =
Reputation is an alternative most odious
to our people. 4" Won't pag' is. not in the
vocabulary of the honest citizens Of North.
Carolina. But necessity -inexorablc fact
compels the admission that we can't ncu-
We want time, we must have time. and
with it, reasonable and equitable accommo-
dation of the States obligations NAV he af
fected. sire- iisSf y s9~T'
Among the several propositions for relief
tie one which offers to the State creditor hall
his bond in internal improvement stocks, and
the other half in Treasury certificates for
popular use, seems to have the advantage in
simplicity of operation. Is it practicable?
If understand the proposition, it may be
thus stated, emitting details: The Stat,
says to the bond holder: i" We needed Won,
money; You lent it to us; we pledged oui
faith and resources for the payment Of six
per cent. interest semi annually, and the pay
ment OF the principal at the end of thirty
years. Misfortune has ibefallen us. Our re-
sources have failed. But our integrity ofpur
pose is unquestionable We can nat pay you,
interest due; hut we own valuable proper
ty i'll railroads; and we ask you to deposit
your bond with the Public Treasurer, when
he will give onhalf the amount of bond and
interest in railroad stocks, and the other hall
III certificates of deposit, payable to bearer
and fundable in six per cent bonds at thu
end of-years said certificates to be re-
ceivable for taxes and all State dues.n i
Now, with the faith OF the State, and the
resources Of hopeful future pledged for the
redemption of these certificates, why should
they not pay taxes, pay debts, pay for pro
perty, pay for labor or be loaned at interes,
10 the business men of the community q And
while all this may be done for individuals.
the burden of public debt will be continually
lightened aaf ~ ~
When the utter inability of the Legisla-
ture to provide for payment of the back in,
teTest becomes apparent, what will State
bonds be worth in the market2 Suppose the
alternative be presented, of accepting the
above proposition, or of taking the market
value of the bonds, with their coupons on
from 1S61-which would the prudent bono
holder probably aecepts dla ggI FitTs. g
A large amount OF the old bonds being
held by Northern men, it has been. objected
that this scheme would give them control OF
our railroads. With freight and fare charges
guarded by proper legislation, I see no OBJ
jection to Northern capital, energy, skill and
economy in the operation of our roads. This
policy. deserves more to be encouraged than
prevented by the wise legislator.
The writer of this article owns a few State
bonds Few as they are, they form consid-
erable portion of his cffects-laid up for sup
port in the decline of life We consider ii
no crin.eto own them; although certain
odium seems to attach to such proprietorshil
in the minds of some people He paid his
money, his hard and honest earnings, foI
them, dollar for dollar, when the State need
ed his means. relying upon the untarnished
and unsupported faith of North Carolina to
stand to and abide by her obligations. He
does not expect the State to perform I'M
possibilities; but he does expect her to be
just and liberal according to- her means, ane
is willing to meet her in the same spirit, as {
lifelong sharer in her fortunes, whether goo6
or evil. .t 5s3 .tr.l...t-4 tzlj 559H tl