The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1867-02-27

sand dollars in circulation, is it reasonable to
suppose that North Carolina can sustain an
issue of one and half millions. The Sen
ator says, Maryland found herself in debt
fifteen millions that her Railroad Companies
failed to pay the interest, and that she was
responsible for the interest upon fifteen mil
lions, and had made no provision to meet it.
and that there, as here, the spectre of Repu-
diation stalked abroad in the land and then.
in this condition, she issued Treasury notes
to meet it, and thereby restored her credit.
My understanding of the action of Mary |
land is different She issued State script for |
her interest, made the script receivable in pay
ment of an enormous tax levied to meet the |
script, and at the same time, levied gold |
tax to meet the ordinary expenses of the |
government This, too, Mr.. Speaker, was in
times of piping peace, when the State of
Maryland was prosperous in her agricultural,
commercial, mechanical and manufacturing
interests. Sir when theSgentleman talks
about general reputation, tell him the
cause lies in the action of the goyernment.-|
Do not complain that the people do not de-
sire any more OF your promises to pay, when
you remember that the old barrels, stockings,
chest-tills of their houses hold your promises
to pay, which they received in exchange for
their products, and which are worthless
Circumstances have rendered the people un-
able to pay. The action of the government,
not their own conduct or the promptings of
their own will. When bill is brought for
ward to meet the States liabilities, when the
people have the capacity the Senator will
lind me as ready as he, and my people as
ready as his, to toll and strive to sustain the
good name of their common mother.
But the Senator says, the bond holders
are willing to take these notes in payment
of their interests do no. doubt it. The
Senator says they will lend the money to
their neighbors with which to pay the taxes
do not doubt it. They will greatly prefer
to have their claims secured by personal Sc
| curity based upon real estate collaterals, then
to let itstand as it is, but will the bond hold
ers ever have any use Tor these notes after
wards? No sir When these notes are de-
prcciated and the deprecated notes
mature, you will then find that specie or
to these Treasury notes.
Is there any sane man who supposes the
foreign holders of these coupons, past due,
will attempt to circulate these notes, if they
take them tor their interest? I suppose not.
They will take them, at once exchange them
for national currency, so that in short time
we will have no more greenbacks in the
State than there is gold now. But the diff
ficulty is still greater to tell how the people
are to get this currency. mean the masses.
What have they to get it with The poor
were compelled to sell their cotton, to OBJ
tain clothes and supplies, the crop of corn
was scarcely anything. Tar, pitch and tur-
pentine are but little gathered, and appre-
hend the tobacco also, has fallen into the
hands of capitalists, and as suggested by the
Senator from Halifax, the fish are scarce
How then are the people to get it, only from
the bond holders, who took it for interest,
who live in the State, and mortgage their
farms to secure the payment in gold, or its
equivalent. The Senator, was pleased to
say that boasted that 1 understood these
matters and asked why did not come for
ward with some better plan Here the Sen
ator is at fault again. distinctly said, that
my information in regard to money, banks
and currency was limited That had read
Smiths Wealth of Nations, Says Political
Economy, Tucker on Money and Banks and
some others, and that from all that had
gathered, l had come to the conclusion that
neither States or individuals could restore
lost credit by the reckless issue of their own
bonds, or pay their debts, except by taxes
or labor That had prepared a plan, by
which thought the interess could be paid
in nine years. but the basis was taxation
but had concluded not to bring it forward
state it as my opinion that no people up
on earth can stand the depletion of the an
nual interest of fifteen millions of dollars
when that interest is payable In a distant
country, the State has one million inhabitants
only.
Mr. Speaker, when Sir Robert Peel came
to the Premiership of England, he found un
der the funding policy, and the payment c.
interest in foreign countries, that securities
could be purchased anywhere in Europe al
from 40 to As per cent. on the dollar. Th'
Empire was unable to pay, he frankly sale
so. He at once reduced the interest from 4
5 and to 8 per cent, and required all hold
ers of English bonds and consols to bring
;, them in, and get new bonds with the inter
est payable at home. Instead ofissuing larg
e bonds, which could only fall into the hand
e of large capitalists, he issued small ones
: that could fall into the hands. of the masses
: He interested all the people in the sustenta
4 tion of the public credit He made the con
: soils receivable in taxes and payable in Lon
e don The State credit rose, and now, sill
c while the debt is greater, much greater thai
c it was then, there is no security held il
> higher estimation in the markets of tn
: world, and it is said to be the foundation o
l. the throne and the stability of the Govern
/ ment. The Senator is pleased to fortify tn
bill with names. In my opinion he is a
q much mistaken in the opinions of some @
d parties he quotes, as he is incorrect in hi
y quotation of my language and opinions. H
t, AYERS the Chief Executive of the State favor
y this bill, and is willing to try it for tw
a years. I will inform the Senator that he ha
IL considered this bill, and upon mature refet
t, ton, has changed his opinion.
Il The Senator says, estimated the taxabl
g property of the State at one hundred million
IL and cited the Treasurer's report to show ths
y made quite mistake, as the Treasure
Ii whose business it is to look into these ma
!, tiers, estimated it at three hundred million
u The Treasurers estimate is based upon va
3 ues before the war, and so confident is ths
II officer, and so confident is this Senate, tn.
y no reasonable men can be found to place an
ii such value upon property noao, as til
III Treasurer's estimate is based upon, that the
le refuse to re-value, preferring small tax VI
!t on fictitious values to large one upon re
IS values must still insist that my estima
er is quite as near correct as the Treasurer
u u and that am sustained by the Treasurer an
- the action of this body, with the cooper
y tion of the Senator from Orange.