The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1868-08-12
State Credit.

State Credit.
The chief corner stone of individual sue
cess and individual prosperity, is individual
integrity. Instances exist, coming under
our daily observation, of individual prostra-
ton by misfortunes incident to human ex-
islence
All admit the truth that bold and I'M
finching integrity, unwaveringly practiced
in prosperity. and tenaciously adhered to,
in adversely is virtue SO conspicuous as
will ever challenge sympathy, respect and
confidence, in the enjoyment of which de-
spondency is dissipated, hope is frightened,
and the future gladdened As with indi-
viduals, so with communities and common
wealths No true hearted North Carolinian
can read tie inaugural of Gov Holden and
fail to rejoice at the noble sentiments ex-
pressed on this subject. "a State which
deliberately says" "this is my seal. the debt
is just but viii not pay it" "proclaims that
there is no virtue in moral obligation, and
inks at once to the level of savage races
whom no treaty or obligation can bind
States flourish and prosper, and are respect
ed, in proportion as they adhere to the eter-
nal principles of justice."
THE Constitution provides that" "To
maintain the honor and good faith of the
State untarnished. the public debt regularly
contracted before and since the rebellion,
shall be regarded as inviolablc and never
be questioned"
The Constitution requires the Legislature
to provide for the payment OF the interest
of the public debt, and therefore it must be
done 1t must be done not only because OF
he reasons above set forth, but because fail
ing to do SO, would result in the immediate
prostration of the public credit, and break
down every public entcrprlze; and would
be furnishing to the enemies of the admins
tration the means to verify all their predic-
tons as to the folly of placing the Repubii-
can party in power. On the other hand, If the
Constitution ne adhered to, and the public
faith be preserved, with all the anticipated
good results, generations yet unborn will
bless the day when this administration was
clothed with power. The prediction is,
that to preserve and foster the public cred
| it under existing circumstances is an impos-
sibility"
We undertake to say that this is grave
error and ought to be promptly corrected.
1t is true that the Legislature might make
iniudicious appropriations, might pass laws
OF character to terrify capitalists, and
thereby greatly increase the financial diff
culties of the State. All movements of such
tendency must be scanned with great scru-
tiny. 1t is the part of the wisdom of the
statesman to do so, and the practice of viz
tuous statesmen to immediate self upon the
altar OF patriotism. Upon the hypothesis,
therefore, that the appropriations will be
properly guarded, and that no laws will be
passed without deliberation and care, ana
lying the effect thereof, especially as effect
ing the great and paramount question of the
public credit. there can be no doubt of the
achievement of all the ends aimed at, and
publican party stand pledged before the
world. To manage successfully questions
involving interests of such magnitude, the
law should require the financial bureau to
move under specific restrictions, but its chief
at the same time should be clothed with
ample powers.
The Governor being the responsible head
of the administration, should be consulted
and give sanction to every important tinan-
cial movement lie should have the power
to appoint such agents for the bureau of
finance as in his Judgment may be required
to perfect loans and transact business al
home or abroad. Nor can this necessity be
too strongly urged upon the Legislature
The duties of the Treasurer are in his office
He has charge. of the pubic funds, is re
quired to keep correct account of all re-
ceipts and disbursements, and to settle with
all the tax collectors and shcritfs in the State
and has no time to bestow upon the variou:
expedients acquired to manage in other re
spects the finances of q great State.
'rhe eminent services rendered the State by
the gentleman lately the Public Treasurer o
North Carolina cannot he too highly appre
ciated, and yet, if lie had been called upor
to negotiate for the relief of a beggaret
Treasury requiring millions of money ever,
year, he would gladly have called for suci
assistance as can be rendered only by men O
large experience. The Legislature by reso
| lul ION has authorized the Public Treasure
to borrow not exceeding one hundred thous
and dollars at the legal rateof interest t,
| meet the present wants of the Treasury. Th
H.F sE