The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1868-03-18

The Convention assembled in the Com
mons Hall, at 10 o'clock. The President III
the Chair.
PRAYER by Rev Mr. Lennon of the Con
vention.
The roll was called and u quorum found :
present.
The journal of yesterday was read and
approved.
Mr.. Hodnett rose to question Of privil-
eye, and said that the reporter of the Stan-
da1a had made him use the word "nigger,"
no doubt unintentionally. He had used no
such word, and asked that the reporter make
the correction.
Mr. Durham rose to a question OF pryii-
eye, and asked if the committee who were
appointed to inquire into his election We're
ready to report.
MIR. Harris, of Wake, Chairman Of the
committee, said that the committee would
report Monday next.
SPECIAL ORDER.
The ordinance providing for the payment
of the interest on the public debt, read as
reported and amended by the committee OF
seventeen to whom the ordinance had been
referred, when
Mr.. Abbott said after the disingenuous
manner in which this important ordinance
had been treated by the delegate from Cas-
well, yesterday, he arose with good deal of
anxiety to make such explanations as he
deemed necessary The delegate from Cas-
well had stated that this measure was got
up by ''men of Northern birth, who repre-
scented niger constituencies for the benefit
of Wall street" Mr. A. stated that in all
3ha ill, In ba1
ting to internal Improvements or public
works, during the session, every one had
been brought here by the Southern men,
The Charlotte Railroad, the North Western
Railroad, the Chatham Railroad, the West
ern North-Caroina Railroad were all repre-
sented by Southern men, and being. as he
had judged, for the interest of the State, he
had supported them with entire sincerity
and eanestness and cordiality He depreca-
ted the narrow and illiberal spirit of the
delegate from Caswell, and thought it not
reputable to attempt to influence measures
by such means. This ordinance simply pro-
vided for paying the interest on the public
debt This debt had been contracted and
the money had been received for it, except
about $6,500,000 uneXpended bonds now
held by corporations in the State. There
were probably about 81, 100000 more held in
North Carolina in private hands, making
$8.500,0O0. Was it not for the interest of
the people of the State to protect these
bonds They are now worth fifty cents on
the dollar, but if the bonds could go to par,
as they would if the interest was promptly
paid,it would add "a 10000 due to the prop
erty of the State. This would enable all
these works of internal improvement to pro-
gress, and provide employment to the peo-
pie, and add to the business and prosperity
of the State.
Mr.. Abbott then explained the details of
the ordinance, showing that the interest
would fall due as follows $4,000 in June
1869; $4,000 in April 1869, and S25O,O00
in July, 1869. This was to be paid in cur
rent funds which could be raised by the is
sue OF new. bonds or in part by taxation. at
the discretion OF the Legislature, while the
interest already overdue, would be funded
There was no proposition for excessive
taxation. The State, he believed was amply
able to do this and thus protect her credit,
anst si,a1 r~s....o ..Iup- uegree uer IUrIucr
prosperity. The speaker then closed with
an earnest appeal to the Convention to adopt
the measure.
Mr. Hodnett said that he had not looked
into this matter since last winter. His recol-
lection was not as the gentleman who has Just
had the floor. North Carolina owns nine
millions of internal Improvements, these
bonds were sold and are in the hands of orr
gina holders. They have not been offered
tor sale. The argument of the gentleman
is that North-Carolina has the bonds, and
lfthey are not made good North Carolina will
be the loser. North Carolina has some fif-
teen millions in bonds. believe that north
ern capitalists hold these bonds. | repeat.
Mr.. President, that 100000 believe
$4,000, 900 million of bonds are now in the
hands of northern capitalists They were
thrown into market do not object to that.
am not in favor of repudiating anything,
The gentleman, Mr.. Abbott, was asked if he
would support an ordinance forrepudiatIon +?
He said he would.
Mr. Abbott said the question was on the
homestead. Ivoted to leave the matter to
the Courts.
The delegate from Buncombe asked ME if
would support au ordinance that provides
TOR reputation. | answered on the spur of
the moment, yes" Here is what | did
say have gone far on all these stay
laws. because of the situation of the country,
and for the sake of humanity. am not in
1aVor OF Reputation. | might vote for it
before would forfeit the interests of the
State.
Mr.. Hodnett said he would not vote for
Reputation. He did not think any honest
man would do it.
The point was on, is, that this ordinance
proposes to tax North-Carolina a million
dollars or more, for interests that goes North,
he INT, 4
left out in the cold.
The ordinance provides that the Legisla.
ture shall pay the interest in cash. This
money must be borrowed or raised by taxa
ton.
Gentlemen representing Northern interests,
by their influence have granted bonds to the
different railroads of this State. After that
they pass stay law, which Is repudia-
ton ? After that, these same gentle
men adopt retrospective homestead-is
not that reputation 1t provides against
all debts.
We now come to the qualification of
voters. 1t caught all these men right here
The article Of suffrage provides that when
registering, they must swear to nav
this debt. f"'
The veriest Union man in North Carolina
Gov. Holden, can't vote,I can't vote, Mr.
Kinney can't vote. / have no doubt but that
Northern men on Wall Street heard this vote
In twenty moments after the vote had been
taken. lido not say that I know this. It
is your partiality that complain of. You
make God of the State debt, and prevent
the poor men from collecting their debts.
Does not this prove what l said yesterday,
that Wall Street is better represented on this,
floor than North -Caroina9