The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1868-06-23
For the Standard.
NORTH-CAROLINA AND HER DEBT.

To decide on the ability of the people of
this State to pay her legitimate debt natur-
ally suggest q view of her means and of
what they consist.
First. the area of surface within the boun-
diaries of the State is about 10000 square
miles, and embraces fortytwo millions two
hundred and forty thousand acres of land,
from which we will deduct 2,24O, 900 of wa
ter surface, and we have 100000 acres of
arabic land which at the valuation of 50
per acre gives 100000. The value of per-
sonal property may he estimated at 100000
900. Wehave then 81 90, 0O0, 900 ut this trihing
estimate of value. The debt of the State is
estimated at about nineteen millions of dol
lars, from which debt Railroad stocks, &C.,
which are avaible to the amount of four
millions, there would remain fifteen millions
to be paid. Now suppose a majority of the
people should vote to pay the debt in five
years. what sum of tax per acre would be
required annuity to discharge the debt
Ten cents per acre each year on forty millions
of acres gives four millions, three of which
applied ON payment, (und one million for
accruing INTEREST," would cancel the debt
Then there would be the tax required upon
personal property of the value of twenty
millions to pay ordinary expenses OF the
State government. OF course you would he
required to convert the assets of stocks, &c.
at par for debt which it is supposed would
be practicable.
If this is a feasible view of the financial
condition of the State of North Carolina
why should any one, lin or out of the State)
have the least credulity of ability of the
people Of this State to pay every dollar
within five years, ifsuch were the decision of
the people2 And further, if you compare
the ability Of this State with any other one
of the federal States, there is not one more
able nor the inhabitants more willing to pay
than the people of North Carolin. This fact
is what a creditor desires to know, and if he
believes his bond good, prefers to hold it, so
long as the certainty of payment continues
and the unfinching will of the people abide
the call of the creditor.
To the future there is much feeling of de-
spondency, for the war of several years has
FRUSTRATED the people, and hope fingers by the
way, while none come, nor offer relief, and
the Northern and Western States lave been
made rich with current of emigration and
capital pouring westwards of the AlleSha-
nies, which covers the whole belt to the
Canada line, ushered on by three lines of Pa
citic Railroad, and in mighty power sweeps
on to develop the land, minerals and water
powers of the great West. Distance seems
to be nothing, but energy and success are the
object. And we lay lingering and despair
ing, unnoticed. and seemingly uncared for.
Yet close to the great marts of the Atlantic
commenced and bounded by the waters of
the Atlantic ocean with fine climate, good
and abundant waters, and water power not
excelled any where. We are rich by nature
in minerals of all kinds. and the most use
full in prolific abundance Goals not excelled.
Lime, Gypsum, Marbles. Clays, Wood, &c,
of the most valuable kind, and above all,
lands to be had cheaper than are purchased
by the cmigrnnt, fifteen hundred, two thou
sand and three thousand miles west from
New York, our distance being but about
five hundred. Our markets better and our
products more valuable. Our cotton which
is certain to demand in the future twice
what it sold for before the war. Why, then,
dcspond. Why not awake to an energy of
self extrication, and follow the tried success
of other States, with spirit that will
raise our minerals and manufacture our sta
piles, tools, machinery and fertilize our land,
so as to produce largely for export, and sell
metals to our neighbors. This can be done
by energy, industry, economy and SKILL
When begun, we shall be noticed and re-
ceive undoubtedly our share of patronage,
respect and credit, which is the result of
good inanciering and engineering.
GUILFORD.