Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-07-02
The Sfafe Debt,

g.
more than doubled the entire debt of The
State, would have lead the uninitiated &c
believe that the amplest provision mao
been made, not only to secure the regular
Daynent of the interest OF the old debt,
but to establish permanently the credit OF
the new bonds. Sane men, processing
to represent the people of great State and
to legislate for the general welfare, would
hardly add toconty-eigM millions Of dollars
to the debt Of the State without securing
the recognition of their bonds when ls-
sued, or attempt to place them upon the
markets of the world before the credit OF
the State had been re established by meet
ing promptly the obligations already in
CURED. Capitalists are not disposed to
loan money to men whose notes have gone
to protest and even the interest has aeon
mulated for years without adjustment.
Nearly a year ago Governor Holden gave
his official and personal assurances that
the January interest upon the public debt
of North Caroliua would be paid. 1t was
not paid notwithstanding. On the contra
nv, the Public Treasurer had to borrow
money at oxhorbitant rates to meet the
ordinary expenses OF the State govern
ment. And even then orders upon the
State Treasury were hawked about the
streets Of Raleigh by needy legislators,
and were purchased at large rates Of dis
count by peanut vendors and curbstone
brokers. First Of April came and passed,
and the interest falling due On that day
was rot met, and the three hundred thou
sand dollars of interest unpaid was dou-
bled. The Legislature had adjourned
Revenue Acts had been passed. The taxes
were about to be levied The demands
made by the Treasurer and endorsed by
the Finance Committee had been met
The Railroad appropriations, if we'll or
lily advised, carried their benefits or their
sting with them. Special taxes were pro-
Vided to meet the interest upon them
Yet the Treasurer was unable to provide
for the payment Of the just obligations of
the State. In the meantime, - has al
ready been announced in the papers, seve-
raj millions of dollars of the new Railroad
bonds have been placed upon the market,
and more we suppose wil follow as rapidly
as the printer and engraver can furnish
them, and the proper officers can affi1
their signatures.
The first of July approaches. Three
hundred thousand dollars more of matured
interest then falls due. Is the money in
hand to meet it, or have the resources of
financial diplomacy again been exhausted
in vain viii the credit of the State be
then redeemed, or will the six hundred
thousand dollars OF unpaid interest for
1869 be increased to upwards of nine hun
bred thousand dollars ? IF so, when will
this policy be abandoned ? How long are
we to rush headlong down the road to
tinancialruin and bankruptcy
AS low as are the new bonds of the State,
bringing but fifty cents or the dollar in
the Deprecated currency of the Govern
ment, what will be the market value of
these twenty-cight millions OF dollars of
railroad bonds when they are placed upon
Have any sales been effected and at what
price ? Or if not, why have mono been
sold ? Surely the corporations in whose IA
vor they have been issued are greatly in
need of the funds. The roads languish,
their debts remain unpaid. the people are
anxious to SEQ them completed, still we
have to hear Of the sale of the first one Of
these bonds. Are they to meet the fate of
the Chatham Railroad bonds, and be ex-
Guided from the Stock Board No lille
gality is urged as in that case. Does tho
delay result from want of confidence in
their value There is painful silence in
regard to them which we fear will further
depresg their sale.
We might hope that the financial condi
ton Of the State would be improved, and
North Carolina bonds again occupy the
position among the bonds of her sister
States they once held, if We could see hon
esty, wisdom and economy exercised in the
administration of our State and local gov
ernIaents. The extravagancies and cor
ruptions inaugurated by the Legislature
have been followed to the very letter.
Hungry party cormorants are being provi
ded for, and thieves and ignoramuses
placed in charge of important trusts. The
Penitentiary is being located upon one site,
while another procured at a cost of one
hundred thousand dollars remains an I'M
profitable waste. The University is con-
Quoted in mock ceremony and show to feed
a few worthless teachers, who must live at
the public expense, or starve. The
militia of distant counties, uniformed and
equipped, are transported to remote
districts to spread terror and distress,
committing deprodationS and outrages
upon, and at the expense of, unotlending
citizens to preserve the peace which could
be accomplished by the efforts of good
aud just officials In word, rything
is done to increase the expenses of the
State and to retard its prosperity, and
nothing to foster its resources Or to build
up its credit. There must be a change,
and soon too, or the credit of North Caro-