Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-01-08
Interest ON the state Debt.

We cannot say we were SURPRISED d' 'ho
announcement on the first OF January, by
o. telegram from New York, that there was
- 5aoline in North Carolina Bonds, "there
beine no money here to pay the interest
We would have been much surprised at
any other announcement. from tho o"S
upon which the Legislature 1ef"Se" 10 con-
sidaes. even the project of mortgagln6 'ne
stocks owned by the State to enable the
Treasurer to borrow money 10 meet lhe
Ton,orv interest, we felt well assured that
= wonId not be paid when due. We even
doubt if there has been an honest attempt
to borrow the money. 1t is not for the IN
terest of the King which controls mat
ters at the State Capital, to have had this
money on the first of January, and when
thew have the manipulation OF the whole
thing, it will not be borrowed until they
wish it.
Governor Holden announced officially
in September last, that the interest would
be promptly met, in the following letter
which we published at that time :
EXECUTIVE DEPARTMENT
RALEIGH, n. c., Sept. 8, 1868
Uess-s Le,cis, johnson d Co.;
Gentlemen Yours of the 7th instant to hand.
The State will promptly meet all interest on her
public debt that may become due on ana dJter Inc
lst of October next. All interest due prior ~ tna
time will be funded on application at the treas
Very respectfully,
TsignedI ". ". HOLDEN Governor
In whose interest, we would like to ask
his Excellency, was this official falsehood
made public. Certainly not for the benefit
of his poor, impoverished, tax-ridden State,
whose welfare he had sworn to promote.
Is he, too. specializing on the necessities Of
North Carolina We know full we'll that
those who are around him, and who are
most in his confidence and esteem, are
growing rich at the expense Of the State.
Is the Governor really in the hing :?
We can hardly expect this failure to pay
the January interest positive proof OF
the poverty and impaired credit of the
State-to check the Legislature which re-
assemblies in Raleigh to-day, in its profit
gate and dishonest appropriation and eX-
penditure of the public money and credit.
These men who vote away the prosperity OF
North Carolina, have no interest IN Its
welfare and represent voters who are too
ignorant and prejudiced to know what
their true interests are. These reckless ex-
penditures will continue until the bonds
of North Carolina, without value, will be
driven from the market, and the credit and
prosperity of the State destroyed.
Before the publication of Governor Hol-
denis letter, we published one from gen
tleman in Raleigh with the following COM
ments. How correct our opinion then, the
sequel shows. The following is from the
journal of September 18th
We find the following letter in the National IN
tellagencer. The writer We take to be the Post
master at Raleigh. Upon what authority MIR.
Miller bases his opinion, we do not know. AS
well-wisher of the State and Jealous of its honor,
we sincerely trust his views may be correct. We
are, however, unprepared to endorse them, and
cannot publish the letter without expressing our
doubts of their correctness. W Will not willing
~ lead our friends into error in regard to our
State bonds, even to enhance their value.
We hope the Legislature has made provision tor
the payment of the interest, and we trust the peo
pie will be able to meet the demand, but we do
not believe either is the case. We know, indie
pendent Of the lavish expenditure OF money by
that body!it pledged the namcIof the State to sew
eral millions more of bonds, (which We believe will
never be paid, and should not be paid. And We
further believe that such legislation has rather
tendency to impair the value Of the old debt, than
provide for the payment of the interest on 1t.
The letter Is as follows, and WAS written to
gentleman in Washington City
RALEIGH, n. c., August 81, 1868
DEAR SIR: To yours of the eth instant, re-
ply with pride and pleasure that our Legislature
has provided, by tax bill, now in process OF col
lection, to carry out the lato law for the payment
OF interest the State debt in october, 1868, and
January, 1869.
regard the payment OF the interest to fall due
on those days us certain also, all that may fall
due thereafter, at any dates. There will BIO no
evasion reputation OF payment by North Car
DINA, unless the United States shall set the ex-
ample, which trust and believe they will never
do.
Your advice to your friends has been sound
We see in North Carolina, as, indeed, the whole
Union appears to be-a state OF high political ex-
citement but if the elections ehall be conducted
with tolerable fairness, it will, have no doubt,
let the steam off harmlessly.
i. MILLER.