Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-11-12
The state Credit,

The people of North Carolina thus early
begin to feel the loss of the credit of the
State Already our system of internal I'M
provements, to foster which the new debt
was professedly created, begins to feel the
paralysis of all impaired State credit, and
the disease, unless checked, will rapidly
extend to all public and private business
transactions. Once tarnish the good name
of North Carolina, and its shadow will
darken every business enterprise through
out the State.
Colonel WILLIASE JOHNSTON, President of
the Atlantic, Tennessee and Ohio Railroad,
to aid which corporation two millions of
dollars of the bonds OF the State were issu-
ed, has suspended operations upon that
Road, Us we learn from the Charlotte o.
seruer, on account of the depressed condi-
ton of the bonds He says : with the
bonds of the State selling at forty cents on
the dollar, it appeared unwise and impoli-
tic to press the market with then, and add
still further to the depression of the almost
exhausted credit"
Acting upon the same principle, Prcsi-
dent SLOAN, of the Wilmington, Charlotte
and Rutherford Railroad, has actually de-
clined to receive the appropriations of the
State in aid of that Road, and its progress
towards completion is limited to the re-
ceipts of the Road itself. The stockhold-
ers of the Road made many sacrifices in &C.
cepting the amendments to the charter, in
order to obtain the appropriations, but
from present appearances it would seem
that the benefits are remote.
We would here call attention to the fact
that notwithstanding the prudence of Pre-
aidents JOHNSTON and SLOAN, many of the
bonds of the State have been thrown upon
the market regardless of their deprecated
value. By an observation Of the sales up
on the New York Stock Board for several
months past it is shown that North Carroll
ia bonds have become the great specula-
tive bonds Of the Board. More exchange
hands each day than those of any other
State, amounting almost or quite to the
total of all the States. Seldom day goes
by that one hundred thousand dollars of
CdlolllS DOIIO StlC lOe oOINi' LAS
is in addition to private transactions by
regular brokers, and those peddled about
the streets of the city.
These evils call for Immediate remedy,
or the credit Of the State will sink lower
and lower in the financial scale. Some
thing more than nero promises to meet
the interest promptly, which we hope will
be more faithfully kept than former similar
promises of the Governor, is required to
uphold the sinking credit of the State.
Honest and capable men must be placed
in charge Of our finances and railroads,
and must represent North Carolina at the
financial headquarters. Our State govern
ment expenses must be materially reduced
and the taxes confined to the constitution
al limit and brought within the means of
the people to meet. Spectators and
swindlers and gamblers and thieves and
ignoramuses must not continue to hold the
important monetary positions of the State
and control, for individual purposes. the
rise or q fall of our bonds. Our public
men must be above suspicion.
We take it for granted that every citizen
fully appreciates the true condition of the
credit of the State and all are anxious to
do something to promote it, The Legis-
latrre meets on the 18th of the present
month and we see nothing else which can
proftably engage its attention. We know
that no appeals are necessary to the good
and patriotic men of that body. They
will do all in their power to stop the whole.
sale plundering and stealing, inaugurated
at the last session of the General Assem-
bly,, and which has been followed up with
indefatigable assiduity since. Let us hope,
if not for reformation among the mem
bers of "the Ring" that the very worth.
lessness of their booty money will cause
them to unite with honest men to build UP
the credit of the State. Unless it is done
political, financial, commercial, agricultu-
raj and mechanical schemes will all be in.
VOlVed in a common ruin. No business
can long prosper when the credit of the
State is gone and its honor furnished.
Good Suggestion