Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-12-24
North Carolfna's Credit.

| we regret IuaL 80 JuSI dAu OASSAALnAno~
ting paper as the Norfolk Journal init
mates that the present depreciation of our
bonds is due to any other cause than the
profigate and criminal extravaganza OF
our officials, and the ignorant and vicious
mismanagement of our financial affairs. -
The press of the State bore with these Of
fences with much patience and forbear-
ance, and until silence ceased to be virtue.
| For the sake of the credit of the State and
the honor of its citizens the utmost len
iency, amounting to Partially, character
| lied the conduct of the Conservative press
and speakers towards those who control
led the finances and had the disposal OF
our bonds. It was not until millions of
money were appropriated through the
most fragrant violations of the Constitu-
ton, and by the most corrupt means, and
our bonds placed in the hands Of men of
| evil repute and convicted thieves, that the
press sounded the alarm and the people
became Justly aroused as to the real and
| terrible condition of affairs. It would
have been as useless as it would have been
wrong to have attempted to conceal the
truth, damaging as it has been to the
credit of the State.
It is from no want of confidence in the
honor and integrity of our people, or from
any doubt or ignorance of the wealth and
resources Of our State that the credit of
North Carolina has sunk so low. But it re-
suits from a suspicion of the honesty of our
State administration, and from a well
grounded belief that, through recklessness
and corruption, our expenses will be more
than the ability of our citizens can pay.
However much the people may oppose re
pudiation, they may be forced into it by
sheer inability to meet the public demands.
Honest men before this have found them
selves unable to pay their honest debts,
and were compelled to get rid of them by
| other means. So long as North Carroll
mans are able to meet their public obliga-
items they will do so, though it compels
them to sacrifice the comforts of home.
But there is point beyond which they
cannot and will not go.
1t is true that our Governor and Legis-
lature have become alarmed at the condi-
ton of the States credit, and the one re-
commends and the other resolve upon re-
trenchment. But this retrenchment is
MOI apparent than real. The Legislature
refuse to take any efficient means to detect
frauds, and even before their resolutions
against the further increase of the public
debt are duly ratified, the Senate passes a
bill giving the Governor the power over
the lives, property, character and personal
liberty of every citizen of the State, and it
is delayed in the House only from want
of q quorum. The effect Of this bill, if
carried out, will cost North Carolina mil
lions Of treasury and rivers of blood, and
will do more to retard her prosperity and
break down her credit than all that has
heretofore been done. It will create
despotism which people ought not and will
not brook; it will engender conflicts which
must lead to bloodshed 1T will make every
man suspicious of his neighbor, and it will
convert our residences into arsenals. The
illegal and dangerous authority which it
confers will be resisted, and resisted, too,
upon grounds more potent than the acts of
Legislatures and proclamations of Cover
nors-upon the great law of self-defence.
If our Norfolk contemporary will calmly
consider our real condition, in all its ter
rible aspects, it surely must hold the Con-
servative press and public men of this
State entirely blameless for it, and as
deserving of commentator for their
patience and forbearance under all
the trying circumstances. We have, so
far as this paper is concerned, done all we
could, by appeals to Governor HOLDEN, to
induce him to throw aside party considera-
tons and disregard League obligations,
and remember only that he was Governor
of North Carolina, and had it in his power
more than any other man to work out the
material regeneration of the State. We
stand now prepared to meet him more than
half way in this great work; but we fear
he is irrevocably joined to his idols.