Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-12-10
From the Rutherford Star, (RepubHc&r). }.
w. W. H0iden---TEle State Credit,

Many of the good people of North Caro-
lima are unable to account for the presen
standing Of our State credit, and wonder
why 1t is that bonds OF the State are 81
far below par, when there is a special ta2
laid and being collected, to pay the inter
est on these bonds, in truth, it is @ puzzle
to most of the people, and is not likely to
be understood at once.
| We propose to give few reasons aUhy
our credit is not better, and to show qOhG
is to blame for it. We contend that there
is no paIpable reason why the credit OF
| North Carolina should not stand as high,
with. the proper management of our Off
cials, in high places, as that of any other
State in the Union. Why, then, you will
ask, is this great difference? We will en-
deavOr to answer IN as short terms, and as
plain words as we can.
1t will be remembered that the present
debut of our State was created by the
present General Assembly, at the recent
sessions IN appropriations to complete the
different Railroads in the State. OF these
appropriations the Wilmington, Charlotte
and Rutherford Railroad received an ap-
preparation Of four million dollars the
Western North Carolina Railroad received
seven million dollars, and the Fayetteville
and Western Railroad received two and O.
half million dollars, making in round num-
bers, thirteen million five hundred thou
sand dollars, appropriated to the Railroads
above named, being near One-third of the
total debt OF the State. Now, the next
question arising for consideration is, where
are these appropriations ? Whose hands
are they in ? Answer-in the hands of
three men, with the exception of Il small
portion Of each appropriation retained by
the State Treasurer to secure the interest,
and one million of dollars in bonds, paid
to r. Fl. CowAN. ex-President of the w,
G. & Il Railroad. Three million Of dollars
at the disposal of Gen. nj. S. LITTLEFIELD,
President of the Western Division of the
W. n. @. Railroad. and two million five
hundred thousand dollars, at the disposal
Of ANDREW JACKSON JONES, President of
the Fayetteville and Western Railroad.
Who are these men who have control Of
so much money? What guarantee have
the people that this money is in the hands
of honest and reliable men and what Sc
curity have they that it will not be squan-
dered and lost to the State ? Two of these
men, leaving everything else aside, are,
DR.. VIM. SLOAN and A. j. JONES, famous
for their conspicuous connection with the
noted cotton transaction in 1865, and under
the Administration of Provisional Cover
nor W. W. HOLDEN. The third man is
Gen. M. S. LIrT1EFIELD, known better as
the champion of the noted Florida S,Ujndle
and bribery transaction. Is not this
enough, we ask, to account for tho Grip
pied condition of the State credit ? All
but this is not all; the State of North Car
olina has not one dollar Of security for this
amount of money that has been placed in
| the hands Of these three men, in whom,
Ena oil fhn
dence.
Then, we would ask, is it any wonder
that our bonds are not at por ? Is it at
all surprising that the capitalists and
moneyed men of the country under these
| embarrassing circumstances, refuse to in
vest their capital in North Carolina bonds,
unless they can get them for q nero moth
| ing
Who then is to blanc for this unfortu-
nate state Of affairs ? We think we are
perfectly safe in charging it upon Cover
nor W. ". HOLDEN; he is either di-
rectly or indirectly responsible for ii alA-
! These men were appointed or elected I'M
der lis orders, sanction and approval,
and he is responsible for the embarrassed
condition of affairs brought about by them.
| Nay, this is not all, but is IL no! enough
Are not the people satisfied already about
this important matter? II not, we confess
we are at loss how to enl:ghten them. But
We do not take the people to be SO ignorant
aud void OF understanding, as not to see SO
plain case, and attribute it to the proper
channel. Their eyes are open to the true
condition of affairs, and their verdict is
made out, and it is to be hoped that they
may be permitted to render this verdict in
time to save us from this apparent danger.
We are bold in saying that such men
and such measures will ruin the credit OF
any State, and We are not the least sur
prised that they have SO near ruined the
credit of once noble Old North Carolina.