Wilmington journal., 1869-02-12
From the RsleiSh Sentioel.
REMARKS Of
W. ii. y. SWEET, OF CRAVEN.

W "s ~ CIV AEE VE SEh hsHITs
Before fhe senate, Friday, Jan 2sth, 1869
on the Report OF she joint Seiect Com
mittoe on Bribery AMI corsupticn.
Mr.. PRESIDENT In one Of his impns-
Sloned orations, exposing the arcl, coz
splratOr against the liberties Of his c0un.
try, the great Roman orator paraiized the
Roman Senate with tho exclamation " "Ii
snn,uS." Where in the world are we
Where il the world are we, ana
whittier are We drifting, are i1terrogntioIs
which constantly Obtrude themselves upon
| our attention.
| L ask the indulgence of the Senate for
the purpose of imparting briei history
OF this investigation. and the considers
tions suggesting ii, in so far as It may
have emanated from me. Iu doing SO /
may appear to indulge in remarks that have
| little relavepcy to the subject under con
sideratiOn.
! Their pertineucy consists III the fact that
| they relate to mportant public measures OF
| doubtful policy and wisdom, ali Of which
! have contributed to influence my action
| by magnifyiDg, and indlvidUaliztng and
| qnickeuiug u sense of official duty and re-
sponsibility.
The public mind has for some time been
! deeply agitated with forebCdiDgs OF finan-
-
hension that our State credit, which once
challenged the unbounded confidence and
| generous pride Of every ycitizen-imperilled
| by its eXtraVagant u*e-stands tOtterlnY
upon the brink OF its grave.
When the authority conferred by exist
ing ard maturing legislation to issue bonds
is exhausted, our public debt will have be-
come more than S43, 900, 900. This debt
sustains TO the aggregate property Of The
State the same relation that debt 0I five
hundred millions would to the assessed
valuation Of property in the State OF New
York. When we consider the Increased
productive capacity of property ii New
| York the comparison is still more sugGes-
tive. Ia twelve months authority has been
| given to add $50, 900, 900 to the indebte6-
| uass of North Carolina. In oSher words,
during the year 1868, a year Of profound
public peace and tranquility, the debt oi
the State has been Increased more rapidly,
Ia n relative sense, than the immense debt
| of the United States was increased during
any equal period Of our late terrible civil
! Iar--a war in which there were under arms
and rallyinG around the flag of our coun-
Try more than one million patriots who had
to be supplied with Quartermasters stores,
! and COmmlssary stores, and artillery, and
/ small arms, and horses, and oil the para
| phernalia of modified troops.
| The very tiood-gateS OF expenditure
| seemed to have been opened full and wide,
yet the debt OF North Carolina. in less time
than the earth requires to traverse its or
| bit, has been made to constitute a larger
proportion Of the assessed valuation of PRO
| perty within her borders, than the national
debt thus enlarged into proportions incon-
ceivably great, does of the property within
| tho United States.
| To defray the current expenses OF gov
ernment and pay the Understanding 6
| during the repose of night, as we'll as the
activities of day-will require ten thousand
| dollars every twenty four hours. I know
| that honorable members of this General
Assembly have advocated in aconscientous
way the passage of bills which have pro
duced this astounding result There has
| been wild enthusiasm upon the subject OF
| internal improvements, which amounts to
species of monomania. and cannot but
retard what it seeks to advance. 4 gentle
and steady breeze, filing the we'll spread
canvass OF our argosy, will watt AS onward
much more safely and expeditiously than
| the destructive gal, which comes up from
the tropics.
There is an all pervasive feeling that our
bonds have been distributed with so lavish
| a hand, that the redemption of our prom
ises, if at all possible, will demand for sew
! eral generations all the money that can be
earned by the sweat of poor mems brows.
| The uniformity OF success attending the
| efforts of Railroad Companies to obtain our
bonds, has created widespread fear that,
| regardless Of the wishes of our people, the
escutcheon of North Carolina will be tar
nshed by inevitable and enforced repudia-
| ton.
Ia connection with most of her sous, I
would avert such dire calamity. Ii the
night OF reputation ever settles upon our
great commonwealth, il will be with our
noble ship Of State as described il the
ancient Scandinavian ballad of ''the King
| of Engiand's son.
| ''It was i'll sooth t. vitcous sight,
The ship broke NJ IL nits that night.
| Nav ro never be overwhelmed ia 81
grent disaster but IL it should come, the
marble shaft erected at the tomb of our
p'ighted faith, will have chisseled upou its
face the warning inscription
1.-THE broad highway to poverty and reed
Is much to buiiu, and many mouths TO fill
The facility with which the bonds Of the
State were secured. soon occasiOned large
influx of appropriation bills. Railroad
Companies with little. Ii any paid Ill capital
stock, and some with ouly paper exist
ence. found as little difficulty Ill exchaDg
ing their bonds for those OF the State, as
did those companies whose roads were
partially constructed and in operation.
such as the Wilmington, Charlotte and
Rutherford +. r. Co. and the Western n.
c.. r. r. CO.
[ believe these are the only two roads
having sufficient merit, in the judgment ot
majority OF our people, to justify all en-
largement of our debt to secure their early
completion. Upon these two roads the re-
sources of the State should have been con
cen.rated in order that our Seaboard and
the Mississippi, and even the Pacific,
might be welded at the earliest possible
moment, in bonds of iron never to be
broken.
If the agricultural, commercial, manu-
featuring and mineral resources OF Nortl
Carolina are ever aroused from their leth
argv, and made to throb in an active auC
profitable existence, it will be bv estab