New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-06-15
FINANCES And POLITICS or NORTH
CAROLINA.

Ex-Confederate General Il. J.. Clingman has
issued an address citizens of North Carolina re-
spccng politics and credit Of the State He mentions
that in accepting position OF Director Of the Western
Division Of the Western North Carolina Railroad Com
pany he found himself politically isolated being the only
Democrat the Board eight OF the members being Re
puhlcans and three styled by themselves wings"
The finances as well as the politics of the State d.
rectly complicated with its railroads The special tax
representing the guarantee OF the State TO the rail-
roads were according this address put the market
at 50 to the dollar in opposition to Cen Cingmans
ny special tax bonds have been disposed OF in this
city, aud the address undertakes 10 show what were the
causes which have destroyed the credit of the State
10 said that certain railroad Presidents In this city held
sufficient quantity Of these bonds to enable each OF those
gentlemen when disposed to break the III Iket. The
bond, sale in the hands agents who dis
lSn o Them 10 Investors who wtldrew them from the
market 100000 being thus taken in week There
10 hope that the supply would fan short OF the de
maud that the price the bonds would rise TO 70
IS per cent The Presidents aforesaid had entered into
agreements TO withhold their bonds but, strange 10 say
whenever there rise OF few cents, bonds enough
leaked U1t 90 depresS the market again.
But the wies of Wa-s were not the sole occasion Of
the of North Carolina. Certain Of her citizens
visiting Ncw-YOrk declared that those bonds would
never be paid; certain Of her newspapers abored to
create similar impression; certain acts for similar sup
port of railroads were declared by the Supreme
Court Of the state unconstitutional and finally the Legs
ature passed an act repeating all acts making appropri-
atons Tor railroads, though PASSED at previous session
The injustice OF the last proceeding was so evident that
n almost 0yershadowed lS transparent folly It's uncon
stitutiOnay will later be established but
during the tendency of this legal proceeding, which may
require years before conclusion, defaultng railroad
official may shield himself rom action until it is
tanned whether ne is liable to the railroad company or TO
the state People outside Of the Legislature actually
suspected that the bill passed in the interest of some
waited tai the money Of the widow and the orphan was
invested IN these bonds and then repudiated them is
propose take vengeance the people of the North
especially by defraudng innocent persons who have
The Jealousy Of the holders of previously issued, in
fact "ante-war" bonds can only be credited with a
class of politicians who hoped TO make political capita
out of the failure Of the State while others hoped,
the final proceeding 20 class of politicians who, during
ihe iItaldsueS OF AhdIeS johnson coseTed MN then
Chugnan the term conservative is dstastefl "a
many of our people because during the latter part OF
The warit used to designate certain class of per
who pretended To- be both for the COnfederacy and
the Union, without being in fact steadily true to
either cause" He thinks the term "cOunterfet" wOnd
have been IS expressive aud more appropriate What
they have DONE he says, % not the act of she state
of The Democratic party, the Wing party,
the Republican party" II is explained that they had
ii fhot rlcy found no favor With Republican Congress,
men, and Gen Grant is reported at secondhand call
ing them set of slippery rascas whom nobody
trust" To be stl more specific, they not the
tanned certain enyied offices, they denOunce in violent
Articles IN the newspapers under their control
entire finances Of the state into the most abject confu
portion of the bonds issued have already been
pronounced unconstitutional 10y the Supreme Court No
say ~ the present moment what the actual
liabilities oi the state For assets she has In her public
aged. should tighten her taxation and help Ia liqudate
have assisted 10 plunge The state into such of
troubles scarcely be depended upon 10 CXtrCae her
me General suggests the formation Of new marty ifs
candidates selected the OmHid OpfimO prnci-
PIE and wants the aid of Wings, Republicans adopted
citizens and col0red people 10 the last he is conpi-
entary both TO their past and present behavior and
declares himself favorable to Their rights Speaking of
stated that 10 him probably IL that Andrew John
sou did not IN violation OF our paroles, have tried, by
the Confederate army"