Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-02-25
North CarOliua's Financial Condition.

| The financial affairs of North Carolina
are rapidly approaching crisis. Beyond
doubt the taxes of our people must be Gerry
| laYgely increased over the last assessment
or the ordinary expenses of the State gov
eminent cannot be provided for, much less
the interest on the public debt be paid.
It seems to US Of minor Importance what
| legislation is taken upon the question by
the present General Assembly. Repeating
the acts of the previous session making
appropriations to certain railroads will do
little good il relieving the people. Legis'
lation cannot recall the bonds which have
been gambled away which have been
misapplied and stolen, or used to corrupt
the Legislature. No promises by this
Legislature can restore the lost credit or
brighten the furnished honor of North
| Carolina.
! The question which should control the
action Of the Legislature is the amount OF
taxes the people are able to pay in their
present condition, and the honest and
economical expenditure OF these taxes for
the support and the best interests Of the
State government. If profigate and cor
rupt eXtravagancie8 are not discontinued,
and injudicious and impossible attempts
ability to pay, Reputation will be forced
upon us whether we will or not The
people Of North Carolina are being taught
reputation by the viilainies and extrava-
gancies of their officials. If the State
cannot pay the interest on her debt, why
attempt to force its collection Our
people are neither responsible for the
amount of their Indebtedness, the manner
in which it was incurred, nor for the loss
of credit and general depression. which
make it impossible for them to provide for
the payment of the interest thereon.
Against the vote and protest of the tax
payers Of North Carolina the present State
Government was forced upon them 10y the
power of the bayonet. The people of the
North dictated to laws, furnishes US
with our legislators and fnanciers. -
Having confidence in their own work and
creatures they bought these bonds, or won
them at the card table, or picked them up
! here and there by fair means and foul
until nineteen -twentieths of them are held
by those who are in q great degree respon-
slbie for their existence. Does Justice re-
quire that the taxpayers of North Caro-
lima shall be ruined to pay interest upon
these bonds held by the guilty confeder-
ates of Littletield & Co., who share in the
proceeds Of their crimes or purchased them
at ten to twenty-five cents on the dollar !?
| A few OF these bonds are held by limo
cent purchasers, bought at fair rates. and
those at least, sold on account of the Will
m!ngton, Charlotte and Rutherford Rail-
road, honestly expended for the benefit of
the Company. We could not advocate anv
measure breaking faith with these Innocent
holders. Bat is it tue that Mr.. A. J.
Jones gambled away bonds issued in aid
Of the Fayetteville and Western Railroad !?
and If so, ought the people of North Car
DINA TO be taxed to pay them Did Little
held use North Carolina bonds or the pro-
ceeds OF their sale In his corrupt Florida
transactions, in his gifts to churches. in
establishing lines of steamships across the
Gulf of Mexico and If so, must our peo-
pie foot the bill? Even if they were able.
neither Justice nor good morals require it.
we VIII, we must, pay our just debts.
but our creditors must bear with us. We
are IN no way responsible for our extrava-
giant system OF government, our corrupt
officials. Our debt has increased beyond
our present ability to meet, not by our
consent, but against our protest, forced
upon US by legislation conceived in hatred
anu corruption and rendered irresistible
by the military power of the General Gov
ernment itself. If our people are now let
alone they viii undo at the ballot box
many OF the evils under which they suffer.
ana VIII rid themselves of the thievish
crew which now mans the vessel and IN
der laws In harmony with their condition.
ana officers in sympathy with their wants
VIII yet bring the ship of State safely into
'he p"'' : security nnd prosperity.
| Ii you wsulu ind u great MANY faplts