The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-11-25
North Caroitna--Tn Tnc Governors Mes"
su;sc-gsnte Bcbt. So

Gov. HoLpES's message countenances
rather than advocates partial reputation.
For this or some other reason (some other,
We suspecr the House Of Representatives
refused to have 1t printed. We give some
extracts from the message:
The present debt Of the State is stated as
follows -: Es%. ~
Gid OF autc-war bonds, IS, ,37S, 200 bonds
issued to railroad companies during the
war. under acts passed prior to May Goth,
1851, -S9l3, GOO; bonds issued to Chatham
Railroad Company nnder ordinance Of con-
vention 1861, Ss2t5 200: bonds issued since
the close of the war, not special tax, SS,-
9s6, ,S45 - special tax bonds, $11, ,4W 900.
Total. S29, 900, ,04J. - [t,s
AS will be seen, there are included in the
above amount coupon bonds amounting to
81 ,12S, 900, issued &on account of certain
railroad companies in 1861. '62, and '63, the
greater portion of which was expended for
| work done on the roads. These bonds are
not marketable, having been issued during
the war;. but It is contended that they
were not issued in aid of the rebellion, and
ought to be recognized. 1t is believed that
the larger portion Of these are in possession
Of citizens of the State. s..
Under act of the General Assembly s. to
restore the credit Of the State and to facili-
tate the construction of our unfinished rail-
roads," bonds 10 the amount of 81 ,348.0 900
Were returned to the Treasury, including
81. 600, 900 of the issue Of S2.000,00O to the
Chatham Railroad Company, pronounced
| unconstitutional by decision Of the SUI
preme Court. This issue to the Chatham
Railroad Company was omitted by the State
Treasurer in the statement Of the debt ac-
companying his report for 1869, by reason
Of the decision of the Supreme Court re-
| ferrcd to. The debt is, therefore, actually
reduced So, ,693, 900. :-is...., -
| The entire debt is, therefore, about thirty
millions of dollars, to pay the interest on
which at six per cent, together with the
amount necessary to conduct the State
Government, will require tax Of ~ $780,
1 600. Will the people of the State submit to
an annual payment Of this amount of tax
To be candid with you, gentlemen, do
not believe they will. have not changed
my opinion on this subject. l still believe
it would be wise, and sound economy In
the end, to pay the interest on the debt,
and every dollar of it when due, yet need
not tell you, who are fresh 'front.' the people,
that this is not to be expected or hoped for.
! The people reason thus on tins subject
/ They say they lost their slaves and q large
iamount OF property by. the rebellion ;
that this rebellion was not anticipated
when part Of this debt was. con.
tracted, and that no provision could be
made against it; that they lost their bank
stock, nearly all the value Of their bank.
notes, all their State Treasury notes and
Confederate bonds and notes, and nearly
all their old debts that the bonds issued
previously to the rebellion were based to q
large extent on slave property; that the
war left them impoverished, their lands neg.
lected and reduced Ia value, the whole
system Of labor changed; that many of the
Special tax bonds have been hypothecated
for small sums and lost; that their internal
improvements projected since the rebellion
are ianguishing, and have for the most part
failed, on account Of the loss OF. STATE
credit, no matter from what cause; ane
that. upon the whole, they aosH pay q par
of the old State debt, and they artH pay on
the neao or special tar debt such amounts q!
acere realized from the sale Of bonds from
, first hands. Is there member of your
body who will say that this is not the teel
inc of the people? Gentlemen, this is not
my Judgment. l would pay it all in goot
faith if every other man in the State should
say nay; yet am with yourselves servant
of the people, and it is my duty to obey
their commands. The Generalization anC
loss oecasioned by the rebellion is such tha
many Of our people cannot or will not pay
| their own individual debts. Can you eX
pect those who cannot or who will not de
this to submit TO be taxed heavily to pay
the State debt9
There must be compromise. The State
debt must be consolidated and interest pa1(
accordingly, and the sooner it is done the
better. a.. ~..ssn