Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-02-11
Southern Bonds In New York.

The Wall Street journal, paper Of
character, devoted to the subject Of Banks,
Finance, &C., has the following in its issue
of the 29th January, which possesses an in
terest for Southern as well as Northern
readers. We commend it's perusal to the
financial SolomoDs of our own State.
Southern State Bonds continue SLOW,
excepting in Tennessee's and Missouri s
which show some activity.
The unprlnclpled and reckless manner
in which the credit Of the Southern States
is being manipulated, ought to fra every
correct thinking Northern capitoiist wish
alarm and Indignation.
Since the war closed, the Legislature of
Tennessee has issued and put upon South
ern markets about twenty five millions of
Indebtedness. the proceeds Of which lit
turns out upon investigation to the ex~
tent of nearly three quarters, have passed
into the hands of the ''ring," the State re-
ceiving comparatively little or no benefit
from this large issue OF her bonds. No
wonder that the citizens of the State refuse
to recognize this debt in any way, being
content-jEst to let it alone-making no
provision for the payment of either prin-
Opal or lnterest-nOt now, nor hereafter.
The shameless manner in which the
finances of the honest cod North State
North CarOlina) has been manipulated
must Immediately, however, attract atten-
ton. A party Of INSCRIPTIONS Northern
politicians, aided by few men, "native
to the manor born" and if anything, more
depraved and disreputable than them
selves, have hribed the Legislature, com
posed it is said, largely of negroes and I'M
prlncipled whites, to issue about Sixteen
Millions OF what they call Especial Tax
Bonds. Some ten or more millions Of
these bonds have been put upon this mar
r. OF ho ri MI 1oA
or more so called prominent houses in this
city, at price ranging from so to 50 cents
on the dollar-thus putting into the
hands of the s'ring' not less than
five million of dollars, not ten per
cent. of which HIS been spent upon the
roads, nor for any public work or use in
the State. The Presidents of the roads to
whom were issued these bonds, in blocks,
have been called upon by an alarmed and
indignant people to tell what they have
done with this large amount of money.
Instead of answering like honest agents
some of them have fed the State, and
evade in every way all inquiries. The
Legislature has at length become alarmed,
and bill has been hastily passed restrain
ing the Treasurer from paying another
dollar Of interest, either upon the New or
old bonds; also instructing the Attorney
General to cause bill to be field to test be-
fore the Supreme Court Of that State i'm
mediately the constitutionality of the is
sue OF the especial tax bonds. 1t is pro-
per to state that there is not fair legal
mind IN the State who does not say that
the entire batch of especial tax bonds is
illegal, and therefore worthless The peo-
pie are clamorous for this decision, and it
is expected the Supreme Court will so de-
eide.
The language of the people of these
States is to those of the North:
Gentlemen, against every remonstrance
that could be made you have persistently
insisted upon the right to govern us, by
men thoroughly unprincipIed and dishon-
est; 1t is these men whom you have placed
over us that have perpetrated this great
wrong. You have bought these bogus
bonds from your friends. Now you can
keep them, and we shall never Question
your right to do so.''