The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-12-01

ASAoA0AA SAAs<ses0HoAHSAsS y w ~ AZ "eS"ooo
Of fiddlipg whiltl 4 R9lRWe III q Cburns-of being
mere theorist and dootrinnire, and his
dibbadamAhtl aKudly demanded. This
olapor may prove: 1but, if it
does, it viii surely sucoesdSat the ex-
pense Of England. Thereia no British
statesman who seems to comprshend the
situation and the danger 90 thoroughly.
and, for oil they say ofAkim, who conld
hAvehandled the Government Hish great
er efficiency and address.
NORTH CAROLINA =s.aB 4ssaB oyzRson's
MESSAGE STATE DEM. "a ovasnor Hol-
den's message, sent in;so the North Car
olina Legislature several days ago, coun-
tepances rather than, advocates partial
repudiation. For this or somc other
reasons (some other, we suspcct,) the
House OF Representatives refused to
have it printed. We give some extracts
from the message:
The present debt of the State is st,ted
as follows:
Old or ante.war bonds, $9,379, 200;
bonds issued to railroad companies
during the war, under acts passed prior
to May Goth, 1861, 1913. 900; bonds is
sued to Chatham Railroad Company,
under ordinance of convention, 1861,
$215, 900: bonds issued since the close of
the war, not special tag. $s, 9s6. s45; spe-
cial tan bonds, $11, 4O7, 600. Total,
s29. 900, ,o45. AS will be seen, there are
included in the above amount coupon
bonds amounting to 81, 12S, 900, issued
on account io9 certain railroad compa-
MES 10 1851, 1862 and 1868, the greater
portion q hhieh Hag expended for work
donafop The roads. tEIShaRsa bapdsare not
marketabla. having basn issued during
thaY wa, Gnt il is COMMANDED That they
were not issued in aid Of the rebellion,
and ought to be Recognized. It is be-
lieved that the larger portion of these are
in possession OF citizens of the State.
Under act of the General Assembly
s'to restore the credit Of the State and
to facilitate the construction of our un-
finished railroads." bonds to the amount
of 81, 343, 900 were returned to the trea-
sury. including $1.650.O00 of the issue
of $2,O0O.000 to the Chatham Railroad
Company, pronounced unconstitutional
by decision of the Supreme Court.
This issue to the Chatham Railroad Com
pany was omitted by the State treasurer
in the statement of the debt accompany
ing his report for 1869, by reason of the
decision of the Supreme Court referred
to. The debt is, therefore, actually re-
duced S2,693, 900. The entire debt is,
therefore, about $50, 900, 600, to pay the
interest on which ut six per cent, to-
gether with the amount necessary to
conduct the Suite Government, will re-
quire tax OF 80, 500. 900 Will the peo-
pie OF the State submit to an annual
payment of this amount of tax? TO be
candid with you. gentlemen, do not
believe they will. I have not changed
my opinion on this subject. still be-
lieve it would be wise, and sound econo-
my in the end, to pay the interest on
the debt, and every dollar of it when
due, yet I need not tell you, who are
fresh from the people, that this is not to
be expected or hoped for. The people
reason thus on this subject. They say
they lost their slaves md large amount
Of property by the rebellion; that this
rebellion was not anticipated when q
part of this debt was contracted, and
that no provision could be made against
it; that they lost their bank stock, nearly
all the value of their bauk notes, oil
their State Treasury notes and Confed-
crate bonds and notes. and nearly oil
their old debts; that the bonds issued
to large extent on slave property; tha.
the war left them Impoverished, their
lands neglected and reduced in value,
the whole system of labor changed; that
mnny Of the special tax bonds have been
hypothecated for small sums and lost
that their internal improvements pro-
jected since the rebellion are languish.
ing, and have for the most part failed,
on account Of the loss of State credit, no
matter from what cause; and that, upon
the whole, they will pay a part OF the
old State debt, and they will pay on the
new or special tax debt such amounts
as were realized from the sale of bouds
from first hands
Is there member of your Lody who
will say that this is not the feeling of
the people? Gentlemen, this is not nv
judgment. I would pay it all in good
faith if every other man in tie Slate
should say nay; yet am with yourselves
a servant OF tho people, and it is my
duty to obey their commands The
decentralization and loss occasioned by
the rebellion is such that many of our
people cannot or will not pay their own
udividunl labts Gan Won eynprf thoso