The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1871-06-07

J Y
bonds, so issued. The croditors vii
Q me iu aud ,ako the new bonds, 10,
they can do no letter. The old bond.
arc now selling at DC ON the 100 cx-cou
Pons. The lir.t year not more thai
one-half Inay accept the terms, bu'
they will ultin,h'oI y all accept them.
Thus the debt Of tho State can be
reduced to z OF S8,OOO,0O0. The
ann 'al tax to meet this would be
about $450,o0O. This Is as much as
the people in their condition can bear
a greater tax for interest, besides
The other expenses of the State, will
drive oti more population, than viii
migrate 10 the S;ate, and thus returd
It's prrogress. Probably not more tn II,
halt 'he "tnonnt Of the old debt would
be consolidated the G,st twelve
months Then about 1926, 900 OF
taxation would meet the accruine
interest thereon. In tho mean
time the Legislature of 1871 aud '7o
could autho, ize the sale OF all the
public works Of North Caro!ioa, paya-
ble 10 the new or consolidated bonds
OF the State at par or grcenbu cks.
AS this debt was contracted for these
public works, there Is not only great
propriety, but II moral obligation to
apply the proceeds to the pay
mcnt of this debt. The proceeds
of the sale of the States interest thus
applied would reduce her debt to
three or four millions Of dollars.
This would bring the public debt
within her coutrol, put her bonds to
par aud fully restore the credit of
the State. That the true interests cf
the State require the sale Other
railroad and c.na interest at the
proper time Is beJ ond controversy.
In the first pl,cs when she rc.arran.
ges her public debt, She needs the
proceeds to pay it off. la the second
place they are in dlapidated and IN.
finished c, ndi,ion, aud will proba-
bly, remain SO in her hands. In the
third place she is wholly unable to
finish them, while sale would bring
a large additional capital in the
State to complete them, and thus
contribute largely to in .rcase the
resources "f the people and the rev
enue to the Tire surv. As a fourth
consideration, they probably will re.
main source of corruption, and be
used for political purposes in future as
Il" the past, while in private hands they
Will become much more efficient as
agents for transporta,ion, aud to that
cxicnt confer greater benefi;s IN the
people. Pennsj 1vania and other
States had for these reasons to sell
all their roads and and canals, and
it will bs the policy of North Caroli-
ma at the proper time to do the came, as
socH-as She re arranges her old bond
debt, and thus restores her credit,
AS private property they will
become the subjects of taxation and
revenue to the Treasury.
Having. thus surrendered for tn c
benefit Of her creditors all her pub.
lilo property except her benevolent
institntiohs--which are pecuniurily
worthless, and burden to her, but
required by the civilization and chris.
tianity of the age-with n debt Of only
three or four millions, Impoverished
as her people arc, they would re-
double their energies, Immigration
and capital would rapidly flow in,
and North Carolina would again soon
reoccupy her former high and eleva
ted position among the States of this
Union.
ihW n,f h~,D. .ur IA z.,'.
1t is understood that certain per
sons are engaged in getting up
attsLife Of Rullotf." The bogus nature
of. the proposed volume Is settled by
the following letters given to the LOCAL
papers Of Binghamton, by the mur.
dercr himself,0jdst Before his exccu.
tion 's"s'aH .''o az Il
BiNeHAmroN, May le, 1871.
Having been credibly Informed
that certain persons are prepatiug for
publication a work to be sold, as my
life, and which will purport to be
written from irfutmation furnished
by myself, this Is to certify that any
such work will be a radu, in so far MS
1t may pnrport to bo written from
any such information. I have in no
way contributed to the pre- paration
of such q work, nor havo I knowingly
furnished single item of ihfotma.
tion to be used for any such purpose
~ (Signed) al, i3 ,a isHl y ,.Ug
adj EDWARD II. RULLOTF.
~ BlNoHAMToN, May II, 1871
This isto certify that | have never