Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-12-01

four per cent. the third year five per Cen
in 1875. and 30 on in regular progression
SO as to make an average of six per cent
in the whole. Such schema was adopted
in Missouri since the war. This pli
could not be successful or expedient, K
cept in State rapidly increasing in popu
lation and wealth. The annual payment
would soon become Sd large that the'
| would be intolerab!e, unless the taxable
property should correspondiHgiy Increase
It is also liable to the objections that it /;
complicated AID cumbrous, and that IS a
mere speculmti Ga the supposed events 81
| the future
A third plan is to assure tie public Gre
! ditor that the State is at preseut unable tC
| pay interest on its debt, that il acknow-
| iedgei tie birding force of the debt, that
It desires TO fulfil ali lis just Obligations,
and Viii do so at the earliest time possible;
but that it is a matter Of uncertainty when
that time arrive. The people Can pay some
thing az present, possibly thCy may be eb!e
10 pay larger proportion herfafter.-
WEethor they Can OF not l. one cf he un
certl:uies Of Ehc future. Hence, accord
ing tt :hiS plan, we mag Il. tbH foiiLW
ing proposition {: l. t tho State crtute q
new debt, issue new bonds bearing three
pcr c7nt. interest," pay bic III specie, with
tax impo. ed in the act, sufficient to raise
funds to ay such interest, then make 1t
optional with the bond holders TO xcflaIg3
their old bonds f>r the new issue Or await
tie chances of SGcI1 improvement IN the
condition ii the State will secure to
them payment Of their claims IN full. I
7nVgt ST, without making any recommends
tlrn i'll er pro Hr con. that it might be
provided, that in lieu Of ST, 600 bonds
BEAM s three per cent. interest, $5OO
bonds bearing Xix per cent interest might
be given in exchange 10 tue creditor for
each 81 900 bond held by hlm.
1n mJ opinion the paople c:n bear the
burdan cf such a settlemeut. and those
boDd-h o:dc1s who do not thiuk they have
specific lien on valuable stocks owed
by the State &. &. those OF the North
Caroiira r. II. co., would lie willing to
accept oio prApCsli x the ether OF
creditor WHIT tier he will accept either
proposition, or await future Develop
men.s. By pursuing this course the Gen
eral Assem- BIZ would merely sex nowledge
frankly paIpabe ttu.h; they would offer
the beet, which, in The Judgment OF many,
the people caI do st pr: sent, and they
would refrain frcm a Fnrudiation Of their
contracts.
But WEiChSO87er course the General AS
cmbly mag SEQ fit TO adopt, [ think it ub
solu'eir essential that ii commission shall
be conetituted, in whom the public have
confidence, to ascertain and report al facts
conne cted with tho public debt, so that
somo definite CONCLUSION may be reached
by the Legislature as TO the rue, legal, |
quiteble liabilities Of the State. This
This commission should hkevife ascertain
from the creditors their views as to what
final and honorable settlement can be
made Of their claims. Considering the
loses Of the Sta c, in able bodied
cta IA an
Overturning Of tt e systsm OF labor-in the
destruction Of prCpsr!y-iu tho insolvency
of all its bal ks and the loss cf their cir
cnlating med amin the ruin of crops by |
various causes-in tt want Of good faith |
of some of ber agents, and in tine in the
countless losses and disasters Of O people
after @ long and desperate war
the creditors ought to be reasonable and
willing 10 comprcm So; and certainly 1t is
Tess the facts Of their condi:io0,-the re
suits CT their fruitless struggle.
The above observations are made, be- |
cause feel painfully anxious on account
Of the condition Of our public debt, Re
pudiation OF our contracts in any shape. |
would leave such a st ain on our conscience |
md honor, would bring such disgrace and,
directly and indirectly. infi:cs such en- in
Jury on our peopls collectively and indi-
state al the difficulties OF the financial
situation with t1e utmost frankness in
order TO show the neces sity OF prompt ac-
ton. Let Us ascertain the full ex' 'ent of
our obligations and then manfully address
ourselves to the task of fulfilling them in |
The most practicable manner which will
command Itself to the wisdom and good |
sense. and integrity Of the people of tie
State. If the General Assembly ehal see
fit to authorize the appointment OF a COM
mission as ab3va suggested, it may bo ad-
visabie to def,r maturing uuJ financial !
}lau until their reports sh Ill be presented, |
and reraals by that Iime soch renewed
ma9. IL tha pr vi3once OF God, |
be yoUc chaated - u "a viii dem onsir&te
our ability 10 meet al just d, maads and
infUso l. to oar 6 il IL tEe disposition to /
bring back t. North C.r.ijn4 her ancient
proud fnarciai reputation.
,NDITI3N OF SOCIETY.
Il is y matter Of uofeigned regret TO me
to feel obliged to cali the attention Of the
General .ssamhly 10 tbs disorgGniZel con- |
diti Of soci~.y in oar State. I shall no:
cor sume your time by tn:criDg in'o q Ge- |
tailed stltcmert of the extrayagance5 and |
crimes which Eavo beer committed by va |
rious locahtie Within cur borders. They |
are frt sh In tte rcc~l e"tion Of a l, Their |
bas brought rerrOacb upon
our people, and the ma erial 1Etarests OF
the State have b en- n ,St seriously and |
ipjurious!y affected by them, ihe tide of
immigrat Oh which at ore t me seem ed to
be setting towards cur shores has been
driven back, and h )1:anls of persons, !
with millions IF capital, baVo been deter~
rcd from tt!ling among rs bg the fa'es Of
horr3r which have reached their ears as !
occurring almost daily in some pCrti ms OF
the Stale.
It behoov you, gentlemen, 10 take this
matter into your serious coEs;dera'ion. and
to devise measures and enect such salu |
tary Jaws as will restore pea,e and good
feeling among our people. and deer evil
disposed pc S ms from taking the Law i1to
their own hands and becoming the execu-
TONERS Of nnaathoriz5d judgments. IN |
til tLis be done, ard the civil law is made
10 reign supreme 10 the State. and it,
ministers are respected, and their hands
upheld and heightened, there will be no
peace, prosperity or real happiness among
our people. What greater good, then. can
you acoonpIish than to strive by wis and