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

and having advised that 10 be lef,
forever waero tho auth ,rs OF its crea
tion lett, it at the close Of the l(st session
Of the Legislature, beg 10 invite
your attention to another Class ol
State liabilities.
The u aud real debt Of North
Car olma, with interest t. January
1T, 1871, will be about $20 900 900.
With less than $4,000, 900 of taxa.
bic property in tho State, according
to the last assessment returns, this
is more than the people eau pay. The
interest on this sun is $1,000, 700.
The people arc not able to meet tho
half of this sum, and provide for the
expenses of State Government,
with the necessary ry'concomitants vf an
Asylum, Common Schools, University,
SC. 1t is idle to deny or ignore the
fact that the people are not able to
pay this debt, or the inte rest thereof.
IL cannot be controyerted that, under
bancful legislation, the resources of
the State have not materially increas-
cd since 1866. More than ten per-
sons, have, within that period, emf.
grated from North Carolina, carr, ing
capital with them, for every one VIII,
has come into the Stute, to finally
ss,tle. The prospect of the future
development is, therefore, unpromis.
ing. However this progress, may be
in the future, it will scarcely cqnal
the accommodating interest on the old
debt. This debt was based on the
taxable property in the State, before
the war, aud was about $4,000, 900,
Or one-haltits present amount, and
was contracted principally for inter.
nal improvements. The sad and
malignant resolts Of the war destro ed
Mt lenst three fflhs of the wealth cf
the people Of North Carolina, while
their public debt has doubled.
Thi, debt Of ten millions was based
largely upon slave property, which,
although not Involved in the issues of
the late struggle os the North pro-
claimed, was swept away with all
bonk stocks, binds and much Of the
debts due, with the depreciation of
la"ds aud other property, making our
people poor JUDGED. With "a proper
ty before the war estimated Mt over
$400,00o.000, the State debt was
$l0,nOo,OOO. Now We have debt
Of $40, 900, and about Sl35, ,OO0,-
600 of property. In the impoverished
condition of people, robbed of near
ly two-thirds Of their estates, how is
this debt to be treated The very
purties who hold the large majority
of the debt deprived us Of the very
means upon which it was in great
degree based. and forced US to repu.
date our own debts Many States
and nations have heretofore rupndi-
ated their obligations after great wars
and other oalamities. Our ancestor
did this, after the colonies had won
their independence of the mother
country-simply because they were
not able to pay their debts. r ls.r .
Hence the worthless proclamation
money after the Revolution. Yet
there is moral as we'll. as legal
obligation in all valid contracts hioh
a creditor cannot igIore. TO a roa.
sonable extent Of his means he must
respond to- his creditors. On this
principle thousands of ourlrpeople,
have compromised and settled all
their debts since the late war at ten,
twentytand turty cents on the tioiiari
This prinoipleis recognized az mora
ally right the world over, oven where
parties have wilfully and 'wickedly
lost their estates as Illustrated by tho
bankrupt laws Of all citili2ed' coun4
tries more especially does tho priuci.
pie apply wlIero great national ca.
lamities bsfell communities; and still
stronger is tho ense where individuals
and States have been robbed and
plaudered Of their estates under q
pretext disavowed at tho beginning
Of the late struggle. Recognizing
this principle, gland, one of the
proud est nations of sartb, and one of
the highest oorhmercial ard lfiGaucial /
credit, reduced' hel Immense debt and
rate Of interest, after an exhaustihg
war of her own seeking. oHoncs the
3'per cent! consols, the great national
secprity Of England aud, regarded the
'safest 'investment ino the financial
world. 'Withia twenty five Years
Spain compromised or consolida ted
her national debt by giving new
bonds or obligations for one't6ifd the
amount Of the old md pledging the
the faith Of the nation to pay Tho
same, and all her creditors accepted
the terms. So have ihany other
states and nations acted fJr'the last
three centuries. The principle is
settled among all civilized people,
that certain causes beyond ofr con.
troll relieve us from al, or a portion,
Of our former valid obligations. .I''
North Carolina can still bay a por|
'tiPp Of her honest debt, t,hotwithstand.'
ing many Of her oitizsns are denied in
the Court Of Claims Of fyheFedeta1 Gov.
ernm ent alt 'tbbif* rights, ndtwith. ;.