Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-12-15
grace and damage from which she is suffer

grace and damage from which she is suffer-
ing.
l do not profess to be either "a RufIin or
CASTOR" but wish to make plain prac-
teal suggestion as TO the course which, I'M
der the circumstances, think the Legisla-
latlue should puTsue-One which, in nv
opinion, would be readily cOncurred in by
every one who holds just claim against
the State, which ought to meet the approval
Of every honest taxpayer, and which would
at once restOr the State to honor and
credit.
The first Of these remedies which you
mention is out Of the question, aS, from the
nature of the case, it is impracticable, and
therefore no remedy at all.
The second is one Wi.:@h II I.Cuoat man
can, or should think tOr OAe moment OF ap-
plying-the delibera.- * ..Fi>ti0n Ct debt
acknowledged to be justly due, cannot be
defended upon any plea of poverty or ne
cessity, and if seriously proposed as a relief
from our difficulties, would cover the State
with shame, and bring a blush to the cheek
Of every citizen, who, among strangers,
might have occasion to record or announce
the place Of his residence.
our third remedy is, therefore, the only
ground upon which plan for relief can be
properly based, and it is in this connection
that Will state the suggestion Ishave to
make.
am not Ill IaFOI OF cOInpOundlng or
compromising the debt Of the State-Such
course would be perfectly proper and lc-
gltImate i'll the case Of an individual debtor
who may have become involved beyond his
present OF prospective ability to pay-but
the life Of State is not limited to three
score and ten years, and the wealth and re-
sources Of North Carolina may (shall | not
say Will) i'll time become SO great as that
debt now overwhelming, may become to be
considered small and early provided for.
My plan involves no excessive taxation,
no compromise ofthe State debt and above
all, 10 reputation 1t is simply this
1st. Ascertain what is the Just debt of the
State-leaVing out ali which has been ille-
9ally OF traudulcntly incurred.
2d. Determine the amount upon which.
in the present distressed and crippled con-
dition Of the people, the taxable property
and polls can be safely assessed, 50 as to
provide with certainty for the prompt and
regular payment Of interest.
81. Prepare new bonds for that amount.
to be exchanged with the holders Of the
acknowledged obligations Of the State in
| the proportion which the said amount bears
to the whole debt-giving :. certificates Of
Indebtedness 10 each creditor for the full
amount Of the balance Of his claim, upon
which payment IS deferred, and leaving the
certificates to be redeemed III the future bV
iaStoIHcJtTS, by the issue Of other new
| bonds, as the material prosperity Of the
State improves and the necessary addition
al taxation can be safely and iudiciously
imposed.
!. l have said that this plan would be con-
| CURED i'll by every creditor, and l think no
one will hesitate readily to come into the
arrangement, even if it should be found that
| the State cannot at present resume payment
Of interest on more Uhan ORc-fOHth Of its
! debt, rather than hold the old bonds which
are scarcely Of any value iii the market. and
/ upon which 40 interest is paid.
I have said ths,t the plan should meet the
/ approval Of the taxpayers, for it provides
/ against Il larger burden than they can read
/ lily bear, and the acknowledged deferred
I debt, would act ao Il constant caution
/ against extravaganza III the expenditures of
| the State, and against u! llnWise and Jlnncc-
essary legislation involving new obligations
| and expenses.
| Who can doubt That my third proposition
| that it would restore the credit and char
+. acter Of the state viii be realized | ven
/ tlrc to predict that no securities would be
| more eagerly sought after, and that the new
! bonds would specially be worth nearly, or
sqJiite their par value. CAPE FEAR.