Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-12-13
HE Public Debt OF North Caroiinn

lake IN tE4tENl AZ lIIC 1IIIS NN->'NAAS~o "a q
debt that various parties hold against her. O
It is unpleasant for an individual to be t
unable to meet lis Obligations CT to Ge Il
ccmnclled to make a contest as to what d
those obligations are. 1t is scarcely less Il
pleasant to a nan, Us II citizen, to know V
that his State is placed in so embarrassing 7
a D0s;,ion. North Carolina occupies S
today lust precisely this position. She Is '
honestly at a loss TO say what are, in law S
and in honor aud good faith, the debts she c
ought to Lay, even if she was III solvent |
and prosperous condition. 1t adds TO the
embarrassment of our people to kno" that :
the State is neither prosperous nor solvent ,
The people Of North Carolina turn win
disgust and aversion from the stigma CT
repudiation. If 1T were in their power
they would gladly pay every dollar they
honestly owe. Indeed, they would gladly |
do more than that. The melancholy lact -
stares us III the face, however, that We are
bankrupt.
What, then, are we to do? Several
PROPOSITIONS have been submitted, all q
them seeking first to ascertain the &n0uht /
of the debt and then to provide tor is !
payment at some day, more OF less remote
/ and with more or less intermediate interest. I
| One Of these latest propositions, and per-
! hats as unohjectionable as amy that has
been submitted, is the following, 10y
gentleman Of this city, Of recognized oltsl-
ness and financial ability
A PLAN FOR THE ADJUSTMENT OF TIE
STATE DEBT.
1st. Appoint a commission, with the
Governor at its head, consisting OF hVe OF
the best informed, most trusted anu most
Influential citizeDs Of the State, without
regard to parties or political opinions, 10
examine into and determine what class or
classes of the public debt the State Is oonnd
in honor and good faith to proVlde LOT, anu
what is the whole amount OF principal anu
7 interest now Justly due ID the holders OF
/ it's bonds.
E 2d, Let the same commission carefully
INQUIRE into and determine as TO the pro-
norton Of said total amount, which can ne
5 safely assumed at once, without requiring
excessive or oppressive taxation upon tie
| people and property OF the state, 10 proE ioe
= for the certain and regular payment o. IN
y terest. ,4o
d ~. Authorize the issue of new bonds
$ hearing six per cent. interest, to tie
. amount so determined, as being within me
. nresent ability of the State to PROVIDE LOT.
= 4th, Give notice to the holders OF al
is bonds. which shall have been appfo!e0
q under the provisions Of the hlst SecIOi
hereof. that upon the surrender OF sucf
/ hon1s or any Of them, new bonds, as
l. rrovftied in the third section, Wll o'
Z. 6iven in the proportion determined upon
u foocthqr with certificates of indeO{edneS
for the remainder of the principal ana III
&c terpst of the surrendered bonds.
d 9TH. Said certificates to bear no interest
le but to be issued under the express cou
- dition that one-fifth of them shall be con
- I.artoble into new six per cent. bonds at tn
az end Of five years, and One-nltl ShS'il no -
to convertahlo at intervals of each term OF Nv
q Toars thereafter until the whole are re
~ deemed.
:, But to this, rs 10 all other iec@ut propc
= sitions in relation to tho State deit, ther
is this, to us, insupcrablc objection, tc
.f Wit: an immediate increase OF 'aAatio1l ~
- the paylnen: of interest. For the FreSeI
- VA, are oDposed to any increase OF taAatlo
for the purpose Of raising money 10 1het
Tho interest on the State debt, eo-cailc&' {
% on anv part thereof. We ale opposed
any 1jl2n of adjustment that involves
=, nf the State are. doubtless, equally oppose
;. 10 anv plan that does not Involve IL "
=. a,e therefore, decidedly in favor ct pos
- noning action on The question, al least INV
No ! next Winter.
~ Our reasons for desiring postponemc
.'S og the matter are, in brief, these; II
;r,iic,tjops now are that the Radical par
,,o will unite with our friends in the L"S'sl
tn,e in striking from tie Constitution
tho State the clause requiring the lilltr
on tl,e debt to be promptly net
.,on a,nrop.iate legislation and aoequi
taxation" Until this is done, the cfeol'e
,' of the State will not be disposed to acce
'"o anv reasonable compromise. AS t
,a matter now stands, they think they Ii"
the advantage Of the State in plain "or
that g they have the law" on us, ana
lDo disnosed to use it, The indications se'
49,, to point also to a well settled purpose
the mart Of the creditors Of tho ota'e'
oxbaust the power II Congress, II
there be, and the machinery ct the Feue
Courts. if any there be, 10 force Tie Ii
and collection of tax sufficient 10 III
the interest on the debt Of the State
called. Failing in this, all attempt
doubtless he made TO induce Congress
Sc assume, upon some pretext or oihef'
debt Of the Southern States, possibly %
IN the States. With the endorsement ol
,7 United States upon the Southern Dol
Po the holders Of them, who bought at IL
nominal rates, will become enormo'
rich. and can we'll afford to form tlnS
49, buy UP Congress in order to OBTAIN
- endorsement. That they would not Il
,1.o3 tate to procure such endorsement oy
49, means, we presume 10 man doubts
oan 1t is an easy thing Oh paper to say
ooua commission ofgood and trustworthy
onr be appointed aud ushered into power
noon say what classes of debts shall De
49,, and what classes shall not be paid, o'
N. is may be quite another thing to induce
,nder holders of the rspudiated bonds to &C