The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-02-23
$2,754, 100000
NORTH CAROLINA BONDS.
NEW YORK, Feb. 81, 1917.

New YORK, Feb. 81, 1872.
To TIE EDITOR OF THE HERALD:-
The attention Of the public been called. by the
money articles in the HERALD and other news items,
to the proposed dongs OF the present Legislature OF
North Carolina in reference to her debt One would
suppose that the State mad been guilty OF SINS OF
omission enough in nesectlng to provide for the
interest her debt but take 1t tnat the PROPOSE
ton to 'scae it' will DO looked upon by the out
side world, and even by many OF themselves, as Of
all scay things the scaIest. Perhaps you remember
the time when the especial taxes" were put Oh the
market, heraded by messages from Governor
Holden ana other communications to The public,
that these bonds were "a GOOD investment and would
be paiu III manner ana form ana according TO their
letter and spirit
Again, tnaL lney were endorsed by the New York
Stock Exchange as "a good delivery" ana finally
confirmed oy tie payment by the STATE Treasurer Of
the first coupon upon maturity Under these CIR
cumstances can &c De wondered at that the public
at sixty, 1 bought from nlty-seven down. Then
thought my investment good, aqd have not yet
about Reputation 7" Now, don't let tnts goblin Of
dark age lrlgten YOU liquidation Is but q
~ 10 II sudden dearn sovereign states dare not
repudiate, as war against the state winch Is cred.
ltor, and against the active sympatnies or indig-
nant nations would soon ''wpe QUIZ such O SOW
erelgn. There Is no place on the map OF 'emnent
90 Naln'' for such q sovereign State And, again,
North Carolina Is not sovereign state. Not one
OF the states OF our Union is sovereign, no more
than any oil the minor organizations OF civil or
municipal rule, sucn as cities, townships or bor-
Ougns, aud hence Is as liable III the proper courts
"a they would be. peremptory mandamus, fol-
lowed by attachments for the legislative, executive
and judicial authorities, II need be- would soon
settle all questions OF the sacredness OF contract
sovereignty one OF the surrendered rights Oh eacn
State in order 70 found government wacn mas
making power" THIS belongs TO the United States
alone. II the United states Court has power as be-
tween the States without special submission then no
state sovereign ana II that Court mas power De-
tween states then It has power between the state
name Of that State. That this construction OF
our compact Will be adopted cannot , De
doubted, Tor each state must must nave Ia ,eor sns
for the grievances Of its constituents Ia the name OF
the stale In the proper Courts; but II all else laiis
shall have to let our bonds escheat 10 our rcspec
tive States, when they would be collected ny iadl-
ton ana precedent to the use of the state.
And AGAIN, reputation IN these DAYS means Dank-
ruptcy nrst In other words, II you can pay you shall
pay. You shall not become bankruptS wlthout nrst
surrendering what properly you nave Toward pay
bonds, keep the railroad bonds, keep enc increased
valuation and even the taxes already raised TO pay
her interest," rms cannot be done, Tor IL Is SAID ut
takes two to make q bargain.n But you say, what
about MssisslppiS ! answer, Mississippi IL liable.
her creditors have slept upon their rights and
But enough OF this. Now to the case In point.
AS an innocent holder expect my iu!! pay, and IL
Will not De scaled.n You may saw, "When will you
get 1t ~ Now don't be IN hurry; at least. wait
legally reasonable time and the iroth ana blfncombe
Will suDside, when out Will come tue true unsoiied
nonor OF tue Statc. We are informed that she Is
rapidly becoming In nourshing condition. With
this viii revive trade upon her puolic works aad
railroads. As these roads become paying, their
bonds, which the State took IN exchange for State
bonds, VIII aid IN paying the debt also taxation
xrom the roads and from Increased valuation VIII
help the matter along, besides capital from the
North and from Europe. must In the course OF
events, now Into the State. A State with honor
capital makes garden state with dishonor
capital makes desert or leaves u swamp. Alter
al her deot Is but pagateue onranated with her