Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-01-26
From the RALEIGH Sentinel.
speech Of MIR. $. A. ASF1e. Of New HanO-
Yer, i'm the House of Representatives
ON the Bill Concerning the Public
KSebf.

speech Of Mr.. 8. A. AsI1e. Of New HanO-
yer, i'm the House of Representatives
ON the Bill Concerning the Public |
Debf.
MR.. SPEAKER Questions of finance |
are not attractive; they are uninviting and !
are i'll calculated to engage that close atten- !
ton which their consideration demands. |
And while this is so generally the financial |
problem presented to us for solution is so
perpleXing as to be almost repulsive. View
it as we may, difficulties arise to render the
subject highly distasteful. Nowhere can
we discern a cheerful CLEAN of light to
enliven the prospect; and indeed our finan-
cial condion and the details of our State
Indebtedness are SO complicated that we are
inclined to turn from tnelr contemplation
with disInay and disgust. And yet, Mr..
Speaker, we have duty to perform in re-
lation to these affairs which II e cannot
avOid-thOugh ever so diSagrdWAble and
embarrassing. Our position as representa-
tives of the people is full of responsibility
and we cannot relieve ourselves Of the bur
den it impOces.
The question ''what shall be done con-
| corning the interest on the State debt" is
of the greatest Importance to us, to the
public creditors and to the people and we
| should approach the subject with a deter
| minatlOn to take such action as the good
| fame and credit of the State demand and
| the condition of the people may Justify.
| We owe heavy debt with a large amount
of interest due and unpaid, and have to
make provision for our State government.
That is one view of the picture; the reverse
is, we have about $4,000, 900 of property
which must first subsist a million of citi-
zens; secondly, support the government,
and finally afford means to meet our obi
cations, if possible. Our income is in
sufficient for all these purposes. We all
agree that we cannot subsist the people,
maintain the government, and then pay
the interest on our debt according to our
contract. 4 proposition to raise one years
interest by taxation has already been de-
feated in this house; and many Senators
have, l understand, expressed all unwil-
lingnesS to levy any tax for this purpose.
IndctjOn seems to be the WatchWOrd. 1t
is proposed to pursue a course Of mastery
inactivity with regard to this interest. l
am satisfied, sir, that those who urge this
policy are actuated by what they consider
patriotic motives, but in all humble way,
must presume to dissent from their COLI
illusions, and to express my apprehensions
. that the policy indicated may eventuate in
lamentable consequences.
} Gentlemen are alarmed at the magnitude
of the debt, and seek to reduce the princi-
pal by an exchange of bonds for stock in
our railways. So far as this proposed eX-
change goes, it is we'll enough, though
hardly calculated to accomplish what is de-
3 sired, and at best we cannot by this means
= retire mare than $6,OOO,OOO Of our debt
= But we should remember, sir, that for the
present we have nothing to do with the
principal of the debt other than to ascer-
tain it, and then if possible TO arrange il
with reverence to our ability to pay the i'll
! tercSt ''prOmptly."
In ascertaining what the debt is, l sup
T. pose we are justified in declaring that nc
;. bond issued under authority Of the cOnven
ton Of 1868 is valid, since that was a revo
o lutiOnary body entirely unknown to the
laws and constitution of this State, called
s by Congress to give us new constitution
And suppose that justice to our real cred
{ itOrs would require lis to declare that the
T. special tax bonds are no part of our debt
f But We cannot pay the interest on our deb
: ascertained by these reductions, so it is he
cessary to make an offer of compromise
Il and to ask our creditors to fund their bonds
8 receiving therefor, new bonds for smalle
d amounts and bearing only low rate of in
terest in the immediate future. Such arr
: the chief features of this bill,
t Another distinguishing feature is that
t propose i'll the last section to levy specia
!. taxes to pay the interest, and have so word
ed the bill as to make the amount of tax t.
II depend entirely on the amount of interest
- So that if no bonds ale exchanged no ia,
: will he levied; and the tax to be laid at al
II times by the Auditor without further legis
Is latiMI. BY this means | incorporate tn
tax and the raising the necessary funds L
s pay the interest into the contract created b
IS the issuing Of the bonds so that no fiItlIr
4. General Assembly can repeal or modify til
It special tax.
Under this bill the interest, whatever
e may be will have to be raiSed-but no great
+ er amount can possibly be collected than
absolutely necessary to meet the interest O
S the bonds-anQ in this year no tax is to b
levied for this interest
le We state to the world that because Of
long and unsuccessful struggle for our il
% dependence, accompanied by all the mi;
n fortunes Of subjugatiOn, and of misrul
lie through reconstruction, we are unable t
r. meet our obligations and we offer as reason
able compromise as any honest debtor VIII
Ill had been Oyertaken by { lamity, Woul
propose to his creditors. We propose
, this means to reduce orr debt as follows
of Ante-War bonds,
is less 2,794,O00
Ill issued for stock
in n. &. Il. r.,
together with
accrued inter
Ill est, G,7G4 200 To be J, :}S2 L
II War Bonds for
~ III nal I'M
IS prov emtS.
I'll and interest, 1,5l1 $50 to be 7:)J, :
I'd Bonds issued ull-
M der + un ling
its acts and inter-
"a est, 4,SS3,7S! to be ,4G3,O2
ne Postwar b Onds
rs less Conven-
ell ton bonds and
nd Special tax
n. bonds with i'll
he tereSt, :f,357, 100 TO be $50, A.
H. SG,492, 81
nd Say six millions, (G.5OO,OOO) five hui
he drcd thousand dollars, bearing intere
Dy until 1915 at per cent first five years
e. thereafter, three per cent, and SO on up
k 7 per cent, and then tor ~ years at s pt
it. cent-making the average interest six pt
= AI,,,I.i ,.,..,,....I1 IN