The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-06-27
The North Carolina Bonds.

The proposal of Messrs. RErERpY JoHSseN
and CAIEs Crsaisasto compel North Carp
lima to pay bonds which she thinks she doss
NO, owe has aroused good deal of indigEa-
,ion in that State. The Raleigh Sentinel
THINKS that even after the issning OF the
.nouda,,,us the bondholders will have 20,
wait a long si,ne before they will get their
money. That paper says: '.'''''. ),
we have very much mistaken the complexton
@, Inc How ,sIf to be swerved nom tho iine uf duty
by tho prosecution Of any such suits as those now
'n The money that these bondholdcrs are nowsso
greedy after is no longer II the treasury. y f,s
been long ago expended fer other purpose, ~ Or
sss st the TNe
s ssFff aHie &c Ss
f sSs ts of Will
.If1nre be any authority or any nachinery ny
the State of North Carolipa without the tnterven-
ton of tho Legislature and other State officers Is
tinr fhe fact we're known, and In this view Of the
case we do not object to the vigorous prosecution of
the suits now Threatened.
We are opposed to the payment Of these fraad,i.
10 msSe il At he point OF the hayonet III they be
obligations they were contracted by authority I'M
Us the @ aee
charged only ut the point 81 the bayonet.
When there shall be an order, Of the Federal
sea diseRarge those sonds and Presient ersSS or
his successor shall send Federal troops 70 execute
that order, they win be paid, but rot until them
The Sentinel speaks in the right tone. All
the States are interested In the decision Of
this question. If the Federal courts. can
entertain suits against the several States, and
compel the payment of any debt of any kind,
whether honestly owed or not, then the
States are not such bodies polite az the
founders Of the republic supposed them 10
be. If North Carolina can be made to pay
her unlawfully.issued bonds, Mississippi can
be made to pay hers, although these last ARE
so old that the State ought to be allowed to
plead the statute of limitations. as against
them. What fine pickings there will be in
this hitter case. The bonds have become so
nearly worthless that if they have not been
lost or thrown away-aDd we have no idea
that they have met with any such fate-tbe
present bolders of them would probably
make nearly ninety-nine cents on every dol
lar of them II their collection could be- en-
forced in the Federal courts. Under the
new practice as to the jurisdiction Of the
Federal courts, no future SYDNEY SMIFH can
get off such pun as did he of ST. Pahps,
who, being holder Of Pennsylvania bonds
and also a clergyman, set the table in roar
on certain occasion by wishing that his
guests were not only almost but altogether
such as he was, Except these bonds"
We have yet, however, to be convinced
that the Federal courts will usurp jurisdic-
ton in the mode pointed out by the counsel
of the bondholders. Surprising, however,
that they do this: they will only expose Sheir
powerleSsness to enforce their own DEGREES.
No President of the United States would
d,re to undertake to compel the payment Of
debt due by State even after judgment
obtained land CUSHING is credited with hay
ing said that judgment must be obtaineD.