The sun., 1873-08-29
NORTH CAR0LINA'S DEBT.
IYTEREsTIy0 INFORMATION ron
HER BONDHOLDERS.

An Argument IN Favor OF Fiatiy Repudia-
ting the Fraudulent Debt-The Lesisis-
ture Of 1868 Never Legally Eiectsd-its
Acts ali Worthless aud Void.
10 ne Editor OF 7hs sun.
SIN: have seen no newspaper published
north Of the Potomac which has exhibited
more intelligent appreciation Of the condition
OF the South since the war than THE sun, and
am therefore encouraged to orer to the con-
sideration Of your readers an explanation OF the
recent large vote Of the people OF North Caro-
lima in favor OF cancclling the 4th section OF the
9th article Of the Constitution. Indeed, nearly
all the white peopletwlthout regard to party
distinctions, who went to the polls voted for the
amendments, and Thousands Of the blacks did
likewise.
In the districts In which the negro element
predominatcs, that class generally, though not
Invariably, voted against all Of the eight amend
ments, not excepting tho fourth OF the series,
which was proposed 10y an aim unanimous
vote of the Legislature for tLeir benefit. The
Constitution had already authorized the ex-
symptom from taxation Of $50 worth OF books
and scientific Instruments, which very poor and
ignorant people are not generally overburdened
with and to equaze things 1t was thought to
be only just that a like value OF any property
should be exempted. But this amendment, like
the others, has been carried by the white votes
over those OF the blacks. However, there were
thousands " whites who voted against It, and II
will bo found that tho vote In its favor is much
smaller than the other amendments received ;
and especially the first, which cancels the fourth
section of the NTH article. This section Is as
follows:
T,. o,r,.,, ,.,,,,t,. .,.,, d., .o,,,,.,,, ,..,.,,
,,n sn Hv M asai ~, , ~, f5r tnc 'r,'e,
snd regular payncn Of thr mi rrst ON ihr pub,r debt
snd acr the year is 1t shall Ia, spec ne annual tax
ypon me real snl personal prop,ry OF nc sa e. ana
iun1 70 oe uc'o'eu 10 'n' pay eh' o' 'ne PuO"' ueo
ORIGIN OF TINS PROVISION.
In the FIRST place a constitutional provision
like the above Is unusual If not unpreced dented
Thor, IL n ID such clause in the national Constitu-
,,n, ,I,, ~ .,,,. ,,hor S,a,o s1 far .s ,,y
'''l' h'i ]" 'h'' "i any "tlc' N'n'e' ~ i"i ~ III,
recollection goes, and In this state 1t originated
In A bit of carpet-bag strategy which inaugu-
-, ,n a., -, a.. -, -, ,. -, a.
ra'o" 'le "Is' u' the ga a'pc'-oIsSe's iohs series
OF frauds. Its history IS briefly As follows:
Shortly after the upetinp of the Convention
% az '0 .''T'"s ~ '"o |U'r ] on'o"
when framed the new Constitution IN Decem-
Der, 1857, q Ring was formed among the MEN,
bers and Others for the purpose Of speculatinr
80 ~ "''' 'Y' '''v Puip0'o VI spot"'
In the state bonds. Tho principal OF the ante
WI ~, uspt was tncil hSdtly ven nlillons anu tne
nearly hali hs much more. IAe schene OF the
uuy loyhl ana paiiluuc Carpet-basgers was hrst
70 cry down the credit Of the state and thereby
DrihI ABOUT ucpitcl"ti1h Oh tue bonds III the
d esd1 ~, s,e % ny III w.re sucvss%s,ui %
snd ,nves'ea no uono' 10 tne iull extent OF tnelr
..I.I
or procureI 10 "e written anu pnoilshru AT Tue
tnstnhce on Two chiRet-peg mtih9ers IN a New
- whlun repres. NJ. tn9 stare To- he h3pele,s-
be done was To conn romise the debt. poubt-
le' many olhst articles uI slmu-r tthut were
san," ttn,e " ana II v, Vii rrpnsml, N,,,r pre
current reporters of that day you will nnd that
the - ate bonus depr,ciatcd considerably. The
bonds, then went To- work to raise their market
value. They were accordingly seized with
spasm Of honor and good taith which Culmi-
mated IN the adoption Of the guaranty clause
shove quoted.
,,,',.,,' = =, nv, w., ,''',
u the puollc d'ht had hut betll more thh du-
pn,atssd Sy IN. very men VIZ "4t I'm, prnySioh
able But under existing circum stances, sup
posing the new bonds To DE ItEitllhate' this
Sliuss oi the CONSTITUTION requires every mem
Der OF the Legislature I" take an oath that he
~hl vote taxes which would amount l" the con
nscatloh oi nearly nr quite all the het earnings
OF the people annually.
Ihe above Is not "A random assertion. II Is
susceptible OF demun-tratiun. For the whole
taxable property Of the state Is on.y about
tllu0O'UO; he pubic debt II We count M the
iW!W; and the annual interest at six per cent.
Is t22B',OUl, or 2.S per cent. on the whole real
known that whole people, especially where
2rlculture Is almost the exclusive interest,
realize one year with another not more than
sufficient 10 nay She interest OF the whole gcnu-
ine and spurious debt OF the state, 70 say no
wou Id he robbed Of their whole earnings.
- no '', '.,,i.Hn .is oI - Wel @ as
% W "''u H. ti,e fi',s i @ r. t 'iiious
nICu ~ ul'he no d" pnaSiplve, 70 l'af In.lt uyots'
- o, eNe's M m,an In n,aS"n tmt qusStmm tnon'
80 ~ ~ " -, w. w. "''u0' '"o S''Sh' WIZ
eA''''S Va "'4 'N'" W H''O'o
his WHOLE EARNISGS
u his creditors leaving Nothing literally Moth
iny for the edu, alton of his children and The
purchase OF the simplest comforts for nis family
know that the Snylocks will say III Al in was his
own fault and That he should pay the forfeit Of
his life blood but such will not be the righteous
verdict OF public opnion Thr p.onIe ~ North
Ca,olInn found themsaIvea In ,tIs rrsdicawan,
Tei = ,oui'u 'le'hsei'es III tuis preuIuanleht
iheu IePreSeLtatlNeS w tle irslsiatuto, coulu
nsth i t,a tbefn mi "f Iii = II st arniI,, a.,
tba nrrn,. ~, no ,i,, - IIsht i,r 1901 On sbe,n
-. ,am5 S - pN'''s 1N' ''rA va '"'
M x.iil now chou ,k,, ,ha urs,y bond. ="
haya no ,.i,it," ,r, ,ns',s @ % ~ ~, ~ 20 IsaI,o
i .iI,n ~ "s sv hcs ,d
the,n r"r haca,sn "a ,sSx ,yn,e nm ~ r,',h spJ
mtssi,,I,"d nv fLe nav h s1erts Ia yy hosa hands
,b.v 1cr. ,,itcat ,h,,,.,h IL a., - ,t,,nnn, 10
-, I',, - r.,,r 80, =, - ~, - IL,
Shfoh ,.inl ,ir -. I,, 81, n ,,a,,,, -, - y
s,a, s Nr,t pr..;,,a ,., -, ~ , -
t, ~ ,S," ' H','s, va, ~ , ~, IL w.,
,.,,,, 'ia",i, " -, a., 49, -, -, ,
i ~ ~, ~, , ot Wy, ~ ~ %
,h',h s.",'rn no ,i,,,, ~, Tr,',a 70 4 49, 80
,,n'', "a 1,,, J. - III 81 r ii,,''t ~ M