Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-06-27
REPUTATION ATTklE. SOUTKE.

tIlS llldLUeI. LEU tIlC tOIN
then, be well attended.
IeEPUDHATEONA AT TEE SOUTEE.
Whether or not the bonds, so called,
of the Southern States will be paid is
a question that is now attracting much
attention. The probable action of
North Carolina especially, is being
much discussed ; and attempts are be-
ing made to anticipate, if not to pre-
vent, the effect of the proposed amend
ment striking from the State Constitu-
ton the clauses relating to the State
debt.
Various views are taken of the ques-
ton according to the standpoints from
which they are made. None of these
parties, however, who look at the mat
ter from a foreign or northern stand
point seem to appreciate fully the state
of affairs in North Carolina and the
other Southern States when the bonds
were issued, but act and talk as if these
'bonds" constituteda sort Of lie; on the
State simply because the parties who
issued them were at the time in pos
session of the State.
This is q doctrine to which we can
not subscribe. We can no more see
why North Carolina should be bound
by the acts Of the carpet-baggers who,
by force and fraud, obtained posses
sion of the State, than we can see why
the plantation OF any private individual
should be bound by the notes and
bonds of person who had by force or
fraud wrongfully obtained possession
of it.
The people of the North, very natu-
rally overlooking somewhat this view
OF the case, give much prominence to
the danger of injuring the credit and
reputation of the States. They admit
in the pIainest possible manner that
''the bulk of these floating pledges OF
the southern States are but swindling
devices issued without the popular
authority Or even consultation with
the people, and yet they gravely
ask whether it be not peter for a State
''to carry the load until it is able to
pl Divide for its h0ndraIie discharge
rather than to plunge ;2.:n the dark
night of Repatriation" We cannot APP
preciate the morality or the logic OF
any such reasoning unless the owner
of land be bound for the acts Of every
man who trespasses thereon.
The following article, taken from
the Boston Post, is fair sample of the
vieTs of those at the North who are
most kihslg sisrosed toward the South.
It is evident that ~: people Of
North Carolina must decide the ques-
ton for themselves, regardless OF out
side pressure and opinions. The Post
says,
The brokers ~ Wall street are all at
sea on the subject Of sorthern bonds,
their value being as Uncertain as the
men who caused them to be issued.
The thing begins to show, at last, signs
of being agregiously overdone. And
when repu3iation is 1eriously proposed,
as in North EarQlinp, the doubts of
Wall street may be said 10 be entirely
confirmed. The Northern markets
have for u loag tih4e been HOODED with
these issues, made by 4.iseA who knew
their worthlessness, against wiao..a the
public was fairly warned. None but
the most reckless of specializing inven-
tq4S would have thought of buying Sc
curities NJ whose paternity nothing
good was knoMA. . 'r'he carpet-bag
phalanx having marched atoreaeb fffpon
the Southern States, and, with the
Federal help, captured their govern
meat machinery, made haste to clean
out thatf tre;asl4ries and bury the
States alnder f ffloHhntaln OF debt
based upon all sorts OF t,fcteuces.
The increase Of this debt Of nine soilsh
ern States during the first three years
of Grants Administration amounted to
the appalling sum of one hundred and
sixtv-aix millions, The total of the
population, T',ite md eolored. of those
nine States. accord; ing to the last GER
sus, was within a fraction OF seven
millions n other words, seven MI
hon bersohs, alrea9v broken in their
resoufces by 'a#'ppf5tracte2 var, are
loaded With a debt Of one Hundred am
sixty-six millions III addition to their
existing burden. WAS there ever
wilder r,ekiessness aniong those bent
on piuadera fhqas%t As see ';iftter are roll
ing in iii7got4en wealth. pees not' be
demonstrated by others than ,the47a-
selves. That tie whole organization
of raiders on the resoHrces Of the
South is rich by contrast With the pre-
vious condition of its members, IL as
evident as the source from which they
have derived the fortunes WHICH sig
nalize their degradation. The people
of North Carolina are thinking this
matter over. A Republican Congress
kqan Sr1a5s, that State has openly advo-
Gated F6pugist!St29n. which in general
may be styled hae 1assf sSefIge of scoun
drelsm. Repudiatl0l. OF sAf4sIc con
tracts is at all times liable e. l44ay,5,.-
faith to its centre. But while IL is
not to be approved of, and much less
advocated or defended, it cannot be
kept out of sight that the bulk of these
floating pledges of the Southern States
are but swindGng devices, issued with
out the popular authority or even con-