New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-08-20
4 VERY SLIGHT DISTINCTION.

Il VEhb DIfbHf DiDffHtfiN''
The meaning of the word repndiate il to
renounce, to put away, to have nothing to do
with. We confess that we can see little dlf-
ference between the act implied by the verb
repudiate and the conduct of several OF the
Southern States with regard to their funded
debts. They do not pay they will not pay /;
in most cases they cannot pay, and for some
years they have not paid. We consider 1T OF
the slightest possible consequence whether or
not the people of North Carolina intended the
adoption of a recent amendment to their
Constitution as declaration of bank
ruptcy. 1t is sufficient to know that North
Carolina has not paid the interest on its debt
for years-probably cannot pay it, and GER
tainly makes no effort to pay it. The last re-
port of the Auditor Of North Carolina con-
tans no statement of the Indebtedness of the
State, and makes no reference to the sub
iect. The amount, however, is stated in
Poor's Railway Manual at 1923, 100000, bearing
interest at six per cent. To pay the interest.
81, 794 900 would have to be collected annu-
ally. The value of the property OF the State,
as assessed for taxation, is S123,5OO,0OO. The
amount of the taxes collected in the
Government was 100000, which does not in
clude penny for interest on the debt, and
falls 100000 short of meeting the disburse-
ments for educational and general purposes.
The current quotations for North Carolina
bonds are 81 per cent for the ante-war bonds,
and IA TO II for those issued since recOnstruc-
ton This is about the value of the bonds OF
the State of Honduras, and considerably below
that of the stocks of Spain, two notorious
bankrupts, in whose paper English stock
gamblers have largely invested.
South Carolina Is in a more disgraceful con-
ditiOn than her neighbOr on the north. Her
income is altogether insufficient to maintain
the splendor of carpet-bag government let
alone the vulgar practice of paying debts.
Her officials refuse to give information as 20
her finances. Mr. II. V. Poor has applied in
vain, and 80 have we. The debt of the State
is in the neighborhood of $20,0OO,OOO, exclu-
siye, az in the case of North Carolina, of past
due coupons.
Alabama pays interest on part of her debt,
having disbursed $245,7G3 for that purpose in
the fiscal year 1872. The debt of the State,
direct and contingent, exceeds S30,OOO,OO0
Upon nearly all the railroad bonds indOrsed
by the State default has been made by the
companies, and the State has made default In
turn. The receipts of the State in 1872 were
81 ,O9O,O 900, and the payments S1,17G,0OO. There
were, on the Both of September, 1872, out
standing warrants against the treasury to the
amount of St97,50O, and State certificates of
indebtedness to the nominal value of $4,000.
There was also due the School Fund the sum
of S3l7,5OO. The receipts from State taxes
during the year were $7671 80. The finances
of the State are greatly deranged, and if not
Going from bad to worse are certainly growing
no better
Louisiana has been moro mercilessly taxed
and robbed than any other Southern State,
South Carolina not excepted. The receipts
into the State Treasury for the year 1877
amounted to the very respectable sum OF
s4,St2O34 and the expenditures to S4,37l 400.
The debt of the State is not less than
s25 1000, including over S2000,00O of out
standing warrants and certificates of indebt-
edness. The aggregate assessed value OF
property for 1872 was S223, 100000, and the
taxes levied thereon $46S7,662, or more than
t,co per cent This heavy taxation is driving
capital from the State. Louisiana bonds are
quoted at AZ TO IS for six and eight per cents.
The State has recently made default in the
payment of interest, and the prospects of the
bondholders are not encouraging.
The funded debt Of Arkansas is S0,SS5,5OO
and the State pays no interest on any OF its
bonds. For the two years ended Sept. 80,
1872 the general revenue of the State reached
an aggregate of Sl,7Ol,G44. of which only
S4O69 was in current money, the remainder
consisting of Auditors and Treasurer's warrants
and State scrip. The Auditor, in his estimate
of the receipts and expenditures of the State
Government for the two years 1873 and 1874,
includes nothing for the payment of interest
ON the State debt. The State scrip at the
date of the Auditors last report stood at 80
DER cent discount, which is about the value
of the Louisiana State warrants, as determined
at the last auction SALE
AS regards the States we have mentioned.
if their present method Of dealing with their
creditors is the only alternative, the sooner
they publicly repudiate the better. The proper
Mace for decaying carcass is under ground.