Wilmington daily gazette., 1873-06-18
From the New York Sun.
R0pudlAHlon.


The movement rscantly, initiated In Nsrth
Carolina by the Republican member elect 10 Con-
gress from the Raleigh district for Eepudiating the
debt OF that Stats hes only given fosm 10 an idea
long entertained. But it was hardly expected
that the proposition should camO from one whose
political friends had cDETupuy created this in
debtedness and who himself, a President Of one
| Of the principal railroads, was complicated with
the tniquity, Before the war Tho credit Of ne
State stood higher than that Of North Carolina.
1t corresponded with the sterling character, fra
gal habits, end stern integrity OF the population
Like Louisiana, the Old North Stato was betrayed
into secsaSlOn BY trading trokstars, such as HoL-
DEN, who, after having 0xplOitod that trOason
andaciOusly set up - ''porSseuted Union men,"
They were received int the confidence Of Gen.
GhAST and supported By his bayonets.
An Organized gang Of scalawags and carpet
baggors, protected by the Federal power welded
through HOLDKN as Governor, robbed the SIats Of
all the available resources, and then issued some
twenty millions Of bonds under pEstancs Of bull
ding railroads. though fifty miles were not con-
structed tor that Immense and pFohigAts issue.
LETTLKFtELDs the choR Of this crew, fed to Flori-
de, were eaTPet-bag Governor shaded him from
arrest and denied Fequisition for his delivery rs
= frugitive from justice. SwRPsoN, one OF HIS
principal confederates, conooaled his large share
Of the SpOils abroad, and Is now living in auence
at Raleigh, SoOrned By. all good msn, but SuS-
tanned by HOLDEN, whom Gen. GIANT made POST
master there BY way Of illustrating the beauties
Of the civil service, and by 4 Governor who was
counted in BY barolaced knaVsry.
This sketch Of North Carolina applies with
equal truth . ~ TIE Tseonatruetsd Ststaa In soms
the forms Of Law were abused TO increase the
debt, while n 0t6sfs iFa1d and forgery were reck-
ISssly employed to sHbssrVe thu parpose Of the
adventures who usurped ofaes. konds were
fabricated and put out at any price they would
fetch. New York, Boston, Philadelphia and
Europe for time furnished markets for these
spurious issues, aud it is to the dscredt Of se7era
bankers and brokers pretendiug 70 responsibility
thar they lent their influence and names to thess
pludering schemes. Ignorance was impossible in
view Of the nOtorioty which the eaFpet-bag
, governments had acquired and the shameless
robbery which their rule signiied everywhere.
But if the men who sold these bonds knowing
them to be worthless and fraudulent we're guilty
} OF bad faith to the public, those who dealt In
them alter all the warnings Of the press the inVes
LEGATIONS by Con1ess, and the fact that they were
4 summed by ths old fsSpsctRbls banking houses,
/ are entitled to little sympathy. They took th'
desperate venture Of gaining IArre fortunes fr ON
small Investments, with full notice Of the risk, o.
buying, the character Of the wares they WerV
and with earsat smptor daily dinnsd in thsh
cars
T While rspudiatiOn is to be deprecated in almos
Q any form, II excuse or paation can be- found fol
. IL ALL the case Of these Southern States comei
4 within his category. The law doss not rscogniza
& contract OF Obligation axtorted BY force. Ihesl
State governments were forcihly ssizsds and thea
debts thrust on the oPPresssd people, who had nc
voice In the fictitious logiaation, for which 1t Il
}. proposed TO eonhsgata their remaining property
! In the condition OF the South iha simple questoI
8 is whether TO repudiate pasaiVol BY allowing th
!, bonds and intereat to 60 by default or to Wip'
out the whole fraud BY sets OF the Legislature
dsn0aneing the issues as Illegal aud void.
" The inelease of uaht h the nine reoOastFucts'
States during the first three yoars Of Gen. Grant
y administration % fsaRful 20 contemplate. Her
2 are the hgures manly derived from the report o
4 the Congressional Ku-Klux COMMITTEES, TO whiel
Q both sides agreed, the data obtained from Oh
cial records mainly are known to be far below tn
a startling reality: