Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-06-12
Letter from Appleton Oak smlth,

Letter from Appleton Oaksmlth.
Esq.
HoLLYwooD, CiRTERET Co., n. c.,
June 3, 1874 {
Messrs. EngeMard d Saunders, Edit
ors and P.oorietors Of the Whining
ton Journal.
DEAR SIRs:-My attention has been
| called to an editorial rejecting upon
! the Council of Foreign Bondholders
and myself, appearing in your issue OF
the 7th of April last. Without enlarg-
| ing, I will reply to its specific points.
In the first place, do not now, new
er have belonged, and never shall belong
to any ''ring." do not only despise
them, but despise the men who di-
rectly or indirectly support them.
In the second place; if you infer
that the Corporation of Foreign
Bondholders of London is a 'ring, ''you
are laboring under a wrong impress
sion. You might, with equal proprie-
| ty, conclude that the Bank of England
| (some of whose Directors are members
of the Council of Foreign Bondhold-
ers) is "ring."
| In the third place, I was not intro
duced to the Corporation of Foreign
Bondholders by Governor Caldwell at
all-on the contrary, I first introduced
his name and or State finances. Ny
introduction to the Corporation OF
| Foreign Bondholders was q personal
one, made by a member of the London
Stock Exchange, Mr.. Hakes, who is
also member of the Lombard Ex-
change" of which 1 also am now and
have long been member. Neither
Governor Caldwell nor myself have
ever represented that I was a member
of the Legislature of North Carolina,
and neither is in anyway responsiblef for
the error, which [ have reason to be-
l;eve, occurred in part through parties
having referred to ne, in response to
enquiries made by the Council of For
eign Bondholders, as the Hon. Apple
ton Oaksmith, distinction to which
I hare been and am entitled, but of
which I am as little tenacious as of
other titles and rank which I have
both acquired and won. I prefer to
be known as plain Appleton Oaksmith.
Nothing more.
/ DO not think the Corporation of
Foreign Bondholder's of London is
such an institution as you have infer
red. 1t is wise in it's production and
beneticient in its objects and purposes;
if truly understand then. But it is
controlled by men who are subject to
the usual influences of human nature,
and who cannot help being more or
less moved by detraction and misin-
depreciation.
The settlement or adjustment of
our State finances is the most impor-
tant question which opr people will
| To ,lar for
cannot be dealt with in the spirit
which seems to actuate your remarks,
if rightly construe them.
The debt exists, and is constantly
increasing through the doc nothing
policy which has been supported by
many journals in the State, as wei.
as by political demagOges who have
placed their personal and petty liz
terests above that of our entire people.
Something will have to be done with
this debt sooner or later, and the
quicker our people are awakened to a
sense of their peril, and their duty on
the subject the better for us all.
The London Corporation of Foreign
Bondholders is extending its influence
to New York. Through representa-
tons which have been made to them
i'll which [ have had no inconsiderable
share-they are Opposed to advocate a
greater degree OF leniency toward our
State than has yet been made mani
fest 1t is in their power to make a
better adjustment OF our State debt
than we can make ourselves. True
policy would then dictate that we
shonld not ALLEVIATE either their kindly
feelings and impressions, or their "a
vorable influence.
In regard to my own personal State
financial views, I wish them distinctly
understood. L am in favor of reduc-
ing all our present State Indebtedness
to the lowest possible aggregate sum
that can be reached by honorable and
fair adjustment and compromise: and
when that sum is fixed and determin-
ed, providing for moderate interest
thereGn and small sinking fund.
We3,-we should take away from the
General Assembly by constitutional
amendment the power ever to increase
that debt, This is the policy l would
advocate.
l have reason to believe that the
Council of Foreign Bondholders
would assist us in this respect, and
hence ] deeply regret and strongly
depreeate any reflection or misinter-
pretations of their objects and policy.
l shall always oppose all attempts
to further burden our State or oap of
our counties, with additional debts
[ wish North Carolina, if she can, to
borrow sufficient money abroad to
make the best possible settlement of
all her present Indebtedness, and let
the s"a1 SO bOTTOircd constitute her
only debt-with constitutional amend
ments prohibiting its increase.
If you are disposed after mature de-
alterations to approve this policy, l
shall be not only too happy to have
your co operation, but believe you will
do the State great service.
Yours respectfully,
| APPLETON OAKSMITH,
of Carteret