Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-10-30
THE STATE DEBT


As the time for the meeting of the
Legislature draws nigh, the Public
Debt qurstion is attracting more and
more attention. Much has been SAID
about the proper disposition of the
public debt and much morewill doubt
less be said with probably result in
the future similar to that in the past.
The position of the JOURNAL In re-
gard to the matter has been elaborated
80 fully and 80 frequently that we deem
it unnecessary to repeat it now. We
think, however, that it would be not
very much out of place for the parties
who are SO urgent for the Legislature
Chat is the Conservative party control
ling the Legislature to make an "early
settlement of the public debt" to sug-
gest how it can be done. Some OF our
friends in their advice to the Legisla-
ture remind us very much OF the adj
vice Josh Billings gives to his friends
laboring under pecuniary embarras-
ments. "Pay your debts, pay them
always" says he, "eve,a If you hare to
6o7voe0 the money to do 1T.
The following letter, unlike many OF
the calls upon the Legislature, has at
least the merit of not asking that body
to solve the Public Debt question
without Suggesting how it may be
done, and we therefore commend 1t to
the attention of the membres of the
Legislature. After the Legislature
shall meet the JOURNAL will take oc-
casion once more to express its own
views in regard to the matter:
Editors Daily Journal:
: There evidently has been some move
nQent among the foreign bond-holders OF
the bonds Of the Southern States, look
ing to an adjustment with these States
upon some basis within their ability
to pay. Now seems q good time to
look into the matter.
Every citizen of North Carolina suf-
fers from the bad credit of his State.
Prosperity will keep aloof until State
credit is reestablished. From lnves-
tigation during the past Summer I am
satisfied the State creditors are willing
to settle upon such terms as to keep
the debt within the sum of ten millions
dollars. Three millions of dollars is
sued to the North Carolina Railroad
are already secured to their owners,
by the stock of that Company-the
interest being paid from dividends
need not enter into the matter of set
Element. We need then seven mil.
lions of bonds, the payment Of which
should be secured by every pos
sible means within the power
of the State; say bonds of which
principal and interest should bt
payable in gold, running 90, 30 ant
40 years. The interest on $1,000, 0Ol
would be 1920, 900 per annum; sun
certainly within the power Of the STATE
to payfwithout oppression.
It is certain that Convention vii
be called to amend the Constitution O
the State within short time. Whel
it does nc ct let provision be put il
the new Constitution prohibiting tn
General Assembly from aiding III an
Improvement, cr appropriating do
lar for any Other purpose than til
maintenance of the State government
and the payment of t. interest on th
debt created by the CON promise wit
its creditors, for term OF forty years
BY this course creditors will be assul
ed that what they receive from th
State will have some value in tn
money market.
The old debt and accumulated il
terest stands highest in the ConstItl
iion-thcre is q portion of the ne
debt entitled to equitable adiustmen
Much of the new debt is unworthy
any consideration. Whoever is s.
lected to settle with the creditor
should be empowered to scale all obi
cations SO that everything outstant
ing might be returned to the Treasur,
The limitation of the debt to tt
millions of dollars, would give CON
dence to the tax payers as well as Gre
itors, and breathing time would be o
tanned. Twenty, thirty or forty years
exemption from schemes to obta
State aid to railroads and other in
provements, would clear the Gener
Assembly of an immense amount
work, shorten its sessions, lessen ia
alton for expenses and remove 6
temptation from the Legislative hall
TIA Convention would only accomplif
this end, and no other, 1 would consi
er it an economical investment. I'll
lavish manner in which State aid hi
been given needs to be stopped. I'll
people require long exemption fro
heavy taxes in the future. The Sta
must be kept in a financial conditie
that will invite immigration to &
this its future financial policy must
fixed. Let the Convention of the pc
pie do this.
L feel deep interest in the settl
ment of the debt of our State. No OF
should complain if the old debt can
paid with a new debt of less than ha
the ante belluna debt. It seems to |
important to call the attention of evel
man in the State to this subject.
have given my views in order to invi
discussion and bring the matter befo
the next General Assembly. M.
THE CAUSE OF THE HAIR