The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-02
The Public Debts of the
Southern States.
OUR HOME MARKETS.
Suspense and Inactivity in Stocks
The Course Of Money.
IMPORTS AND EXPORTS.
WALL STREET,
CTrND Feb 1 1874

at all times subject OF interest to their many bond
holders on both sides Of the Atlantic; but unfor-
tunatey 1t is SO much mudded that 1t Is almost
impossible to separate the wheat from the chafr
1t is gratifying to know, however, that in nearly
all Of the States efforts are being made to adjust
their respective public debts on favorable basis
and to resume the payment OF the interest upon
the same. In Virginia, Tennessee and Louisiana
certain plans looking TO this end have already
been evolved, and are up for consideration In
South Carolina the situation could not be more
disgracelul II the government and treasury had
been managed by
PROFESSIONAL BURGLARS
intent on the largest plumber. The conservative
republicans In the Legislature at the present
moment quarreling over printing bill which has
reached the enormous sum OF over half million
dollars as against an expenditure of from 1000
to $4,000 that used to be charged for the same
purpose in ante-beum times In North Carolina
the people are at present unable to pay any part
OF their public debt or do more than provide for
the absolute necessities OF the government such
for instance, as common school instruction the
care OF neglected idiots, computed at 1000; the
insane, computed at $780, and q large number Or
deaf dumb and blind. An appeal Is consequently
suggested to the general government to lend to
the State such
FINANCIAL AID AND CREDIT
as will enable it to provide for the total extinction
OF the debt without depressing the people. Many
members OF the Legislature two members of Con-
gress and two or three leading newspapers in
North Carolina are said to espouse the policy Of
reputation. The total Stare debt since the war
has been increased from $4,000, COO to upwards of
$40 200, and the interest on the same has not
been paid for more two years. One of the bills
introduced in the Legislature proposes to pay
thirty cents on the dollar upon all bonds issued
internal improvements
OF these bonds is little less than $22 OOO OOO At
recent meeting OF the English bOndholders, held
IN London, an address was forwarded to one OF
the public men Of the State setting forth in general
terms thatM
NORTH CAROLINA
will maintain the high credit abroad which she
possessed anterior to the 1t will constitute ga
certain amount OF capital IN the hands OF honest
men far beyond the power OF money! and secure
the confidence and cooperation OF the council Of
bondholders, who Will thereupon do all in their
power to aid in the development OF the great re-
sources OF the State-the opening OF her ports the
growth OF her mines and the completion OF her
railway system. The message OF the Governor
fully Acknowledges the validity OF the debt Incurred
In England, and 1t is well said that the Legisla-
ture cannot tamper with the same without doing
greater injury to herself than her creditors by
the utter obliteration OF her credit.
FLORIDA.
Among all her Southern sisters, however there
Is no state which has quickly regained her feet
and possesses a public debt more insignificant or
more comfortable than Florida. For the first time
since reconstruction the legitimate expenses OF
the government have not only been betrayed, but
more than $4,000 OF the floating debt paid. From
the Comptroers report for the year 1873, just pub
lished We CLEAN the following items OF general IN
terest:-The bonded debt, with all the interest due
on the LIST OF January. 1874, only 81 400 223 or
$245 $50 less than it was supposed to be one year
ago. The amount OF outstanding obligations in the
shape OF COmptroller's warrants and Treasurer's
certificates IS $19O,5s5. The receipts for the year
ending December 81, 1873, from the collection OF
taxes and licenses were $500 1886, and the expendi
lures, exclusive Of the borrowed money and inter-
est on 1871 bonds, were $3l4,S17. or this amount
$246 I'll were for the regular expenses OF 1873 and
$685. los were applied to the liquidation OF bills in
CURED anterior to 1873. These figures testify
CREDITABLE AND ECONOMICAL MANAGEMENT
by the administration of the State, and according
to the census ir now stands IN total Indebtedness
the thirty fifth on the list. 1t is fact not gen.
orally known that in point Of territory Florida is
larger than New England and has 2,26s square
miles more than the State Of New York. For the
purpose Of funding the present Indebtedness OF
Florida the Legislature Of 1873 directed the issue
OF 900 900 six per gold bonds having thirty
years to run, OF which $500, 900 were authorized
to be sold, at not less than eighty cents OF
this amount there remains 70 sold
only $235 000 the difference having been applied to
the redemption and cancellation OF former bonds
A tax Of 900 Is levied Tor the payment of the
Interest on the foregoing issue and for the Gre
alton Of sinking fund OF at least
2 per cent on the principal, and the
amount can be applied to no other purpose
q w
bonds for any purpose whatever" We dwell
somewhat upon these details Of the financial man.
agement OF Florida; first, because they are en-
cOuraging signs OF that recuperation which the
people desire to see, and, secondly, because they
AFFORD an example worthy of imitation by other
Southern States. AS consequence, Florida is
growing rapidly. At least fifty thousand persons
visit the State every winter, and capital finds
resting place In the development Of orange groves
cotton plantations, and the production ofvast sup.
plies OF timber. 1t Is the legitimate result OF the
establishment Of peace, political honor and public
order OF
THE EVENTS OF THE WEEK
there is little to write. Delay by Congress In
taxing definite action with reference to financial |
questions has not only interfered with specula- !
tion-a small matter, by the way in contrast with !
general results-but 1t has curtailed the opportu.
mites of those who are engaged in legitimate CON-
merce. The money OF nation Is always sensf- !
tive but It is especially so when as In the present
case. Its character waits on the patent doctoring
of lot Of Congressman whose chief claim to men,
ton Is that they have played the demagogue in
country villages and the Ounce on the floor OF the
national Legislature. Business men are anxious
to know whether we shall have imitation, because
more greenbacks means the multiplication or
bank credits in the proportion Of four to one, and
another basis for business. 1t also means violation
OF law; the unemployment OF war measure; q
confession of weakness; an antagonism to the OFF,
cially expressed opinion Of almost every Chamber
OF Commerce and Board of Trade In the country-a
body OF men who, representing the solid interests
OF the country, know whereof they nave spoken.
The subject has been fully discussed in this col.
umn.
MONEY