Wilmington journal., 1875-02-12

read for a long while. In our op1Inon
it disposes of the Public Debt qnes-
ton most completely. AN1l
From the letter accompanying the
communication we make the following
extract, giving g=i.riefy=the=E'cint
tablished by our correspondent. We
Regret, exceedingly, indeed We are pro-
voked, that the modesty of our cores
pondent prevents -us-from giving his
name. The. communication cannot fa y
however, to be recognized, as the pro
| duetion2 of the gentleman from the
middle portion of the State, whose
admirable letter upon the Convention
question, first published. in the Hills
boro Recorder and then republished
in the JoUBsAB, attracted such general
Communication last Fall: ...(-,s
1Hessrs. Eaagelhard d Saunders.:- =
|, DEAR SIRs: L have employed myself
,durlng the late bad weather in draw
ing up paper on the State Debt,
which. send by to-day's, mail. 1t
comprises Il history of the New Debt
upon the basis of the strong circular
issued from your Office some two years
since-in which / have sought to show
it's utter invalidlty; its want of obliga-
ton, either legal or moral. Then fol-
lows a consideration of the Old Debt;
| brief (Dut j believe Just) view OF the
condition OF the State; a discussion
OF the several alternatives presented,
| to us; aud lastly, the conclusion, J.. {,
that IL is the course of true wisdom to
take no ac ion at present. a 80 -
have endeayored to place the sub
| iect (as far as My space wouid allow
in all its aspec S, fully, fairly and tam
| glbly before the people of the State.
| = SO THE STATE DEBT.
The Governor of the State, in lis
message to the legislature, urged upon
! that body tie necessity of prompt ac-
! ton la regard to the "Public Debt -
! To this recommendation the Iegisla-
{ tue responded by the appointment OF
! a Joint Committee OF the two Houses
! TO consider and report thereOn. Thus,
| by the action OF Two coordinate
! branches Of the government, this sup-
l. ject is prom nentiy presented to the
! attention OF the people OF North Caro-
! lima; ami the Importance OF fte sub
! jet IS proclaimed bv the m+clljiery
/ which it calls INTO reqnt-1tlou-a JOIN {
! CrmmIt &c of the two Houses, second
only III q gnlJy TO d Committee OF the
5W.oie.
Ii is proposed to take advantage of
, the opportunity thus afforded, to give
something more than passing consld-
, GRAFTON to this subject. 1t is proposed
to retrace shortly the history of what
! is called the "New Debit" to consider
/ the manner III which that so-c4ilt d
debt WAS contracted, ,and its obligation,
moral and legal. It is proposed
further, to take a brief view OF the re-
sources of the State. ard to consider
| what action ought to be taken with re-
| spect to the "Oid Debt" If this In-
/ quiry shall encroach a little upon the
! time of the reader, it is hoped, never
! theless, that that time will be not un-
willingly conceded, when it is recol-
| lected how large portion OF the mes
sages of the late and of tie present
| Governor is devoted to this subject
! what aE extended consideration it has
! undergone IN former sessions OF the leg
Islature; what an intrinsic weight this
j question possesses on account OF the
! e&A1ooht A4tr I'4NSOs "ISlI ~ 10 1SSpAICCC'
! ed, il fine, how much depends to our
State and people upon the proper
/ solution Of this question.
It is conceived, however, to be due
to the honor of the State, that the
grounds upon which she has acted in
respect to this question should be
clearly stated; that the position she
| has taken II regard to the bonds com
| what 20 ll,1 !, u II,
| should be vindicated; and that the
responsibility for her inaction in re-
! gard to the "Old Debt" should be
fixed, and fixed where that responsi-
blity justly belongs.
No State can point with more pride
to her history, SO far as relates to her
public debt, than can the State OF
North Carolina. She early appreciated
that some of the ordinary avenues to
| greatness were barred to her. She could
not compete with some of her sister
| States in commerce, for example; her
iron bound coast precluded that.
Hence she would possess none of those
proud Influences which spring from
large cities which grow up at great
marts, and from the dense populations
which belong to such cities Though
her facilities for manufacturing were
great-great by reason of her water
power, her staples, her minerals
yet without commerce, it would be
long before capital could be accum u
| lated for the establishment of manu-
| factories. Butwhile ali these formidable
obstacles to material greatness existed,
all the avenues to moral greatness
were open to her. It was then, in this
high field of competition, that North
! Carolina addressed all her efforts to
secure for herself place in the very
| front ranks, among the States of the
! earth. And her efforts were success
| ful. She won for herself the highest of
all'renown-that of the honest old State
knowing her resources to be limited
si3 was slow in undertaking cost V
| public enterprises; she was chary
| to the last degree IN issuing bonds up-
on the credit of the State; and when
| she did issue them. it was only to
men of the purest integrity and of
| stainless character that she entrusted
their custody and disposal. Such was
| the State of North Carolina when she
| had the power of regulating her own
| aHalrs-frugal, careful, hOnest-fuifi-
| ling every promise, and III every trust
| taking due precautions that she might
| be able to do so. It was natural that.
| these bonds should be the favorite III
| yestment Of cautious and prudent men
| everywhere. 1t was natural that these
| bonds should command considerable
| premium This was ia fact the case:
one Stat onl y commanded higher
| that was the State of Massachusetts,
| Had the people of this State contin-
ued to enjoy the boon of self govern
ment to this day. these bonds wo,ld
be as much sought after now as ever;
for then the vast assets of the State
in Railroads would have been pre-
served; we should have been free from
those shocks produced by the over
throw of our Government und the
Reconstruction Acts; we should have
been peaceful and pfosp erous. and
the credit of our State would have
been Intact.
Why is it then that the credit of
our State is to-day so low, and by
whose agency was it that this old Com
| monwealth, with fame once SO fair, is
now reduced to her present condition