Wilmington journal., 1875-02-19

ness realize the ravages Of war, especial
waen contisC alton has been employed o
such q colossal scale ? Is there any othe
! instance of the property CT a whole peopl
hNing been subjected to confiscation
IN a recent number Of the " EdinOurs Re
View =, January 1874, il Is estimated tha
the contscation If slave property cost tn
| Southern whites twelve tiuIes as much a
tie French indemnity, population for pop
! ulation. And ye: thai appeared 70 Europ
! 50 crIshiu& as To iti5ice th- belief that i
would cripple FraIe for a generation
! Gan history g,ve the foreign bondhOide
/ any adequate idea of the condition o
| people af'er war In whicl
such uIpafai!eld measures were rs
| sorted 10 end followed Ip after tt.
/ Ssr by measures equally unparalleled l
! i certain that TIE American bondholder
! do mo- know. or do not care for our condi
ton. They bes;e,se the Federal courts il
! this STATE; tl.ey press every claim upor
. winch the most speculative lawyer vii
v~f!tuse 10 Encourage suit. They cry out
Tx HhyIock, for The pound of feeh
>uch ara some Of the question!
"h!ch thinking men, who have turned
| tn II minds this subject, have fons
en- ionteri''g How pertinent those
quesIohs re Is proven by tht
K port If tire State Deht Con mittee
jtst laid before the LEGISLATURE Frur
! iaa5 Report Ii appears that sft@- puhIca.
ito, ny the E'oIHBiittee inviting q confer.
e9c' with tie Bondhoiders, mere fraction
] OF tie sock vas represented in the meet
ing; u a II he foreign boudoiders. no,
onr MS present: either by himself OF
proxy ana that the propositions submit
tt@ amount Ia, practically, no,hiug-
hi1 further, il 4 compromise were possi-
o!e 1t could only he made upon terms in
4 ttnISs Aide Il. sovereign State. Creditors
t"isid aCcept ii no compromise unless Sc
cured by The moot stringent guarantee.
They Would accept of no compromise that
ii not give them right of enforcing that
compromise in the couses-that did
':Ct give item, therefore, a command to
tn8t extent over tn. revenues of the ST ate
Il 1t were e,er:wise TO make snch sur
F'hce". ouid II bc so IL The prssent con
citizen i IN >ta.c?
We Should take warning On this sui iect
from tie State Of Virginia. Under the
eXiiiit ii the resources ofthe State, made
l'i O e "f lis messages. by Governor Walk
II, she tnnse,i the ilteres' on her public
debt i; was suhseque faund that this
aid1t!0ual burden " as more than the State
.oUi'. az. / ne Legislature then sus-
pended The fhn'ilng Act, Whereupnn suits
ere commenced. hcse resulted IT,
Judgment t..r the creditors; the State was
ppu' i ;rgetrievahly. Now, rsle has but to
II tie address delivered by Gov. Kemp
e 10 E'A h'1,dtiolders at their recent meet
i.C IA Richmond. to be satisfied how eu-
t:if'iy crTOl .ct'us that statement was. Let
IS not, With our eyes open, commit the
s IN" error. Above all let us consent to
n" NJ aS'ire which shall surrender our con-
tral ,,v'-r tn revenues of the State.
.. Bankruptcy. 1t is clear from what
has been sai'! that the principle Of bank
'npsy embraces nations as we'll as indi-
l'.-.'is There being, however no tribunal
- aijidicate between sovereign State and
5 creditors. as always exists in the case OF
"sd'vldu"!N, the declaration Of bankruptcy
l.Is. h" iy"de by the State itself, by ae
fir at so u.uch bS the state in heu Of the
"h"E- There are may such cases lei
IL :H5r one Of the mc.t stIiking-that OF
fraI.'~ on tie 10th of July, 1896. BY ;his
at # baJkrup.cv the debt of France vas
'''dlcet from IL COO OGO sterling 10 2,<O0,-
40 But it this case France paid one
'"nIh III money, aud three
t"'t1ths il nominal securities-sec1lrities
/ II Wa TO he such. AMI from which. Sc was
'tlcipa'cd, little or nothing WAS ever reai-
.zrd. The public creditor thus received
hat tje nati'nal extremity did hot permit.
I the ac' ION CT France at his juncture,
Even foreign h'storians-as ALISON fos
"<2mp pe-lelther express nor imply any
censure.
Du peeled and stripped g. onr State has
en-, even this sad alternative is not lvf!
g." her. She has 10 present means Of pay.
,''C auy 70 asouapl. part Of the debt; the
s.Gal! surplus il the trea ury would be as
: drop III the ocean She has 10 pr spect-
e means of payment. other thsn by the
'-[sIe Of lax ncnGs; bat apart from the
vi repIfe mo w;,ir!' his cIass Of securi-
t es has 20 jn,lv fai.r, such mea .
urc would invo;ec the necesslt '
u ped TIA: no one who has duly
.'urSi iered tho c0ndi ion oflne State as sub
united in these pages; 10 one who has prop
egiy wei2ied the eAplIrH declaration made
1T tbs s'ltj c5 hv ~ fInvernor and Treas
uT"r-rhe one, tbs political head; the 9TH
e, the tlaa':ci4 exponent Of that party
>7sd ,;1'f 10 rsi.'i;e upon sfich an ex dY s
ent.
This brings rs to the las, and only other
a,.er ,JiSe-thet is TO take no action al
" sP.r
But such n course would leave the interes
| .ieaoy large in amount, to still further
! and c instant accumulation. This is true
and lie evil onde'iably great; but great
| a. i is, i is yeL small compared with tho
| -si! .! imposing heavy burden Of taxa
| ton upon ol,r people a. the present time.
! line is ''e." our most potent ally. Al
0Hr hopes are in lhe future. The recen
elections Will be succeeded by an abate
! .n-.t # that insane hate which has pur
| 5ue'i rs since the war. We shal ono,
more be placed within the pale Of christia,
char Is A c.iIn and patriotic inquiry
III be directed Into The condition of TIN
Nc.,the-n States. When such inquiry il
| maze. onr trUe condition will bef ON
known. Then will be seen to what ex
renit.es We, as people, have been snh
| Iacted u hat suffering We have endured
hen. As tha logical result CT those elect
-1-iis wiso sta esm anship will address it
vif 10 'ha great questions of the day
:iyn y IL iht Crnsiiiu,iou, 50 often and S
,-.thtesslv violated in the government {
-"e Southern States, be vlndicated; Gu
| leJe local government will be restore
| aArt: oppressive laws will be repealed
a ii Z fostering care will be extended I
| al LreIt s!spi.S-staplrs which cUnstitut
nov. as heretofore, The main pillary in Il
| fare Ot -tmeciCaH finance. When tn,
! iav shall cnLe; when free career
'r,cc Iucr" presented to our people, the
VII oar industries revive, car resourc
- med ui, and our prosperity be r
stored.
i,.n, lastly, will the State o. N,'rt
.a.ulI,,. II her hrn.'red hea0 aga u, I'll
"a t,r !iaT creditors all that All ZONES. Sca
~ do.
4 North ROLfNIAN.
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