New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-10-02

prnMI.E5 TO PAY INTEREST AND PRINCIPAL THAT
HAVE not BEEE KFPr-A Virtual REPUDlATIoN.
To the EdffOr Of the TribWhe.
SIR: Notwithstanding all that has been writ
ten about rerudiaiion, cannot refrain from inviting
renewed attention to the Of North Carolina Con
slider its treatment OF the holders Of the odd de5t Of
the stat, and for which the State received 100 cents on
the dollar Many OF these bonds matured during the
war Not having the money 10 pay, their Legislature, in
1896 issed bonds in exchange for the principal and
accrued interest They agreed 10 pay per cent on the
new bonds Two years passed but no interest was paid
In 1sG5 the Legislature again passed bill, under which
al Old uniundcd bonds might be exchanged
as well "a the accrued interest TO thai date
New promises were mudo to pay tho interest
bat SIX years more elapsed without a dollar
being pnid This brings b. last winters legislation
which hrs no parallel in history for its shamccFsncss
and sscality, while putting forth aplea OF honesty Il
has before been referred to III your columns % The most
astonishing piece OF legislation heard Of Uore 1t
IS in substance The LEGISLATURE appointed committee
20 confer with the bondhodcrs. Tie bondholders were
invited 10 three days conference ut Raleigh After
aauy ycars Of patient waiting the widely advertised call
cause, many to think that justice was finally 70 be dis
penscd. Some supplemented creditors attended the
meeting great expense. Said one 10 The Committee;
siis, you really DO net end doing anything for rs
do you3'
ooh, yes; you may depend upon ills Legislature set
Ting this debt question" the Committee replied
Batvi.i it Be "a satisfactory settlement think you"
"Il VIII mot he unreasonable think. ION vii probably
not Re asc srai" principal but pay hcnt OF part
vi tnc interest 81. l,i Uc deferred, possibly
Tire "bloatoG" and uciudcd hpallold rs returned
churdas and said: Ho believe ia che old North 5.tc
yei" Il .Wo months the press published I'm abs'!# OF
n hf v,fe. p..-.u both Houses IL read over and
dispatch" No indeed for tne State Treasurer confirmed
f5 correctness. / will stat" the substance o the I.
Thr43 WHO did net cvcian 20 Their old bonds under
previous acts may now Zee I'VE q new consolidated
baad" ,of the old 10 hose who hold The 1856 and 1868
.,ur, when 1 nave said were given In exchange for
past due Ola bonds, "the s1idate' vii now Re ygn
% per cent CA" Tor FOUR Nrr is tul- Tie
cu Tor ail the accrued ugTc. is 81 salJWed. IL 10
case is there less than - per cent OF p2s5
duo coupons. TaiS Reputation OF GO ana ~ per
cent II the principal and all The accrued interest
ought apparently 90 satisfy them. But no. They put the
crntbi. Jgt.n 81 work Their bonds hGvO heretofore
born. p.r cent. But the "COusOijatea," which the
ce.sas bear interest follows: per cent pui au.uu
for years; per cent for years; per ceGt ior
years. and por FOR 20 years. Now how stands the
with hose who converted their OLD bonds III
1866 and 1861 each ~ 900 Elk par cont bond
rp,,nti.r ~ 1850 nl,iUlng interest tle offered
of per cent II they pa thc interest, this new bond
would sell for 20 probably, rory do. als realized lOr
what the state received uly - 800 ter.
The Constitutional Convention OF North Carolina Is
now session. Ih2Y represented very able men,
ard have a committee considering the subject or the
men, and by reasonable compromise regain fo- their
Commonwealth % its former credit when t9 bonds
sold mt mar Danish all hope from the hearts OF many
patient an! suffering bOulhOdci by approving the inIa
nous enactment OF last Winters Legislature.
brooklyn, Sept. 2s, 1870 l. j. MORROW.