The Hillsborough recorder., 1877-06-06
FINANCIAL EFFEcTS OF HOME
RULE.''

Il
in the New York Joaraat Of Commerce Of
the 2lst Of Maya paper always judicious
and impartial, and wise in lis estimate Of
the inappreciable value os State aud Ma
1 tional honor.
The application Of the editorial to our
own State is plain enough. Without in
teution, there is a strong and painful con-
trast presented between the anxiety Of
South Carolina and Louisiana, relieved at
last Of radical domination. to resiare their
credit; and North Carolina free for years.
still hesitating aud doubling between the
disgraceful alternative Of Republication. aud
the manly purpose 10 redeem her credit ut
all sacrifices.
No doub. the people If North Carolina
like tile people Of South Carolina, would
especially dislike the payment Of any debt
which remains monument Of folly. extra
vagance and misrule.' Nay they will 90
farther than that; they are unanimous, and
Il rightly 50. 70 recognize no snch debts as
obligations. But there are debts. created
on the basis Of that honor and honesty for
which North Carolina was unce proyerbial.
not 50 easily set aside. A plighted public
faith. once given. cannot be broken without
inefaceablc disgrace. aud The effects attach
not only 20 the sovereign state. Int to rs
citizens as individuals. ltis no answer to
tie inevitable taunt. that the State viii 10
the future pursue 50 economical course,
that il will have no occasion again 10 test
its credit abroad that it can do without
aid from abroad. No State can predicate
its future. No State has right to tamper
with its reputation. And no State has the
! right 10 Isolate itself from the community
Of States by the erection of barlier Of
shame. A selfish regard TO the present may
avoid some present sacrifices. but in the
meanwhile is accumulatifg AN exhuustless
store Of future modification. and ultimate
loss.
, Let us contrast the rising fortunes Of the
! long crushed and harried states Of Louisiana
and South Carolina. under their deterini-
nation to redeem their credit, with that Of
, North Carolina whose bonds still hang hea-
W and depressed upon the market under
its doubling. halting. and suicidal policy,
and learn il it is not better 10 act rs tbose
two States alye determined to do. than TO
drag on through years Of vacillation between
prosperity and depression. The fofncr
may be assured by the heroic treatment
waich may be found necessary. The latter
must become the normal condition, il the
principle if permanent disregard to the
restoration Of State credit is resolved upon
Our predictions Of the good effects that
would follow the establishment Of home
. rule in Louisiana and South CarOIina are
: fulfilled IN many ways. One of these.
which business men at the North will keen.
ly appreciate. Is the improvement that is
being made in the disordered inances Of
those States. Il will take a long time.
: perhaps, TO straighten out the tangle ii
which the carpet baggers have involved the
affairs Of Louisiana and South Carolina
Hithou. venturing to p.ophesy what will
he the end Of the rectihcatiOn now 10 pros
gress. or hoT soun il will eUme, il suiices
] 10 say that there is now much better pros
{ pect for the honorable settlement II the
debts OF those States than there has been
at any time since the war. Inc effect Of
the recognition Of the Nichols government
in LaoisIaDa was almost magical upon the
! bonds Of that Stale. While tile Federal
e Commission Was sitting iu New Orleans
aud the issue Was uncertain. Louisiana Il
fiuctuated between 40 aud 76. representing
the hopes aud fears Of holders. Since the
Nichols party has bad sway the bond,
have ri.en to o.. There could be no bet.
ter proof Of returning confidence 10 the in-
. tegrity Of the government u Louisiana and
10 is disposition TO pay the STATE debts.
As long as tue carpet-baggers controlled
that States or disputed the right Of the
lawful authorities. the question u the salts
faction Of her debts Or the payment Of the
: interest thereon WAS open 10 the grayest
, doubts. These. II not wholly dispersed.
are greatly diminished by the 6nal triumph
Of the conservatives. IL is believed that
those men who represent the substantial
; business interests Of Louisiana will uphold
the payment II all the obligations of the
State, not only a. right aud honest Inea-
D sure. bot ~ the one thing most conducive
/ to her future prosperity. We bpps that
this expectation may prove true.
While the Louisisba fnaDces are thus
! improving. those Of South Cafolina are 10
. lair way 70 be ameliorated. Reputation
was not clearly defined issue IL lie late
struggle between Hampton aud Chamber
H. q. A "A 4. q