The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1877-04-11
gag STATE DEBY.

- - - Of n ~ RE - y.
Commenting upon the Legislature, the
Charlotte Observer holds il sharply to ac-
eoun,for its oonac,ion upoe the question
NJ the State debt. Now. we think ID the
present financial coDditien of the State. the
Legislature acted wisely, II coald not Of
fer 10 the holders &c The valid state bonds
enough to satisfy just demands, without OPP
pressing the people with grievors load Of
taxation: aud on the other hand, it would
bot 60 to the other extreme Of repudiation
and so per force, the question was left in
sttlta quo.
But We are CAD 70 have the Charlotte
05ssrver IS an ally in the position We had
taken upon this grave aud troublesome sub
ject. Il is one which must be met. or it
must stand. in the language OF the 0bser-
uel Us, that great Incubus that drives away
immigration from our midst. and bsuods
like nightmare upon our prosperity. lt
must be met, and met satisfactorily upon
higher grounds. |. must be met as an sc,
Of justice to bonjholders, no matter into
whose hands the bonds have passed There
is no question that the State received full
equivalent for the sale OF those bonds al
ways recognized as valid. If the original
holders have parted with them. il Is not for
US 10 enquire whether exhausted patience,
pressure Of necessity, or he spirit Of specu-
lation caused the transfer. Ii they were
sold in their several transfers at less than
their original value. the claims ofthe pres.
ent holders is not weakened in law. IN equi-
ty, or in morals Only. thar a. the resour,
ces Of the State are diminished. those same
holders are willing to relinquish portion
Of their claim. and accept what fair arbi-
tratiou might agree upon.
State character is too sacred thing 10
triae with. The frauds or the misforiunes
Of indisiduals affect only themselves or their
communities. A State looms above the ho-
rizon in full view Of the whole world. Us
crimes cannot be hidden nos can they be
forgotten. Aud Reputation is the creates,
u all national crimes.
| We do not tolerate anything that squipts
at reputation. We therefore regret to find
that the Raleigh Observer which is SO well
entitled 10 lead on questions Of State poll
cy. seems to take such peculiar pride IL
chanpioning caase which must lead Il
state dishonor- Aud the Observer justi6e,
it on the singular plea that the Candy Con-
stitution has already enforced reputation
upon US and therefore Inc State is relieved
If the responsibility Of guarding It's honor.
What. the Observer quoting he Candy
1 Constitution Is > justification for anything
Why. il is but short time since that ths
editor Of the Observer. then ID charge o.
The Wilmington Journal. was the VERY
foremost in bis assaults upon tina, Jonstitu-
ton. Win be now except the mos. infa-
nous feature Of that Constitution from hi,
deuuneiatious, and reserve il a. precedeul
for farther iniAmy:
We 90 not thIuk our friend Of The O5-
serCer means 70 play the demagogue. bul
We think be woaid more wisely use biS IL
fueuce IN cu!tissting 8 sound and credita-
Bile Puolie opinion than IN leading that
opinion IN direction ,ich must lead &
future shame. aud unayiIiug regrets.