The New York herald., 1877-03-16
NORTH CAROLINA'S DEBT.

ANOTHER MEETING or BoNDHoLDERs yEsTER-
DAY THE REPORT OF THE EXECUTIVE
COMMITTEE AND HISTORY OF THEIR La
BoEs AT RALEIGH-pIsTANr PROSPECTS, or
SETTLEMENT
Al meeting OF the North Carolina bondholdcrs held
yesterday afternoon in tho rooms OF the New York
Aning Board, Mr.. William J. Best, chairman OF the
committee appointed 10 confer with the officers OF
that State submitted an exhaustive report Of their ef
iorts to secure settlement The report recited the
difficulties which beset the labor OF the committee at
the outset, among which they found the most stub
born TO be the conscious poverty OF the people. IL
related the carly proceedings that were TAKEN their
kind reception by the Governor, the argument they
submitted to the Legislature and the people, and ref
OF the matter TO Joint Committee on the State
Debt. Counsel employed, who addressed this
committee in favor Of the proposition. and anally it
concluded to postpone the matter during the set
tlemcnt OF tho Presidential controversy. Meanwhe
another meeting OF the bondhoders was held In New
York and minimum basis OF settlement was named
With this the chairman Of the committee repaired
again to Raleigh on February H.
The report says:-'Un February u Mr Daniel q.
Fowe appeared before the legislative Committee and
made exceedingly able and exhaustive argument
in behalf OF the boudhodcrs. Soon after this mecing
We learned that the committee would probably report
in favor oi settlement the basis OF about So UO0,
the new bons TO bear interest al the rate oil three
cent per anpum Tor i've years and SIX per cent per
annum thereafter. the coupons being receivable
Tor taxes lhls settlement. though inadequate,
large holders, who are. impatient Tor imme.
diatc results. but we knew that the bondholdcrs
generally oud not close IN with the ofcr In view of
this fearing that the proposition might ail tho
LEGISLATURE thereby pjuring our Gauge hereafter, We
under -, ,oOOU0O, but, II agreeable them, TO
recommend the appointment Of commissioners to
treat with the bondhoders and plan OF settle
m ~ NJ nj llx
SION.
In this connection the chairman OF the committee
sent to the JOINT Committee on the State Debt
urgent communication. Tho suggestions made therein
met the approval OF the joint committee who reported
IN iavor oil appointing commisson and their report
has been confirmed by tue passage Of a bill by the
Legislature
SENTIMENTS or TmE NORTH cARoLISIANs.
The report says:-''It may seem indecate to refer
to work that has been done aud the difficulties and
discouragcments with which we have mad to contend.
Yet such reference Is necessary to enable you
prehend clearly the situation and appreciate the
portance OF the accommodations which We shall make
hereafter. With but single exception, so lar as
could ascertain the newspaper press either opposed
any settlement OF the public debt we're neutral upon
tho question. A Raleigh journal of some influence
clared few days alter arrival thero that IL had
not favored and did not then favor any p. oicct
funding the debt of Norm Carolina. ln tho Same
article holders OF the bonds constituting the rccog
nzed debt divided into tnrec classes, the first
class embracing those who, in the language of tho
editors purchased prior to the war and whose nands
guiltless OF that war. These were described AS
innocent holders and the only ones Consequently,
and whenever North Carolina eau do anything for
these holders she Is bound to do it, They must how
ever, show their title clear
"Iho second class o creditors, described as those
holders OF bonds who favored tho war against u.s.
meaning tho Concderacy, are said 10 have no claim
Whatever against North CurolI, On this point the
editors boldly affirm lhat every who niled his
hand against during the late war by that act re-
leased US from any obligation 10 him. Those OF our
creditors who destroyed ability to pay our debts
must take the consequences OF their own acts. J"
The report concludes az foliows:-
While have to regret. succeeded In eff
fecting settlement iecl that efforts emil
nenty successful in brushing away the
everywhere existed with the States in
terminate satisfactorily all parties concerned We
te first concerted action bring adjust
ment OF The debt OF state nearly nine years in deau
whose people, during named had been taught
that their ossus by the should exonerate them from
paying the puDic obligations Even among those avora
bic paying the belief obtained that the people
of interest state deDt. We convrrsrd
really intelligent aud upright men, some OF them members
Of the Legislature who It'll adhere TO this IDEA. which
experience VIII -bly eliminate from
from their minds
RgcoMxESDAroN THE COMMITTEE.
We believe thnt Efforts In this direction have done
good that the Legislature at Its session will
certuimy offer the edtos OF tho state liberal
than could have been obtained
circumstances We recommend that renewed Efforts be
MAIDS reach the people of North Carolina aud impress
them with great and steadily increasing
portan to themselves OF the OF the public deDt
This be dOne:
|. lhrough tho newspaper press of the State.
by the circulation OF documents relating specially to
this ject and the and money value o the
duets OF the state.
b BY meetings of the people in the principal towns and
bearings the general OF the whole STATE
especially In It's effects upon individuals.