The Hillsborough recorder., 1877-01-10
aillsbatuugh asrarasr.
THE STATE BEBr.

IN W. Wise anu paiiuuV iuauguIai cHu'
merated among the essentials Tor the recn.
peration Of North Carolina, the . restora
tica Of the credit Of tho Stale.s This HI
names iirst in order, and be has given th,
Mhject its proper prominence. Withou'
this credit, with peace and hasmony secar,
ed by the proper adjustment Of national At.
fairs. get along amoag ourselves. but viii
respect TO our sister states. to the capita.
lists Of the world. 10 tie faancicr Of otLel
communities, how shall We stand /? Let il
not suffice 10 say that We can get along
then. We can get along. but II will be a:
the Pariah with tile brand Of shame indeli-
bly, imprinted apon him Wecan get along,
but it will be ia isolation. with our gate.
closed against the immigration We 80 eager.
y invite, ard the capital Of which We 50
much stand 10 neei We can get along,
but il vii! be in self consciousness Of guilt
II we DO not take some Immediate steps to
redeem fame once SO bright, now tarnish.
ed, and the sport or the execration Of the
monied centres Of the country.
The question Of the public debt is one al
ways Of anxiety to the statesman who re-
CARDS the character and the permanent good
Of bis State. II is b~aet with difficulties.
not only because Of i apparent imneusi-
~, but because il is perplexei BY the en-
tanglenent Of honest With dishonest obliga-
tions. But the vigilant eye c.truih, ought,
to be able to discri.ninats between tbstrue
and the false. and the stalwalt arm or
vigorous justice To prompt 10 sever the un-
!, natural association.
There ought to Be 90 difficulty 10 dis
posing Of that class Of debt, and that BY Tar
the largest which weighs 50 heavily in all
the measures for relief The Special tax
bonds have no lsgiiimste paternity. They
sprung into life through corruption, TO ae-
eOmplish corrupt ends.
They we're born in debauchery thsy
were sqanDdered in prodigaIity. They
feasted aud fattened the missrable crew Of
scoundrels who fastened upOa the State in
those i'll omened days when crime 10 al its
shapes held high carnival. They made
rich the vampires who fastened upon the
PROSTATE body Of fallen State, and 6Iled
them with the life blood Of people held
back from tie defence of their rights and
their properties " the meuace Of military
power.
i i possible, that this legacy Of debt
left to North Carolina b ihess unscrupu-
lJus robbers aud debauchess can he held
saereds That il is 10 be regarded as an
obligation imperative on Us 10 assuiAe. and
because in our poverty We are not able to
liquidate this ~ addition to what wereally
sna honestly do owe. we must forfeit our
honor anG let all our debt be buried under
danning shade Of uniysrsa: repudistions
This must be the case. II The whole deb,
is recognized as valid. We cannot look
the enornOus sggregaie IN the face with
any possible hope Of honestly extinguishiDg |
il.
But We en- honora5ly, conscisntioOsly
ma periodically e1tinguisb tie major part
y i. By summary disposition of that por.
lion embrscea IL the Special tax bonds.
The world will Asquit ~ 81 al wrong. The
people u the Stae are 10 more responsible
for lie debt % The British prvsincss. aud
they had as little fruit of The proceeds de-
rived From the sale Of those bonds. The
mans Of ths people. used . create this
debt, was moesei 10 bitter irohy when
.pend thrills ADD shsrpsts aad gambler.
and lswi wowsn gIareJ fcr awhile upon
sbs public eye uiih the spIsSdor Of their IL
gotten gains. % sink after awhile into dis.
gJace aud poverty as great asthat of lhe
people tbsy bad robbed, With boiliiag 10
nark the result Of iaeIr work except the
evidences % debt the people are called up.
ou 70 venerate and acknowledge ~ binding
obligations, 81 . tie Instruments Of their
dishonor.
10 The consideration " lie red, qsestion.
We say. Ies tiese special TAX hoods be dis
regarded. Taen there viii remain debt
~hich popalar conscience aaa popular busi.
uess instinct must regard - bipding. .
TIE Old deot Of ,he State before he var !
"a, sbOu, $1,000 600, % Jan. .. isgi. )
Bat deducling The North Carolina Rail 9
IlOsd the COS. Il which OF tie part q the :
State was about s3 QUO .OgO. sh1 wbleh !. :
! valid repre.ebistise of thai sum. there
ten,sins az OOO GOO. 10 gI,ich shnald Le