Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1877-01-09
Communicated
Narth Carolina and her Pubic
EhnIt

Communicated.
Narth Carolina and her Public
Debt
NEW YORK, Jan. AT meeting
of the North Carolina bondhOlders to-
day, a resolution was passed authOriz-
ing the appointment of committee of
arbters between the State of North
Carolina and holders of it's bonds, and
that they be authorized for and on be-
half of the bondholders to take such
action as they may deem wise TO Sc
cure, if possible, the rpadjustment of
the debt of the State of North Carroll
ma upon a basis that shall be equally
considerable and just to the Stale and
to the bondholders.
The members of this Committee
agreed to act as arbiters in the manner
prescribed by the resolution, 1t was
also resOlved that the chairman should
appoint a subcommittee of six of the
bondholders to confer with these arbi-
ters as to the prelminaries and the
best method of adjusting the obliga-
ton Of the State. The chairman will
appoint the subcommittee in a few
days"
The bondholders of North Carolina
appoint committee to propose to that
State a 'reddjlStment of its public
debt upon a basis that shall be equally
considerate and just to the State and to
the bondhOlders."
Such proposition coming from the
bondholders of Virginia, would be de-
nounced by our honor and credit'
loving Funders as the entering wedge
to reputation.
The folly and infamy of the funding
bill becomes day by day more appa.
rent. Alabama and other Southern
States have settled their public debts
on bases "considerate and Just" to
themselves and the bondholders, and
now the bondholders OF North CARROLL
ma make overtures to that State for a
REIMBURSEMENT" OH a basis Just to both
parties, while Virginia, under the hy-
pOcriticaI preteXt of saving the honor
and credit Of the State" plunges deep
or and deeper into debt, and heaps
disgrace mountain-high upon the peo-
pie, by the oft repeated promises of
the funders to pay the debt which they
know they are not able to pay and
never will pay in full.
The truth is, that the financial poll
cy of our State is dictated by the bond
holders, and carried out by the ante
6ctiUn nabohs of East Va, who are
now as poor as church mice but actu-
ated by false pride and self-cOnceit are
willing to sacrifice the best interests
of the wealth to keep up APP
pearanCeS.
The whole unfortunate section of our
state East of the Blue Ridge, has
been cursed with this class of people
since the war. Instead of acknowl-
edging their poverty, as they could
very well afford to have done, as they
came by it honestly, and going to
work at the close of the war, they sold
their seed wheat, their downy beds.
ald some of them the remnants of
their patrimOuy to keep up the SEM
blance or their ancient ease and luXu-
ry. Many of the families of Rich
mond and other cities have supported
their carriages, their pews, and kept
abreast of the fashions of the day at
The expense of necessary supplies and
comforts at home, such was the mas
terry of false pride over them. This is
the class of people now well nigh
bankrupt, which is too proud to ac-
knowledge the poverty of the State
ana denounce every effort made to set
tie the debt on such basis as would
enable the people to pay it promptly,
and thus redeem the "honor and
credit of the State" and start the old
ship of State again on the highway to
fortune and to fame.n Honor and
credit' have been prostituted by the
funders till the expression has become
a hy-word aud reproach throughout
the state. They allow the State to be
dishonored semi-annually by failure
to raise revenue sufficient to pay the
accrulng interest on the debt, aud vet
they refuse even to ask a compromise
OF the debt, or, to use the language of
the bondholders of N. c., they refuse
to ask a "readjustment of the debt of
the State upon basis that shall be
eqHally cunsiderate and Just to the
State and to the tondholders. -
How long can the people submit TO
the folly OF such impracticables f? n
anything were wanting to convince
the boudhOlders that the interest on
the debt cannot be paid without i'm.
rreasing the present oppressive bur
den on land, il could be found in the
wild and fruitless search of the fund
ers after new subjects of taxation.
Ihey have taxed oysters, whisky,