Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1881-04-21
From Senator vance's Speech.
WAat North Carolina D,1-x
Lesson Taught by the North.

Lesson Taught by the North. ,
At the beginning of the war in
1861, the taxable property of the,
State OF North Carolina, upon
which this debt was based, amount
ed to $225,O00.0OO. I have not
been able to obtain in this city, as
| expected, the official documents
OF the State Department OF North
Carolina, and [ state 1t from mem
ory at 1925, 100000, Si01, geo, ,O0G
Of which was slave property. When
the Legi> }ature passed the act [
have just had read by the Secreta-
ry. the slave property of course was
gone, and the real estate and all
the remainder of the property that
had been taxable was much dinlin-
ished in valuable, so that it can be
said with truth that the taxable
property OF the State at that time
amounted to about 500, 100000,
not more.
In 1868 further provision was
made tor finding the accum nlated
interest that had not been paid
and in the same year, another ses-
sion of the Legislature, the matur-
ing bonds were funded. 1t was
also provided that they should bear
interest at the rate of 6 per cent.
until provision 0as made for their
payment SO that up to the year
1868 every act that an impoyerish-
ed ard almost ruined people could
perform for the discharge of their
obligations was doue, and was ad-
hercd to as faithfully as was in our
power. In 1868, however, there
came what was known as recon-
struction. The fourteenth amend
5 ment was submitted to the people
OF North Carolina, and it was au-
S nounced that unless that amend
e ment was adopted .hc State could
hot be re-admittcd in the Union
G The fourteenth amendment contain
: cd a provision that North Carolins
0 should repudiate all Of her deb
= contracted directly or indirectly il
= aid of the rebellion. So we hat
either to remain out Of the UnioI
t.. under the control of the militi;
= which was placed over us by the re
t construction acts, Or we had t
It adopt the fourteenth alnendmen
e and drink this chalice of repudia-
xxyt Irh fn G
: l announce without the tear of be-
: ing conlradictcd that for the frs
q time in the history OF North Caro-
e lima was she compelled to repudi-
: ate any Of her obligations. In th
n course OF two hundred and ninet
il years, since the ships Of Waite
> Raleigh dropped their anchors ii
r Hatteras Inlet and the first man Q
|, the Indo Germanic race ever be,
= held her glorious forests and her ri
|. vers and her BAYS, for the first tim
North Carolina was compelled T.
G be recreant to her plighted faith
and that she then did SO at th
" dictation Of the loyal non-repudiat
y ing, debt-paying, honest anu virtu
t Gus people of the North-the lie
,e publican party of the North!
= speak of those who controlled tn
,e North, OF course. commend th
ID fact, Mr.. President, to the consid
/, Grafton OF gentlemen upon the othe
8, side. What was repudiated by ths
Is section of the fourteenth amend
re ment which VIC were compelled I
b. adopt in our own constitution, al
IN which was adopted by the Legis
II lature which was elected under IL
= reconstruction acts 3! Not onl
ly all of the debt properly create
,c by the State of North Carolina
in aid OF the war, (of that we coul
l. not 50 much complain,) but til
bonds issued in suppoat Of the gov
to erument of the State dnring Il
of period of the war had found the
d. way into all the channels OF trae
at and intercourse among our peopl
ID A large amount Of them had four
j, their way to banks nee .ssarily, az
- most OF those banks when the
g. bonds We're repudiated becan
ia bankrupt and we're destroye
lie Widows and orphan children who
I'd all consisted in these bonds wbit
20 had been taken tor them by the
guardians Or by administrators
which they were the distributor
ed those were all repudiatcd.
r. The school fund found itself
the possession Of u large number
them; these were repudiated. al
the little children of the s at
:. standing In the midst of a stlipp,
- and desolate country, as ours wi
then, found themselves wltho
io the means If education simply b'
~ cause the State had been compel
l. ed to repudiate the obligasie
Al which constituted their iund. Maj
to 40 orphan child who has grow
ce up in ignorance, and whose nau
ld will appear in the census repor