The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1907-08-20
TRYING TO HURT THE STATE.

TRYING TO HURT THE STATE
The New York sun has kept up a
vigorous and brilliant smand for q
Southern man as the head of the
Democratic national tickle, for
than a year when II learned thar the
south would have no fossilized cAnol-
date, who would sleep while the trusts
robbed the people. n Sun lost inter
est In a "a candidate
For months this same Sun has been
employing able talent TO preach state
Rights and protest against the Hoose-
veltian policy of Capitalization. ana II
has printed some able articles against
the dangerous tendency OF the new
doctrine promulgated by Root BUT
when Governor Glenn. Of North Caro-
lima. following the trend OF the eoi-
torials in the Sun. stood for STATE
Rights and against eentralization, 10
and behold. the New York Sun. sell
constituted champion OF that doctrine
derides and rdicules the Governor Tor
doing the very thing n Sun hdd
been advocatin- for months. what
was the oub The Sun had been
writing it's editorials against Federal
power because 1t seemed that Federal
power was being exerted against its
particular favorites. the trusts. Ana
so, when Governor Glenn asserted the
inherent right of the State. 1T onend-
ed the Sun because il was the South
ern transportation trust that was be-
ing hit by the Governor. If he mad
been helping the trust, wouidnt tne
Sun have hailed the Governors brave
act as a assertion of the
doctrine of the reserved right of the
States?
Having tried to ridicule the position
of North Carolina and help out the
Southern Railway in its lawlessness,
and failed in its purpose, the Sun now
turns in to try to destroy the credit OF
the State in the bonds Of the counties
and cities in North Carolina as the
following shows:
"a prominent North Carolina
banker wanted to know yesterday
morning what the chances were or
floating a lot of prime 6 per cent North
Carolina county or municipal bonds in
Wall street. The bond house TO which
the inquiry was addressed called up
the heads Of several other houses and
received an emphatic negative Which
co-incided entirely with its own
opinion. Neither | nor any one |
know" he wired to North Carolina.
would own. recommend or even look
at any North Carolina security what
ever" In a short time the North
Carolina banker wired back even more
laconically: You're dead right" was
his answer
We challenge the Sun to give the
name OF the banker and the county
and municipal bonds of which it
speaks. The whole story sounds
"nshy'' and it is evident that the
writer in the Sun has been imposed
upon. North Carolina towns n
counties have floated more bonds this
year than in any previous year in its
history. Many of its five per cent
bonds have commanded a premium
and all the six per cent bonds have
been sold at a premium. We under
take to say that any North Carolina
five per cent municipal bond. Is
sued in accordance with the law. can
command easy sale at par, and that
they will be gobbled up at six per cent.
The publication of this unjust story
which, if not a fake palnled off on
the sun, bears all the ear-marks of a
fake, cannot iniure town and county
bonds, all of which command ready
sale. If it hurts at all. the only in
jury it can do will be to make it more
difficult for men who are developing
the resources Of the State to obtain
money.
What has North Carolina done to
justify this unjust assault POI the
credit of it's towns and counties?
1t has reduced passenger rates to
2 IA cents on Mr.. j. Pierpont Nor
gan's railroad. and mad the reduc-
ton upon the sworn statements of Mr.
j. Pterpont Morgan's employees.
What else?
It has compelled Mr.. J.. Pierpont
Morgan's railroad to obey that law
that it had flouted and aid it would
not obey.
The last was the criminal act of lese
majesty to the Sun and all other pa
pers Of its class: