The Caucasian. (Clinton, N.C.) 188?-1913, 1910-06-02
THE STATES BOND IssUE.

On July /. 1910, the State of North
Carolina is liable for the payment of
$3,340,000. This Is for that amount
OF bonds issued under Democratic ad
ministration and for the refunding Of
which the last Legislature had pro-
vided means. Under the act Of the;
Legislature, the State Treasurer had
advertised for bids to be opened on
May 18th, but at that time 1t was
found, after extensive advertising,
only s1,764,000 had been bid for, and
the Council of State disdainfully re-
jected the inadequate offer and re-
advertised for bids to be opened on
May 28th. Very much to their sur
prise, however, the bids this time
only amounted to $1,218,5O0, and
these mostly only at par, far below
the bonus on the first bid.
Inundated and surprised beyond
bounds, the Council of State author
lied the acceptance of this small bid
and now unless a session of the Leg
islature is called into special meeting
they are apparently only trusting to
luck to redeem the credit and fair
name of the State. Whether such a
reckless and despairing course will
avail, only time will tell, but those
who understand the financial market
do not believe it will.
Who and what is responsible for
such situation, which is 80 humili-
ating to every good citizen of our
State, irrespective of politics? 1t is
easily answered. 1t lies in the hasty
irresponsible, prejudiced statements
that have recently been made, not
only by newspaper that is the self.
delegated mouthpiece of the Demo
cratic party, but from one high
in authority in the State, as well
as a public announcement Of the
States credit and good name by q
mat who has held three of the high.
est places in the nation, and that by
virtue and selection of the Demo.
cratic party.
Prior to the opening of the first
bids, the State Supreme Court, in q
decision written by Judge Manning
decided that such State bonds should
be exempted from the surplus of the
banks in making return for taxation
This opinion was dissented in by two
of the judges .one of whom intimated
that the opinion of the others might
later be over-ruled.
At the same time, the editor of the
News and Observer to whom the de
cision Of the judges elected by the
people was not satisfactory, proceed
ed in his usual venemous manner
to take the Supreme Court judges tt
task for giving an opinion displeas
ing to him and intimated that the
decision would not hold good, un
mindful of the fact that the decision
of that august tribunal disposed o.
the matter so far as the courts Of
this State were concerned.
Thirdly, the New York syndicate
which has long been attempting t.
collect the so-called carpet bag
bonds, headed by Democratic ex-Sen
ator, Democratic ex-Speaker of the
National House of Representatives
Democratic Secretary of the Treas
ury, John Griffen Carlisle, has pub
licly denounced the credit and fail
name Of the State of North Carolina
Fair-minded and impartial reader
be you Democrat or Republica. re
fleet on the above. Suppose the State
was In Republican hands now. Dom
you know that the News and Observ
or would proclaim that the failure t.
secure bids was due to distrust O.
Republican rule? Has not that al
ways been its course?
But is it not patent that capital
always timid, has been scared away
by indiscreet remarks to the effec
that the decision of the Supreme
Court may be upset, by the mouthy
and venemous remarks of the Demo
cratic organ and by the open denun
citation of the States credit by lead
ing Democrat appointed Secretary Of
the Treasury by a Democratic Presi
dent, whom this State and Other
Southern States helped to elect?
Play fair and give discredit and
reproach where it is justly due.
IAN ORTTJTARY."