The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1910-06-23

Why Mr.. Duke Should Purchase
These Bonds Beside the Element OF
State Pride.
Wilmington Star.
The American Tobacco Company is
getting a good deal OF praise for hav-
ing subscribed for 81, 900, 900 ofNorth
Cardinals 40 year 4 per cent. bonds
at time when Governor kitchin was
hard-pushed to place all ofthe States
new issue amounting to $3,43O,O0O
MIR. Duke, who is the head OF that
great and rich corporation, is a
native ofNorth Carolina and no doubt
he had a patriotic motive in making
such a liberal subscription. At the
same time it was sound business judg-
ment In an emergency to protect the
States credit, for the American
Tobacco Company does a tremendous
business in the State both as a buy
or OF leaf tobacco and as a seller OF
the manufactured product.
There were several good business
reasons why Mr.. Dukes Company and
others should purchase North Caro-
lima bonds, not the least OF which is
that it was a good investment. The
bonds bear 4 per cent. interest and
sold at par, and while some conten-
ton has been made that 4 per cent.
interest is low rate, we wish to state
that we do not consider it so. North
Cardinals splendid credit places this
State in the low interest class, be-
cause the old North State Is as good
as gold when she stands back OF an
obligation that is honest and one
that is of her own making. Those 4
per cents are also exempted from tax
alton, which makes them good as as
sets, and, as a matter OF fact, we
think the purchasers who got them
at par are in luck and to be congratu-
lated.
However, we shall look on Mr..
Dukes purchase as having been in
spired by State pride and we hope it
was. We believe, in fact, that his
love for North Carolina was the main
reason for his company's action, and
we say all honor to him, to the banks
Ind to other North Carolinians who
purchased bonds with view to stand
by their States credit. So much for
that part of it, and something else
for another view OF it. For instance,
the Winston-Salem Journal comment
ing upon the praiseworthy act of the
American Tobacco Company, makes
1t the occasion for taking a crack at
the Inconsistency of the Press" Says
our esteemed Twin City contem-
porary:
"Not long since the press OF North
Carolina was denouncing in scathing
terms the alleged tobacco trust To-
day the self same papers are praising
the American Tobacco Company for
coming to the rescue of the State
when in financial trouble. The United
States Supreme Court will likely hand
down an opinion in the American To-
bacco Company case in the fall, and
then watch the newspapers OF North
Carolina, which previously used such
scathiDg terms against a cooperation
in restraint OF trade. Undoubtedly,
the American Tobacco Company
saved the credit OF North Carolina
at this time, without the necessity of
having the General Assembly meet
In extraordinary session, but If the
State has been actuated in the past
to hold that this company is a trust
and it's profits are Legitimate, has
not North Carolina compromised a
serious question, when the evidence
OF truth Of the charges against the
trust are as strong as ever? There
are corporations in North Caro-
lima doing business in violation OF the
Sherman ANTITRUST act, which are
in the same class as the larger cor
porations of the country. The State
is to be congratulated upon receiving
bid for 81 100000 OF bonds at this
time, but the press can Ill afford in
the future to denounce the source
from which the bid was received, after
its praise of the last few days"
Doubtless the editorial OF the es-
teemed Journal is timely, but our rec
election is that it's indictment OF the
press Is not quite borne out by the
facts. 1t would have been more cor
rect to lay 1t to some of the press
for "denouncing in scathing terms
the alleged tobacco trust" We believe
the press generally was conservative
and fair In It's comments but some of
our brother quill drivers were "scath-
ing" and bitter neutrality-suspicious.,
too much so, and at times when it
was unnecessary. That Is for each
editor to decide for himself, but we
believe that editors should speak out,
I what they say is not an onslaught
inspired by prejudice or malice.
We have come down to the point
OF saying that editors should always
be fair and just and be sure of their
grounds. However, it is no sign that
because fellow is good now he's not
been a sinner some time in the past.
Today may callfor knocking. Tomor-
row may call for praise. We think
the good deeds OF the American To-
bacco Company are deserving OF all
praise, but we do not take it that it's
expenditure OF 100000 for bonds
should be considered as apurchase of
Immunity. As long as a man does
good be liberal with praise but when
he does wrong he need not expect
praise. In fact he will be surprised if
he gets it. ''Be just and fear not"
The American Tobacco Company
may not be guilty Of all the allega-
tions made against it. Ithas recent
~ done good thing and We point to
1t with pride. Let US praise when it
deserves but condemn what is wrong
tul and hurtful. The exercise OF good
Judgment. free from malice, prejudice
and smart alecism should control a
newspaper at all times.
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