The Caucasian. (Clinton, N.C.) 188?-1913, 1912-10-31
COME FACTS ABOUT DEMOCRAT
&c EXTRAVAGANCE AND IN
COMPETENCE.


nor. succeeding a Republican Cover
nor. he found over $2OO,0OO.Oo IN
the State treasury. The expenses OF
the State government under the he
nuhIican administration had been
only s1,2O0,0O0. The expenses OF.
the Democratic administration OF
Governor Aycock increased from
s1.20O,O00.0O to s1,S00.000.00. IN
der the succeeding Democratic ad-
ministration of Governor Glenn the
expenses increased from $1,8OO'OOO
to $4,000, 900. Under the succeeding
Democratic administration OF Cover
nor Kitchin the expenses last year
have run up to the enormous sum
of $3,9O0,0O0, and 1t is estimated
that If the Democratic program of
extravaganza which has already been
mapped out Is permitted by the peo-
pie to be carried into execution that
the expenses will run to over IS, 00O,-
900 next year.
1t will be remembered that 1t was
impossible for the Democrats to make
both ends meet under such an incom-
petent and extravagant administra-
ton, and that when their first big
deficit arose they proceeded to issue
bonds and mortgage future genera
tions to pay them to meet the in
creased expenses Of the Government
created by their extravaganza. When
the money secured from this first is
sue of bonds was exhausted they at
tempted to mortgage the State and
sell another issue of bonds. Such
bad management, of course, did not
help the credit of the State. No
man can borrow money on favorable
terms who has plainly spent more
than his income. This is what North
Carolina has been doing under Demo-
cratic management. Therefore, when
the second issue of bonds was offered
for sale they could not be sold at par.
In facing this dilemma, with a
busted treasury, with the credit Of
the State discredited, Governor Kitch-
in and Senator Simmons and the re-
mainder of the Democratic machine
got together and decided to call a
special session of the Legislature in
order to reduce the selling price of
the bonds to meet the discredited
credit of the State, or to do the same
thing by indirection by increasing the
rate of interest from to per cent
to appeal to the cupidity of bond buy
ers.
While the State was in this pitiable
and discreditable position before the
world, one of the great trusts of the
country saw an opportunity to get a
AuS& LSo6O OA CAO AOlAOCl dL1C vi Sduk-
cation, which they thought amounted
to mortgage on the State perpetual
ly and to buy their peace. There
fore, this trust stepped forward and
offered to buy these bonds at fig
ure above the market price. This
unholy deal was made which resulted
in the placing of a second mortga ge
upon the State by Kitchin in add
ton to the first mortgage placed by
Simmons and the machine in 1898.
This is why the Kitchin promise OF
an honest antitrust law with teeth
was never carried out, and why the
trust law that was then on the stat
ute books of 1907, which had a few
sound teeth, was repealed and a per
fectly toothless law put In it's place
The Supreme Court of North Carolins
in recent decision has declared thi.
to be a fact in a unanimous opinion
" hSA IAO AAOhCy 1IO" ILLS Sale
and mortgage of the State ITO thu
trusts was exhausted the Democratic
machine again found itself with In
creasing expenses and with a busted
treasury. They realized that the,
could not sell another issue of bond
unless they gave a third mortgage
on the State to the same or some 9th
er trusts, and besides, they had begun
to fear the righteous indignation o
the people. This caused them to pu
their heads together and work GU
new schemes for raising additional
revenues from the pockets Of the PEG
PIE to pay the increased salaries am
yxyh;oh xI,oxv ho,