Year: 1874

| Nir. c. NJ. Cooke introduced q reso
| luton to appoint a Joint Committee
| OF i've of the two Houses, to be com
posed of five members of the Joint
! Committee on the Public Debt, to
confer with Tie creditors of the State,


in order that some plan may be con
sidered for the adjustment of the
public dabt. The said committee to
| meet in Raleigh on the 14th of Janu-
ary next, inviting the bondholders or
creditors to meet them at that time.
MIR. Ieebles opposed the resolution
he favored the proposition made yes
terday by the Joint Committee on
Public Debt to offer compromise to
the creditors of the State, bat he did
not think the conference proposed
would accomplish any good.


Mr.. Cooke thought the creditors
hsd right to be consulted in the
matter, and that a conference with
them might enlighten them as to the
exact condition of the State, and thus
enable the creditors to act with better
knowledge in accepting any PROPOSE
ton that might be made.


Mr.. Waring said it was the intention
of the Committee to make fixed
pohcy for the State IN regard to her
public debt. To authorize this con-
ference would make Of no avail the la
Dor Of tho Committee that yesterday
reported. The former Legislatures
had tampered with this question, and
the present Assembly must meet the
lssue..falrly and squarely, make the
best proposition it could to the credit
ors. and go back to their constituents
and tell them that a settlement had
been made of the State debt, and her
honor and reputation sustained-the
people would sustain the Legislature,
and would willingly stand tho addi-
tlonal taxation incurred thereby


MIR. Bell sustained the views of Mr..
Waring. We had allowed this debt
to hang over us until tho credit of the
State had been ruined and her honor
furnished, ard the question should
ntv be met and acted upon fairly and
squarcly.


Mr.. Cooke said his resolution did
not mean to imply that this question
was not to be considered this session.
He wanted the settlement made, but
he thought the creditors should be
consulted, as they might enable the
Legislature to act with a more thor
ough knowledge of villa, settlement
could be made.


Mr.. Latham said the Committee, in
its report, had offered all that they
thought the State conid pay; they
LAD told the creditors what they were
wiling to do. He meant to abide by
this proposition, and saw nc good to
result from the proposed conference.
1t the bondholders thought lit to ac-
cept the proposed adjustment, so well;
but this Was all he was willing to
pledge on the pant Of the people of
North Carolina


Mr.. Morehcad thought some good
might result from the proposed con-
ference. The measure would be dis
cussed at much length when the sub
stitute of the Committee came up in
January, and the views of the credit
0rs might be of much value to the
Legislature in making up their minds
on the question. His people wanted
the pubic debt adjusted. The Com
msttee had Ignored The Special Tax
bonds: he had hitherto voted against
considering them at all. but it would
be found absolutely necessary to make
some adjustment of these bonds, or
the Federal Court might ut any time
force the payment of the interest upon
the same, which would amount to
100000 year.


Mr.. PEBBLES said the proposition 10
meet the creditors. without any def
mite understanding as to the ability
OF the State to pay, would amount to
nothing. The creditors would not
state what they would take, and the
conference might only delay action.
The substitute of the Committee
made a definite proposition, and while
it was not perfect, it looked in the
direction of a positive adjustment. He
did not believe thet 2 sovereign State
could he compelled to pay its debt.
He did not agree with Mr. Morehead
that there was danger of the State be-
ing forced to pay her Special Tax
Bonds. It was true that these bonds
had been declared legal debt, but