Year: 1873

| Inc northern freSS, especially the


Radical hued portion of it, is exercising


itself just now upon the subject of re-


pudiation. An impression seems to be


gaining possession of the Northern
mind that most, if notall of the South
ern States, will ultimately fail to make
any provision for the payment of their
So called public debts.


So far has this indisposition to pay
these debts gone, that North Carolina,
even honest old North Carolina, we
are told, IS "about to go into the dis
graceful business.


And we are warningly told also, that
though 'the circumstances each State


:" are somewhat different, the disas-
trous result will be the same. Their
g standing in the commercial word will
s. be irretrievably lost, and no matter


what explanation or excuse may be
given, or how great the temptation
GO to commit this mighty wrong, the
. banke.s in the great money centres


IS will never loan them another dollar,
'' no matter what inducements may be
" held ont"


We think we have heard something
like this before. Only few weeks
ago Canadian paper took occasion to
call our attention to the fact that the
non payment of the Southern Debt
was great stumbling block in the way
Of the immigration that otherwise
would come to our borders. Our reply
to that was that, though We greatly
desired to promote Immigration to
North Carolina, yet we were not willing
to pay the so-called State Debt to
secure it.


Then, it was, pay the debt and save
your immigration now, it is, pay the
debt and save your credit. This is all
very well for the holders of fraudulent
bonds, no matter whether they live on
the Canada or United States side of
the line.


But suppose this State should lose
its credit. Suppose the bankers i'll the
great money centres should determine
never to loan North Carolina another
dollar, what then? Many sound think
ing men are of opinion that the people
will be much better off if the State has
no credit than if it has, in the
belief that the only sure protection
against corruption and extravaganza
for the future, will be the want of
ability to procure funds except by i'm
mediate and direct taxation. We are
not to be frightened from whatever
course we may think it incumbent on
us to pursue, by any such threat as
that OF the loss Of ability to borrow
money from "bankers in the great
money centres


We are threatened also with the
anatlemas f''public opinion" upon our
moral t1lrpitu'ie IN refusing to pay cur
debt, so-called; but neither does this
fright u.s. Is it the loss of the good
opinion of the people Of the Northern
States that VIC are threatened with
Ii this be SO the threat is not worth
much, for even If it were without any
thing, that good opinion is already
gone. Is it the good opinion of the
rest of mankind ? The portion of it
that knows the facts Of the case, knows
that these so-called State debts were
imposed upon Us, by force and fraud,
in opposition to the wishes of the tax
payers of the States, aud will not hold
us bound therefor


The course that North Carolina and
the other Southern States vii pursue,
will, uninfuenced by any threats like
these, be such as shall be dictated by
Justice to ourselves, as well as to CIR
so-called bondholders.