THE WILMINGTON : POST.
W. P. CANADAY; Proprietor.
j WILMING TON. & C
Sunday MoBHjsG.'APfiiL 17,
188 J,
The- stars anil stripes are respected
by the worst of savages. When the
fierce mountain : Kurds of Asia laid
siege to Oroomiah their leader, sent
word to the missionaries to raise the
American flag over their dwellings, so
that they might be saved from danger
by his troops. The flag was a power
in this case, simply Ja sign j to the
trooDS that Christian missionaries were
there and were to j be protected, and
they were spared: admid merciless
slaughter all around:
J The island of Chio or. Scioj which
has been so badly shaken up by earth
quakes, lately, lies! in the 2Egean Sea
between. Lesbos and Samos On the
coast of Asia Minor. It is one; of the
most beautiful of ihat famous archi
pelago. It is said that the people of
this island were the first to discover
th art of makinsr wine: and it claims
to hare been the birth place of Homer,
The town called Scio, contained 115
000 people, land had ft beautiful harbor
which could floft about 100 ships. The
Turks committed fearful slaughter on
ihis island it that war of which Byron
sung. .'., ' '' : j '- : - :
The commander if,"the Boers in Af
rica" is named Joubert, and was born
, in rennsylvania, ra;n away to Holland,
me lanu ot ma aujceatuia, vauto v
and fought in our jumy during jthe war,
and then sailed foi Holland again and
then to, the country oi the poers ia
South 'Africa. Becoming a resident
and citizen of ; the tmtch Eepblic, he
was' in 1S75, electjed Woolg or repre
sentative to their iCongress, from the
proyioce cr aepaxjtment of .Cjhaitf.
When the late wari broke out between
IheUoersand the British, Daniel Stur
geon joubert ' was promoted from
one military office io another, jtill he is
commander in chief of all the Beer
armies, t
NEW YpltK TitlJlTJNE ON VANCE.
The Tribune fceta only about three
lines before it"has Vance by the throat
thus: . i
"Mr. Vance's oratory, both ii manner
and matter, is unsjiited to the Senate
Chamber, as he himself appeared to
realize. .His speech was such a one as
would have created "wild enthusiasm
among an audiencj of Democrats, if it
1 had been delivered on the hustings in
-North -'Carolina, . pis stale jkes and
irreverent, hot tcj say blasphemous,
stories - and paraphrases of Scripture
would have been more keenly
relished
by such an audience than the
were by
perhaps
those who heard them to-day.
Under the circumstances,
Senator Vance is entitled to some ex
cuse for his" coarse attempts to divert
attention from the, merits of the matter
which heessayed to discuss. To defend
North Carolina against the accusation
of repudiation Mr1, Vance found to be
an impossible task. He appeared to
feel conscious thai even the most ex
travagant assertions and wildest mis-
representations would not enable him
to make out his case; and so,j while he
did not scruple to xesort to such means,
, he did; with admirable frankness un
dertake to justify repudiation by his
state. He declared that the' people of
North Carolina were taught! repudia
tioa by the general government, which
at the close of the war' required them
to repudiate the debt of seyeral millions
incurred by the state in order to aid in
carrying oh the war of the rebellion.
This was not voluntary repudiation, he
said, but was forced by the United
States." Jlv
, The boldnesa,wilh which our Senator
justifies the repudiation of the ante-war
debt of North Carolina, is sui, generis of
one of his cross-road speeches. He
openly declared that because the "bond
holders had approved the action of the
general government in emancipating
the slayee, and thereby-destroying one
hall of the property upon which the
bonds were predicated,' therefore, it
was equitable and just and right to
"scale," to mpromise," or to . "ar
range" the terms on which these public
obligations should be adjusted. This
undoubtedly is now Democratic doc
trine, as announced by Senator Vance,
that it is the duty of the federal gov
ernment to pay all losses, whether of
slaves, destruction- of houses,' barns,
crops, cattle, or any property personal
errtaL That in getting this ratitn
Uoa the southern people are only set
tles was taken away from
them wrongfully, they firmly believe.
In proof that this is the theory which
. is to be promnleated oyer Cue south,
we qwobs the following language from
Senator Vance In this fragmentary
speech: . j ".',:;,
' Mr. Vance then proceeded to describe
.eadcharacterixo the acts of the "car
pCrbax roTernment of North Carolina.
and sail the state aerer had recognised
any of the bonds issued by that goytxa-
" ment and never will do so. Mr.Yante
: attempted to justify the repudiation of
the ante-war debt by saying that the
bondholders bad approved the action
' of the general government In emaaci
rating the alayes, sad thareby destroy
Its ana-half of the property upon which
the beads wtre
j iu was
franx. to say the
Now, all the while au our Desso
crxlic poUUdass, witb vtry frw cxcrr
preiucaxea.
least.
tions, have been holdiog one kind of
manners ftr 'Washington and another
for the cross-roads. But there has not
been anything quite so steep as: this
uttered in Congress What the Senator
said about the equity of repudiating the
state debt, ante bellum and all. certainly
brings with it the logical sequence that
the United States of America ought to
pay the south for the., emancipated
slaves. , Here is the manner in which
the Tribune dismisses our Senator:
Mr. Vance's exposition oHthe so
called Funding law enacted by -North
Carolina in 1879 was less frank. The
beauties of that piece of legislation were
exposed with more candor by Senator
sweuogg, who made an excellent speech
in reply to Mr. Vance. The Louisiana
Senator was able to refute, by quoting
state official documents, nearly every
assertion made by Mr. Vance, wno was
thus placed at a great disadvantage.
Senator Ransom came to the rescue of
his colleague, but fared no better; for
Mr. isauoere soon routea Dom ine .norm
Carolina Senators. They will have to
try again and many times, and then
they will notrbe able to erase or white
wash the black stain of repudiation
which has tarnished the financial honor
of North Carolina and made the plighted
faith of that state a by-word in the
money markets of the world.
THB APPOINTMENT OP COLOlt-
ED J8EN TO OFFICE:
Our course in the advocacy of the
appointment of colored men to office
has been yery bitterly criticised by
many of the leading white Bepublicans
of the state, and wo do not take up the
matter now for the purpose, of offering
ony apology for our course, from the
fact that we honestly believe we are
right. And we would say nothing con
cerning it at this time, were it not that
Borne of our Republican friends have
gone so far as to'say that we have "got
to stop endorsing colored men for im
portant appointments." We are not in
the habit of being bulldozed; and, be
lieving as we do, in an equitable divis
ion of the offices of the state, add the
south, between the white and colored
Kepublicans, we shall certainly con
tinue to use what influence we have to
ward that great principle. ;
We will give some of the reasons lor
our course: lne colored people nave
been faithful to the Republican party;
stood at all times and under all circum
stances up to, and voted for the white
Republican candidate?, many times
when they were not worthy. They
have never been forward in pressing
their own claims for positioninvaria
bly declining the ; nomination of Re
publican conventions when told that it
would injure the party if a colored man
was put on the ticket. In 1S7G lion.
James E. O'Hara was uominatedjfor
Presidential Elector, and when he was
informed that the State Committee de
sired his withdrawal, he at once allowed
his name taken down and a white man
was substituted. In 1880, when John
C. Dancy, a young colored man of tal
ent and respeetability, was; placed in
nomination in the"State Conyention as
a candidate on the state ticket, he imme
diately arose in the convention and de
clined, the honor, giving as a reason,
that it was thought the name of a col
ored man on the state ticket would
damage the parly's chances of success.
He could not under, such circumstances
accept the position. These two exam
pies are only parallel cases with thous
ands of others, and after such noble
sacrifices for the success of the white
candidates, why should not worthy and
qualified colored men have some of the
appointive positions? ,
We will first take up the federal dU-
cials in North Carolina, and we find
that there are at least 3o0 persons, re
ceiving upwards of $800 per annum,
each, and not more than twenty of that
number are colored. Or in other words,
there is about $100,000 expended an
nually, to- federal offices in this state,
and of that amount the colored people
receive $20,000or five per cent of the
whole'amount. These If gures show too
plainly the great injustice being done
the colored citizens of North Carolina.
They have been patient; they have
been told to wait, their time , had not
yet come. And they waited, and wait
ed, and continued tcjwait, but the time
has not yet arrived, so they are told.
When will it corns? we ask with all
due respect to those who are so continu
ally advising them to wait. ' We think
they have done quite enough of it, and
the time has comewhen they should
put forth their claims with no uncer
tain sonnd. They should demand their
rights respectfully, but earnestly.1. We
do not believe in appointing a man to
office simplyjbecause he b colored.
He must be qualified. lie must be a
man - of character, and oo bo will
perform the duties jf the vtpce faith
fully to the government, to his party,
and to himself.
Is there a colored sheriff in North
Carolina? Is there a colored Clerk of
the Superior pout in the state? Have
not the colored people always divided
the offices when they have large ma
jorities. If there are two members of the
lesishUun from a countylhat has alarge
colored majority they sead one white
and one colored; they give all the im
portant elective positions to white men;
they have never drawn the color line,
lathe Second Ooesrtasiosal District
they sent awhile man to Ooasress,
while they hare 10.000 majority. In
the third judicial district, where they
hare ?wrda of 12,000 aujority they
elected a whUe ssaa Jadge, sad after
all those things we are 12 J that the
course adopted by us in recommend
ing colored men for cfficaimut etop."
We will fie'e. The Republican pirly
knows no nian on account of Lis color,
:r ... : ' j . 4-t .T i.L
auu tx vui vuuut uu UUbilSO liitj
should join the Democratic f artv,r for
ice shall not slop it. v, ,fc5
Of the one hundredand twenty thou
sand Republican voters in North Caro-
uua at, ieiisi esveniT tnousana 01 me
number are coloredTirhese men are
good enough . to vote, for while men
Ihey should be good enough to receive
part of the patronage : of the white
men whom they assist in putting in of
fice. And we psv in sir candor, Hint
our experience in the party has been,
that the elevation of colored men has
never jetdamaged the Republican pai-
ty, nor will it. Put colored men in office
who" will do their dutyj and instead Of
injuring the party it will befitti
Butit is a great principle; and wheth-
er it will damage . thej party ofj not
should not be considered. .Is it right,
is the only question, and if it is, which
nc wurecu iur, iu buuuiu UO UUue. f iV
KELLuGG'S RJSPJLY TO ; YANCB.
I lay down the . proposition thaf the
debt of the state of North Carolina.
eliminating the entire carpet-bag debt
irom oegmomg 10 ena, exceeded , $zu,
000,000; indeed, with the accrued in
terest it approximated $26,000,000. A
report of a committee on the debt of
the state, 1 think made in 1875, to
whom had been, referred various prop
ositions on the subject, is as follows :
lhe committee on the debt of the
state, and to whom have been referred
various propositions on the eubiect,
have carefully considered' the, whole
matterlaid recommend that no action
be taken ' at the present time.. ' It is
unnecessary for us to declare our faith
in tne integrity and nonesty ol the
people of North Carolina.' Our state
has ever borne : an ; honorable name
for her fidelity to her 1 engagements,
and we are sure her character in this
respect has not degenerated.
f urther on:
.In the opinion of the committee the
State is not now in a position to offer
her creditors such" a settlement as they
would likely accept. At the same time
the committee are of opinion that it is
yery desirable to hare the debt-settled
upon principles of equity and justice.
We therefore recommend that a torn
mission be appointed, to be Composed
of the Governor, Treasurer, Attorney
General, and two members each from
the senate and house of representatives,
to consider the wolo matter and re
port to the next meeting of the Gen-i
eral Assembly, and we nope some plan
of settlement will be reported accepU
able' to the bondholders, and not too
burdensome to bo Willi Dgly sanctioned
by the people of North Carolina. f
Hera was a hfeh-toned declaration in
favor of somo honorable adjustment of
the debt, but subsequently a scheme of
compromise, commutation, or settle
ment, as 1 see it is generally termed in
the state papers ol North Carolina,
was adopted, a scheme that first orig
inated, I believe, in ls7o. . L win state
tho substance oi it by reading, as brief-
ly as I may, to show the policy that
had been prop' osetl in reference to the
settlement of the ' State debt, which
plan was Ultimately substantially adopj
ted. The debt consisted at that time
of $38,01,S47.05. . ;'V , I
The act here- proposed doe3 not rd.
cognize that part of the debt known as
coDstruciion bonds, amounting to $1 1,
700,000, but rejects it. Tho bonds
composing the re3t of the debt are ap
portioned by act into three classes, to
be funded at the respective rates of
forty cenG on the dollar for the first
class, and of twenty-five cents for the
second and third classes ; the new debt
bearing a gradually increasing rate of
interest for a certain time, namely,yof
2 per cent. per. annum for the $rst two
years, of 3 per cent, for the next three
years, of 4 per cent, for the next five
years, and of 5 per cent, for the next
twenty years. By this process the
whole indebtedness of North Carolina
would be reduced to $4,600,000,1 1
Information of the features Of this
bill, in its early stages, having'., reached
the creditors abroad, a citizen' of Tew
York, who holds. North jrolina bonds
to the amount of $87,000", wrote tQ
Brogdeu complaining of the contem
plated provisions of the funding act as
partial in favor of the state, and unjust
to her creditors ; and proposing that
the rate of funding the principal should
be at the least fifty cents on the dollar,
and the annual iutcres,t C per cent.
This referred mainly to the antr bel
lum debt for which the state of North
Carolina, a) I understand and I do
not thing it will be contradicted had
received aoiiar lor uouar, at par or
nearly par, that she had hypothecated
the money and expended it upon public
works and otherwise. :
The Governor communicated this
lett;r
. From a citizen of your State, sir-
to the senate: of North Carolina on the
Sth of March, 1S75, when a, member of
the senate- characterized it as an in
sult, and moved to table it, which was
done without further considersttoo.
That disposed, for the time being, of
the letter and of the debt questlou. it
seems, however, by the financial his
tory of the state that, notwithstanding
the report of the committee whose re
port I read a few minute since, a re-.
port declaring that the stale ought to
sdjust its debt honorably, sai depre
catinc any noa-imvaia. of the debt.
principal or interest, another scheme,
substantially izs one proposed and mat
failed to be carried oat, was proposed.
It was an act UU coapromise. coamste
and settle the state debt Oa the
beads issued before th war (except for
the North Carolina Railroad) it pro-
- - ' a .1 - a V - -
psoeu i pay VJ p cexu. w -ao pnaci
pal; not oa the bonds issued before the
war, bat the debt originausg csder Uie
acts passed by DesaocrsUc legislatares,
no carpat hag govetaaeat, thai is, bom
beor the war. authorltinr the Goresr
noc of the ste to aige and isma hoods
at the rate of 0 per ceet ea the &!ar;
and for all bonds Isswed d oris; the eras
for ponlie isspreresBcsta aad iaaedi
ately after the war, nader acts passed
prior U the war, ther wtre to issne
bsdsforper ceal,Utf jr aUtkat
pcttoaef lb carpet bs ieU whk
Uey adxutUd ottht to W ftsid, whkn
wsa a small portioa el the debt prw,
iar MOHMid ta mt IS wsr ccst Thai
is tie isjuare, as laaimaad it, c Us
abjostment proposed by the debt of
North Carolina.
e At thin ti aft" tha debt of LIia offA
-Ras lECknow! edged itct be $16,060,045
principal and 10,169,182 interest.
ThLj 5 w.as known B3 the f recognized
debt, and distinctjrom the special tax
bonds. . '
Which I believe wa3 cenerally de
nominated the carpet bag portion of
the debt.' This reco?niffid debt was re
ferred to in the m6ssao of the Senator
frcWNorthrCarolina, then Governor,
to the .Legislature in tbafoUowmg lan
guagei - v. .
it is out ol tho question lor ua to at
tempt to pay it at its face value. In
deed, I do not conceive that there is
any mom I obligation on as to do so,
nor do..?ur creditors expect it cf
Quite one-half of our oropertv
us.
which our bonds were based was wan
- - , i r -
upon
tonly destroyed by consent of a large
majouty of those who held; them, and
no Court of Conslence upon , I tho earth
would permit a creditor to destroy one-
half of his security and claim full pay-
ment, out oi me remainaer.i iut we
can and should pay something.
, And they proposed to pay, as I have
said, 40 per cent of the old debt before
the war, ; and for the post bellum debt
they proposed to nay 15 per cent for
that portion' nnder the carpet bag re
girne, as they said, and 2a per cent or
what properjy belonged to themselves,
incurred under acts passed before the
war. u L believe that is a fair statement.
and if 1 have fallen into any error it is
unintentional, and I am sure the Sena
tor from v North Carolina will at once
correct me indeed, I ask him to do so
now. ; t - .
: Mr. Vance. If the Senator will if r
mit me, three millions of that debt that
the senator from Louisiana, has read
about is paid dollar for dollar, because
it is a statutory lien on the stock of the
statefin i the North Carolina! Railroad,
and ought to take that iutd account.
Pour and a half millions is commuted
and three millions is paid dollar for
dollar, making seven and a half mil
lions; he ought to give credit for that
as he goes on. j .
MMvellogg. Well, I can afford to do
that, I think, and still leave sixteen
millions principal and ten millions ac
crued interest.as the recognized indebt
edness, therunquestioned debt of the
state of North Carolina.; ! There is
twenty-six millions in rouud numbers,
conceding all the Senator iclaims. If
that be8o,T.h6 proposition embraced in
the legislative 'act "to compromise, com
mute and settle" to use the terms of
the title ot the act the debt of North
Caronna propped io reduce it to less
than four millions, wiping out twentv
odd millions by this process of scaling
or repudiation, I do not desire to deal
in harsh namel; (but they proposed by
this readjustment or commutation to
strike out twenty odd millions from
. l:i4if r j-i.. 1 i r
incuij-si, uniituua ml ueut uereioiore
ackiiowledged as vilid.
Mow, Mr. President, if I understood
1. . . -VT ' .
tuo seaaior irom ionn Carolina cor
rectly, he stated in hi9 speech that the
government of the United States in
submitting the so-called fourteenth
amendment to tie -iHople of his state.
and, to iz2 his expression, compelling
J I 1 l Z L 1 1 1 .
mem lu uuopt n, practicably taugnt
them repudiation, he justifies the sub
sequent acts of his legislature and ol
his state government in repudiating re
pudiating seven-eighths ! of the honest
principal and interest of .the debt, that
debt which he admits, to liaye been le
gal and binding,' land lor which the
state received one hundred cents on
the dollar, only and entirely upon tho
grouuu mac tne ieueral j government
said vuat iuq uepta - in cured in an en
deavor to overthrow the Constitution,
dfcrupt the Union, and trample the flag
under foot should not be paid. That is
his entire justification as I Understand.
Storeover, if I understand the honor
able Senator correctly, ho iustifies the
act of his legislature up to tho present
moment, and thereby justifies as I think
t-and 1 am cure the record bears me
out save in the matter of the Louisi
ana 6late.dcbt, tho most unjustifiable
as it Is the most sweeping act of repu
diation that disgraces the record of .any
state of thesoiilb. Jt more than bears
out on examination all that the honor
able' Senator Trom Ohio said yesterday
and all that the honorable Senator
from y rg;nj said some weeks since in
hi speech regaili9ij thp etate debt of
2oriU Carohua. ruis is morjb and
worse than I expected the Senator from
.North Carolina to concede by tar.
New, tir, I ask in cohcludion to have
reau 11 extract that I have marked
from the International E"view, IVrte's
articu? oti southern repudiation.
The Secretary read as follows: "',
The sUte of North Carolina was
comparatively free. from debt until the
year 1319. It had previous to that time,
indorsed, or assumed the bonds of a few
hundred thousand dollars issued by one
cr two of its ni railroads. The Gen
eral Assembly, at its cession ol ISIs
'40, ana ISjO-'oI, authorized the issue
of 4190,000 or bond of the registered
class, without cbupona, which were the
first state bonds issued. I At the same
session (IS1S-'13,) "the first coupon
bonds were authorized, which were for
the coutracUoo ot the North Carolina
Railroad from GoUtboro to Charlotte.
The first of these bonds bore date, Jan
. uary 1, -1SZ-3. Under various acu of
the legilature large sums; of money
. were voted during the next ten years,
principally for tho aid .of railroads: and
st the opening of the war the ILt of
this state smouated to about 'ten nil
lion dollars The fecogabed debt, la
claaiog ooodi issued by the tundisg
debt act of March 10, IfcGO, sad ASfuw
20, lSo.amouoted to f 13,167,500. Un
der acu of the General Assembly, by
which ts4os Masses of bonds were re
tired, this dbt sr4 larrelr reduced.
The General AUf f pa$se4
"An act to contproaibe the smount
sad ' setUs the stale debt." The set
proTies that the boods shall be ex
changed for the principal of oatstsad
ioj boods, some st pet ftnt, whkh
are oti, or aat-war bmds; soaie at
petceat, hiI are bonds btfued for cer
uia railFoisds aiaee" !e.wsr; and soae
at 1 per ceol. whkh are ths Sais s-
aed ttadet whaiarskaiwaastlfqiad-
iX set el XI area U. Ixi. a4 Aariai
S, 1 .Uf the tIS,ierp?) otoebt
there kxl been mkeJ, to the date
wheathe coceprassi set of I$77 waa
passed, faiiw
The hoaJilrt wtref by aa mtx&m
Shytsocxs ia thb aad j thry r
WiUiaf . ta cr a a2easeal which
weail haye caa thessate ef North Car
aiaa aVs 1 1 J,7i.C?:. The as
ahU ia rr IssertH oa this
is a ta Li t: u-iiy; as4 a sjti
ing fund conli haye been created by
which the principal of the debt might
haye been canceled within a period ol
thirty -years. But unwise legislaUon
preferred repudiation, sod so ther for
cibly scaled down upwards of eighteen
minion aoiiani nnnaa wnicu wtcj -
cognized as valid debt, and refwed to
recognize upwards of, twelve miuion
dollars more, which, it must be admit
ted, bore upon its face the taint of cor
ruption. Taxes in North Carolina are
to-day yery light. To pay the interest
on a debt oi 110,000,000 and defray the
current expenses of the 1 state, on the
basis of the last few years, calls for
about one million'two hundred thous
and dollars.. :! -.: j-v;, . t ' ;
Mr. Kellogg. I notice in a state au
thority I have before, a message to the
legislature, these words:
: Very little property is assesed any
where within j the neighborhood of its
value. : it '; J j;- t... : '''
To that I wish to add that according
to the same authority as that which the
Secretary has just read the assessed
valuation of and bersonal property ana
the rate of taxation! were as follows for
the year named: I
Vatuaiion.
$146,S90,493
142,308,102
1S77 ,
1878
1870
157.967.45J
.Tax Ihirtv-eicrht cents on thell
1 his . is the tax on all real and per
sonal property. iThe'assessed value,
the chronicler says, is GO per cent, of
the true valuation. That bears out tne
extract from the message of the Gover
nor I have just read. .Last year tne
tax was only .thirtyi-three cents on the
huudred dollars. f '" ; ;
I have iust this moment turned and
turned hurriedly to the New York Her
ald of to-day which has just been laid
on my desk. It will be noticed, how
ever, before I psfcsj to that, from what
has been read that jthe rate of taxation
in North Carolina is thirty-eight cents
on the hundred dollars, or less than
oue half of 1 per cent. In many north
ern states the rate of taxation isl,
2 per cent in some cases, in some cases
even, higher, rates to which the people
voluntarily suomic rajuer man repuui-
ate. : , - 1 i ; J: i" '
Kefexing to the! reports of transac
tions on tho stock exchange in New
York yesterday, I find in regard to the
bonds of the southern states that the
issues of bonds of North Carolina un
der the act I haye read having received
I presume the sanction of the honora
ble Senator from North Carolinawhen
he was Governor, and since i issued at
the- rate of forty - cents, twenty-five
cents, and fifteen cents on the dollar,
so good is the credit' of the. state even
with all that debt thus! scaled so low
(well known as it is by moneyed men)
some of the bonds of that state- quo
ted on the New York stock exchange
were Bold yesterday for the enormous
sum of nine cents on the dpllsr. .Now
will the Senator from North Carolina
tell me how this 'isrv; , r
Mr. Vance. I want to ak my distin
guished friend from Louisiana -
Mr. Kellogg.: l am only seeking for
information., V j ' .
Wlr. Vance. The Senator ought not
lobe talking "about what he does not
know anything about.
31r. Kellogg. I state what the New
York Herald reports to-day. t ;
At ihu point Ian interlocution oc
curred between llvellosre.. Vance and
Uansom. iu which, the two. North Caro-
Senators.t the worst of it, .
Mr. Kelloee. Very well. It seems
these bonds have been trampled under
loot without any test of llu-ir validity
in the courts. Now I ask the honor
able Senator for information, what is
the amouut of these bonds on the mar
ket to-day? What is the amount of
the entire indebtedness as represented
by these bonds? jl mean on the bonds
recognised now by the state as the debt
of the rtate extant. ; . t ; .
' Mr. Vance. - The debt is not all taken
up as provided for. The bonds on the
market now are about three million
dollars. . V ' ' '
Mr. Kellogg. Then there are $3,000,
000 of bonds representing all the in -debtedness
of thet state of North Csro
lpa that is acknowledged and recog
nized by ila stato authorities, and upon
which l! assume they payi inteiest.
These are the bonds which command
eightyodd tents on the dollar, and that
?3,uuu,uyu, now in all the marts of the
ijrorld, rcpreentsi over twenty-six mil-
lidndpilari of debt that lhe sUte re -
ccived par for, and which, up to the
passage ft the so-called funding or
scaling or repudiating act, was rccog
hZ?l as valid and bindiog. v :
Mr. lUnsom; Not at aii; J
ir. li'e?lo-. Uere are the author!-lie-:
: :! j -, j
The dtbt'of the state was 1 10,900,043
principsf and $10,1G0,1S2 interest, This
is known as thej recognired debt and
distinct from the) special tax bonds. I
This U in a slate psperof 1878. when
the honorable Senstor from North Car
olina, Mr. Vance, who addressed the
Senate 4 short lime eince, was Gov
ernor of the Ute; aud io his message
referring to that he saytr t ;
It is orit of the question for us to at
tempt torsv it at irs rn. in.
A nd then b proposed soma scheme of
aujonmeoi. JMiDscouenUy the legisla
ture pawed an act that they callad ad
jusUog the debt, by which they pro
posed to psy the ante UUut debt at
forty cenn oQiha dollar and tha debt
wsoed prior to the war for pablie iav
Grovuaents at twenty-fir csats, aad
le carpctrbag debt, hich they reooa
aixed, leaving out the special tax bonds
which they repudiated, at fiiWa ccnU
oa the aoiiar, and they issued $3 000 .
000 to represent all this old debt. Upon
that procr of calinj tbosa boada la
the N ew York markn cotaasaad eixhty,
cr eshty-twoJ or eifhty-fire cttttTaad
Iheseaiof bxtor fress North Carolina
Ur. lUttsoml has jest said thai ia tha
rooditioa of tne fiaaaces of the stale af
North Caro:iaa.i It has nav that debt
aad that debt only to rrprctcut its
faorwws dbt of over tXJXO.OV),
which was sdaited t b biadicr. aad
it dMaauads but elrhfy-odd ceats oa
the dlUr, l4rUtr caatsess is aa-
asry.s ' '' J .
r Ir'0' The tsaw fnm
ortb CaraUaa n saoaat Iac asked
a iact qwiasu Ua; ak4 ase.
fAff iai anHt, SNrOaTf
woa4 feci daaasKtral ti lvtr to mt
that assaaat aad that aa)y which say
flAr was wiUiax ta aropC t cayl
tlsdy-aaU. 11 kl a, aad
UUt aoa B sea lia mm assr-J m.
ithaa 1 4fitaitil by tae Urx. ci tU &ca
aua sac a tmmeUru$& m.
Ctttwd, 1 sVn&I Intl aoaai U fay tial
Bum, and shc ald Tl dishpnorea u i
refused to r T it,srcially if I hadj
:!m Mm: 4 sir. I h: 3 rut my prop- j
: : ondm. cr -i haw
J. ut of the jurisdict" : a of any
.m Aak .-mlfr-r-
have put myself in ucii a n that
you cannot couec. i
take thai or noiuius , " - v " "
Uke such an amount as I choose to
give, I shall not pay you anything,
either principal or intorestrTheirif
a creditor in that condition, rwitn that
kind of option wliich my colleane
fllr. Jonas J suggested the other dsy
that the creditors of Louisiana had, the
option that the traveler haswhen a
highwayman puts a pistol to his head
and tells" him to stand and deliyer
with Rueh an obtlon if my creditor were
to aar. -Well, sir, I will take twenty"
cents on the doUar rather than get
fti,intr T shonld consider that he did
it as a dernier ressotir that he accepted
it because he 'chose to take what he
could; but thai in his heart he thought,
and thoucht justly, was a was a rrp
A'.tnr and a iHshtmfest mSJl. ' nf : -
nrri 'VknMtl Will the Senator allow
m tr air him if he has any proof that
the legislature of North Carolina.de-;
dared that the creditors should take
that n. nomine i .'-" f
r. Kellogg, rxne proow are luu
seems to me. anas was odo urutu
that I nroDOsed to co into; but I did
not want to occupy the attention of the
Senate so long. . If the Senator desires
me, I will show what he himself in his
message when he was Governor said
. Mr. vances oaia wuaw i . -i
Mr. Kellogg. Here it Is: Thsl re
ferring to your state debt.
I It is out of the question for us to at
tempt to pay it.at its face valuer -
Mr. Vance Ccrinly. h B .
Mr.Kellonr. --yf-Sr-
Indeed I do not conceive that there
is any moral obligation on us to do so
Mr. Vauco. Certainly, I did say so.
Mr. Kellosrs. That is in your own
message to the legislature : of North
Carolina. : h ;
Mr. Vance. At the same lime I did
not tell those gentlemen in nay official
recommendation to the legislature that
if they did not take forty centi of the
nrineinal thr eonld not mt anvthinp.
Thm Rfflitnr has either to afiknowlfdra
that he is mistaken about that, or ue
hu to nmvA Uiit T did uv in.1 !
Mr. Kellogg. You say in your mes-
sage was no court or conscience m tne
woria io une your expreauon;
No court j of conscience ; wpon the
earth would permit a creditor to destroy
one-half of his security, and claim full
payment but of the remainder. But
we can and should pay something.
ine words "can" and .should" pay
sometning are italicised. The speecn
that the Senator from Massachusetts
Mr. Hosr quoted yesterday as having
been made by the Senator from North
Carolina breathed a more uncompro -
mlsing spirit, as much as to say, VYoe,
people of the north, and you, people io
Amsieraam and joodon, wno own our
bonds and have paid dollar for dollar
for them, we have taken that , money
and hypothecated it, put it in our treas
ury, put it in improvements and to de
fray tne expenses of the state covers
ment. Still we do not propose to nav
you because there was a rebellion or a
war ana a portion oi our property , or
Our assets has been eliminsted; though
you hold these bonds abroad and are
foreigners, commercial men, dealers in
bonds, financiers, investors in New
York, tutors, administrators, executors,
sayings banks who represent the poorer
class ot people, though only; one in tea
thousand of you own our bonds stilt
since the fourteenth amendment pro
hibited the payment of any debt in
curred to maintain the war, and thereby
set us an example, we will not pay any
of your debts, we will not psy any of
our creditors, any of these i widows or
orphans, and we will go into the marts
oi me world dishonored as bsnknipls
Mr. Kellorg.. No, but the honorable
Senator, when Uoreruor, in treating
upon this question of the debt, said to
the creditors ol the state, "The debt is
so much, 126,000,000 more or less, arid
welo not j propose to pay half of It;
ana. mere is no court that ought to
compel us;'' and in a speed tha; he
maae aiier inat ne simply enunciated
what he unnnciatad In him mmaM nrtr
to the passage of that bill. The Ian-
1 guars points to it whea he s&id this
sa
air.uanspm, Will the i
Senator allow
me to aay
. Mr. Keliogs. One moment. Let me
nnun. -. .-.
aji IVesidinfOifccr, (Ur. gaunderi
In the chair.) Tht Senator fjoa Lou
isiana declines to yield. . ;
past he ssldt , 4 i v vr
WejoatealTwe had ixad and ne.
groes; yen took tha negroes, which were
equal to the lands, away.! Now yon
just credit on wita fifty ceots in the
aouar. ana well pay yott the balance.
We Settled It. and didn't hara anvtaln
w w w iu a Areawenuai tifiOa outer.
Bir, to whom was be aay lag this?
He was aaving it to the creditors, was
be not? lie was asy tog It to the world.
It was a public utterance that was re
og fuorUi to the for earners olthe
laadj and indeed be said rcsUr isr. U I
recollect aright, that this ni
pabliahed broadcast, ibrvarbost tha
oowntry, . : f,.
VK9 smiles ef
. w nam aaa iaa
la
whkh that debt fcti btra dcaU wUhby
tnm nnnl. it it, '
v, mum Wkm , - s - f
One word mora. ' Ul a! Aw tha W.
crahleScaator say la view el tbeee av-
wvaacen or au and as to wait Jfc Jrg.
islatnre of his state did do r Taa UxC
t a. , fi . a m
wcua tor years uuea to jery sif tu
whatem to pay the tatertat. ' Tbey
efpealed to the crrdltors and eaU, as
tie booonbU fastor llmnlf did ia
sda aftesaagewakh Ihsre raadi -Va
T ?! 10 1'? if w have
the aU.ity wa bar aat the lacQnatiea)
to pay this drbt. Te da not iaUad la
ray Hjwe acrer IaUaJ te pay yow cwrs
Ihaa tJi Mala m tv. i i
f wsy hy aklci Tc4 tU rHKI
alalia peaar ef isumt."' Yaw aoi
payialf ef ike
rppal, bed yoaNall aatJ ywa
o224dn Case lmrd aad saal
fpo tie tsms prrpeenj by tie jis
jam wau pay mm tmttim f aaa
fs; asl tvrfty eserjaiiri ywer er4
U orlr u grt a asssy tUa
fwtadpal aad ca) aredsaai rata af
latasaai, ta accsyt yaar njmLmitz m
that dishonoring IhscTfTTr
Mr. vance. Will u, c -
ator ne kind '
ever said offirun... L
ever said ofScialli
North Carolina ihst i Jfe-'
a-
any portion of the
debt
Mr; Kellogg. We" wui
Senator if the le
psssing the ususl annuT ,1 i.
4
bill appropriated nrZZT'-'T
whatever for the rlZrlVt.
T-3S
temt upon any portion tSt V
MJr. Vance.' i)ertalni.Ui
Mr.KeUogg. VerreVL
i Mr. Vaice Ihitstin,,
answer my qaestioB. tiT?
undertaken to sav tht i ZirMi
creditor,vlike . anAa7kH
with a pistol at his head
take this or nothing 3
true, sir. and though IhesSwf ,
well and adroiUy 1 ctll
show cially thaS
aiu o mo creditors of N0rtk KIT 1
Mr. Kellegx. Sr&
war closed uSl the"
ernor went out and a Democrat
emor was reinstated InTiTrSl
understand the Senator
? . e w en anami s.T
prJaUoh was made for the
ttemterest,thoughitWMae ,
and when the Senators t55
into power they failed te ttlxTarJS
propriaUon thenceforth for.
Ue interest on any of the iMnS
aa, or "uiueren and trail, '
hand he refused to pty one cettf i5
iVwiU the o&i uSkit
approved by him if i mlstiks
Senator will correct us if I aa Am ZZt
debt, for, those bonds that v
reprcseuung the iebUhat
before the war, tor which ve tSZ
m r M,a will n- .1 .
j., ffmr viur iony
CCD LB OriCSIOn LHifnll . .J
issue to represent that forty etiii
less bonds on which ws wiirTVlZ
cent toterest," and to tkots ik. 5
wi wwh mm ivpmesm tsi iiU a
the state issued under UesmeasrW
to the war and dnria thVW.S
which the state receired Baser st -
I Or approximatlnr tar. tSn a?J
I P7 yon twenty-Are caatc-tsl k
I you, KenueDSn ia the Bflrtk iw
W that portioa of tit ktf
i vi inuueai nftrs
mens that wt are wUihu to tai tI
I cco0 pay yea tiAeea tmu
mu uyuar, ana w loft novWd
that no other bonds shoali le is ;
but those. Wbea they tskt ta tU
creditor, -We will not piy w
will not psy you mors this forty era
or twenty-five cents er afters rests, m
the esse msy be,? sndtbsrs u laah.
I Wr upon toe statote-book, U.
dieting the psynest of asytaisr 'm
1 except upon those terms. If tssv i
not pretty nesny,Bgorstirely spssklsc,
putting a pbtol at lbs ared of s e
tor sad compelling bus to acorpt 4ba
proposition or aolkisf, ises J d sa
know what is, l -i fj-
' Mr. Vsscs. I vasi ones awre W,t-"J
mark tfast 1 have never ksots is tU f
lime of my brief career a' limtor wr
snvbody eue who coals sokt u siur " -mistakes
in ss hortaUasstths rVm-
ator from Louisiaoa. Us ipfsii of ss
act thai I approved when Utttrsat sf
the state. I1 ' ":''. '
Mr. ITflllo??. Mr. IWdenL lls
pretend to swertlbst Uitste
correct Indeed, laue that W i4
not spprbve the act ss (Joveroor.- ffir. '
1 ssld tbat act was passed ay im if
blaturs of North Csrollsa. Tiu a
not denied. 1 sUtcd the terms ef as
act, sod that Is uotdenlsd, I km m
the dates be fors me; I have givea tss
subject but a cunsrv exsalsstws. h
was only since the honorslls ,
took the floor this moraiag Uut 1
for these documents. Issr
about the debt of the stu stUl as
I U4 state I " thouat tss aa5
Senator apprercd lbs act, sod tkujr r
weuU correct me it Iwss U rrr Ut
said nothing; bat be now correct a .
and says thsthsdld solSFrw
bUL AVhat of that? It s sUs -The
Senator sin thst it Usot
ry for the Uevrraor vf Sorts Qwtim
to approve a bill I didaotkew iia.
I bare not examined Ibtlr cosjlu
but what I asserted wis that ssl
taw was passed, aad that tt
to the expreie4 f ictri of the bca
wihen Qoveruor and U M 1 ;
theih
uUering the eentisseata eBbaUIJ
that act. I did assert, what I rtanca
and the honorable Beaator a t
me if I am In errof. MJS
stloa was erer made J&J1
their inabtiity to pay to IVjT
rldad to psf It by the scaiiai f
as I bate already stsrsd; ss3 taJ
done, aa the boaerabls t??
wbea their rate of uaaJJ
tower than the rate ps
the Bortaera sutaa.vll I hf:
tee cay error of fact aad fr .
te4 the nwrd cormxiyifbtfT
giad at aay tiase to he P1 ' j
iaCS
swasttoaa or eaaUsKta TTLj
blTpeatase t Krv 5 JSjMS
faadar WS. iff2
it mf N caiir list U
; I see thai Xarih .
fandifts ad ef M i" ,Se
tha snaktt, aaJa Urje
hm&$ were m4 yesrarf .
Scstator frsas Nth Canbaa fZ.
aeyseifI bare at et rf
saauar-aku wfcfJ,;
ll?VtacW If lrsaaaf
axrrrr. t bare scaaaS i ?
tU rViia's r&ssX : '
lir. Yaaaa. laal tie 1
iviietiuiiaiiisB
tlsl wawera aaue
Mr; ffaCn ! &J?ZZ
torn in ui
Yt - T rasa sea