NORTH CAROLINA 131 



through such certificates are to be regarded as an 

 extraordinary impost, over and above the tax neces- 

 sary for meeting the state's expences, and so much the 

 less felt by the subject because until very recently the 

 certificates were looked upon as worth nothing what- 

 ever. 



In addition, the paper-money being supported by 

 law, merchants and shop-keepers must take it, giving 

 in exchange for paper, goods that they are unable to 

 get elsewhere except for cash money. The amount of 

 the produce of the country, which the merchants take 

 in lieu of payment, is not sufficient to make good the 

 annual imports ; and the people, disposed to idleness 

 and good-living, commonly buy more of the mer- 

 chants, and in advance, than their labor amounts to. 

 The merchants are therefore obliged, and it is their 

 custom, to sell on long credit, but they are in con- 

 sequence involved in continual processes at law and 

 suits for debt.* 



The subjects are in debt to the state, the state to the 

 subjects, and these very generally among themselves. 

 The non-payment of these debts being due especially 

 to the lack of current coin or a valid substitute, the re- 

 newed introduction of paper-money was held to be 

 expedient. The assertion is made that the first call 

 for it came from very respectable citizens who were 



* The planters in North Carolina are generally in debt to 

 the merchants ; in South Carolina, on the contrary, where 

 products of greater value are raised, the merchants are oftener 

 in debt to the planters. In North Carolina there are consid- 

 erable land-holders, owning 2-300 negroes, who yet cannot 

 command enough cash to pay their taxes, and must sell 

 negroes or horses to get money. + 



