The justification for the presence of graphite in the interstellar medium is examined. The conditions necessary for growth of graphite (single crystals) and other structurally disordered carbons are discussed. The effect of structural imperfections on the mechanical, thermal, electrical, magnetic, optic and chemical properties is illustrated. From this information it is concluded that the existence of graphite (single crystals) in the interstellar medium is unlikely. While various forms of highly disordered carbon grains may exist, none would satisfy the physical properties necessary to explain both polarization and extinction simultaneously.