The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1846-11-26

Gamgzng = prepared 10 pay 10 The 70
naaining mslalmens Oh lie Ii Of January
next, IN heir income i undoubtedly sui
fcisni TOr ilse psylnent II I'll their Inter.
ssi on luaiss. and tie gradual sedurilaI nj
their principal debt. While 81 ! e.nlin-
ues - be lArrase. ihfre can be no Office
lion u c,nlinuing liz Safes credn %
ll,tm. Ia Ne extent of her present liabil-
ilies. Ii ! mol therefore. anticipated illss
any demssd on the Treasury vii IN ~
lure arise rom The Affairs 81 llss compa-
ny.
By IN Ars Of lhe General Assembly in
1889. the State herame. IN like manner.
surety u The Raleigh and Gaslnn Rail
Road Company Tor The sun Of s5O0,OOu,
of which lie interest was n lie paid e.
mi annually - il accrued, and he Prinri-
pal 10 be redeemed u lie pleasure 81 ilse
Legislature. nj any time alter The LEI ol
January 1880. A like sureiyship Tor
$500, nGO was undertaken for lhls lOm.
pany by sn Act, passed In 1871. The M
leiesi v hcrsuf Mas TO be paid n on the
former lea. and The one.ienlh oil the
principal 10 be repaid on ilIe lsi Of jana
airy. in each year from 1915 TO 1884 In.
elusive. IN this class Of bonds, tits un-
derslnod Tim $4,000 was never used by
the Company. and. therefore. thai The
State, as an accommodation lndorser, u
not liable on them. This latter Cnmpa-
ny, having paid no Pars Of lis principal
debt, and but single insialmsni If mle-
resi-. lis whele lial ilily has for the present
ialten ON the State. which has. thus faT.
kept down Tie interest on both descrip-
,ions of bonds, and discharged Two install
men,s nf primer. al. being $4,000 each
becoming payable in the wears 1915 and
1916 respectively. 10 accomplish ibis
howe,er. some portion Of the Literary
Fund has been USED. and S50.eO0 have
been borrowed from the Bank OF Cape
Fear. The State is. therefore. siill bound
Cor the interest semi aunualiy, on the
whole sum remaining, VIZ. 81 10000, un
iii paid, as also for $40, 900 per annum o
principal. for The next eight years, and ths
residue of 100000 nj such time after th'
lst or Januasy 1850. as the Legislature
shall hereafter appoint. Fer her indem'
nifty against the responsibilities, she has
=. ~ 4s-1aes- e. r .-i~ -..sr sao= isaletgi
and CASTOR Rail Road. if il shall be dee
med expedien, to make a Resale, or il
income, ever and above expenses. il re
tanned. - 2d. the obligations Of individual
5 ockholdeis, under The ld,h section a
the Act of 1880. and OF The Stakeholder
aud subscribers. Who gave bond under lli
Act Of ls4l. Whether these resource
, can he relied on to indemnify the Stat
, Ultimately against, her whole l'abil tx 70
This company. admits of questi m: bu
E thai they will afford the means oI indem
nifty to a very considerable extent. is no
doubted. These means, however. VII
no, be in hand in season To meet the NOR
!, immediate calls on the Treasury, as be
= fore stated, andIh scrupulnus fidelity an
!. honor with which North Carolina ha
evel maintained her public engagement
:. require iha, ample means shall be prnvi
a ded IN advance, 10 save the public faith i
4 any contingency. While, therefore. you
" efforts will be directed TO the most Gig
!, BILE made OF making this Indemnify eiiee
= lual, i, is indispensable lhatmeasures sha
!, be adopted for an increase of the Revenue
= Low this can be realized with the ieas
=. hardship 10 The people. has employed m
:, ANXIOUS reflections. and the result is ot!el
! ed with the Difference due 10 The saper'o
= wisdom Of the Legislature.
$ Our income, al present, is derived che
e, ly from leyies on lands and Per<nns.-
,r These should mol be augmented. until OIL
" er sources Of Revenue have beea tried
= but I've rates. now. Laid. should be faith
e. fully paid, and punctually and Fully eSac
Ii. ed. And. independently Of the pressln
. wants Of the Treasury, should have 7
III commended a new assessment OF h'ad
is with view To greater accuracy IN II
O. fixation. of value on each tract, and son
of provision for more correct enlistment
of Polls, as measure Of justice to Tue Ola
n. and of 4equalizing effect among her CT
is zens. Our Land tax for 20 years pas
nd has been The moderate rate OF SIX cen
lie per snnum on the hundred dollars sal'
nd The hasiiual negligence, which has pr
N. vailed in returning lands for taxation al
i. ascerlaining their value, will be mantle
its from few facts in the history "l he'
CHI nue.. Inthe year 1915, The aggregate
. lue Of the lands of the State, assessed
he taxation under The Law Of Congress, "
al. $50, 52l .5l3. But, in the year 1886
no whole quantity Of land-lls'ed Tor taxa',
lis vas valued at only s39,i36' los:
,cy correct this criminal delinquency II,
ca. listmen, and valuation. the Act oil 10
Sc, directed new assessment 81 Land
nv. improvements, by means OF when
as, same subiec, of taxation in The next y
ate was raised in value to ISL ,02l,3l7'
use $4,000 more was added to the keveh
icb This valuation, however. is obviously
the fec,ive, since il falls two and nal! u
by lions of dollars below that oil 1919;
~ anvil