The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1848-12-06

tnsAaimrnis have hffn alFrady discharged,
~ fi,al lhrre Eemain e This rlass IL bonds
pulssanding he sum of sI66.500. BBl
40 - he iieasnry. in paying ihese install
snFnls ~ prinripal. Ahile sustaining the
rrdlnary experses ~ government. and Tie
hrssy drafts Cor interest on the aggrrgais
n bnsh llsse rlasses af drhi. ll.ere has
bern horrnwsd. frnm lIae Bank II Cape
Fear. within ll,e lasI fnur years. The sRnl
81 100000. besides the loan from The II.
irrary fund. hereinafter menIiuned. Surh
arc our responsibilities. The ampnlous
regard far The pubic honar. Nhirh i Just
~ Tie pride &c tie siair requires Il,em In
Be promptly met. To provide Cor lhis in
ille mode leasf hnHlens0me 10 the people.
i the appropriate duty Of their rrpresen-
taiifes. Unless and until something NAV
h. realized from \ Ir.sail Of lhe railrnad
r = recovery against rs slnekh0ldrrs and
l'onsismen, our only relianrc is upon some
MEASURE for m inrrPase 0f the revenue.
whish shall furnish the means of gradual.
II cu'iailing tie prinripal. while il keeps
dawn the interest. The prinripaI ~ The
Sea Of s500.O0 does ms, prss with any
nnmcsliaie force. rs we have already seen.
and requires nn,hing n present hnt pro-
vision for lis interest. The Bank III t'ape
Fear is also bound hy hs rharIer 10 lend
10 tlc state. n any tine when rallel for.
az amount mol cxreeding sl50.0O0. and
M Stipulation is made Ne to the lime oG
payment. TIE residue. therefore. Of slG6.
500, il the only portion of the liability.
having fixed and early day Tor lis liqui-
tlalion. To meet the interest on The three
descriptions Of debt. and the principal rs
i may become due. Of that last referred
10, recommend thai when the means in
the treasury are insufficient fnr these ends.
the treasurer be authorized to issue state
bonds redeemahle in ten years. 10 an A.
mount equal in the deficiency. II is also
worthy Of yonr attentive inquiry. whether
like bonds should not he at once issued in
lien Of The deb, Of s90.n0O due the Bank
Of Cape Fear. To the state Il l. mat
Ter Of indifference. whether she shall have
the loan from the Bank. or from other cap
iialists. Blu, in community where hank
ing capital is limited. aud with the fieest
use OF their means, tile Banks ran afford
nn greater accommodation than is requir-
ed for the demands Of business. il is a Sc
without tq'iae as .son.nsEcial mss q be
nisllpd BY the loan Of this amount among
them.
The advantage Of allowing the new loan
a considerable time 10 run. (say ten years
is that il would ensure its being taken inn
me,liately at par if not at premium. Il
is, however, contrary TO all true principles
Of finance, to conlrart loan without also
no, only fnr the interest. but for
the gradual redemption Of the principal.
lf the foregoing Suggestions DO adopted,
they will consolidate the Bank debt, and
the residue of the smaller debt on account
Of The Railroad in loan Of S256.50O, re.
deemable in ten years. And IL The pre-
sent Legislature shall provide for the ex-.
of this amount Of the public
obligations within that period, and the
pnnciual payment Of interest on the whole,
they will have accomplished as much as
may be at present needlul. leaving to their
successors the adoption Of measures for
the repay mcnt of the debt Of $500, 900 "at
any time alter the Is, day Of January,
1860" as originally stipulated. This ar
rangement viii require sinking fund Of
about $4,000 annually for The redemp-
iioa Of the principal, besides abou. as,
900. Tor interest. The latter sum, how
ever. will gradually fall to $50. 900 as the
debt is diminished. In other words, it
will require $4,000 or Whereabouts to be
annually applied to the public debt. over
and above the ordinary expenses OF Gov
eminent, now averaging about a like SUN.
making the whols amount wanted Tor each
year $4,000.
In the message to the last Legislature
already referred TO, our revenue system
was reviewed with reference to The de-
mands on the treasury, and an argument
was submitted to demonstrate, that the
stale lost seven or eight thousand dollars
from failures to enlist lands for taxation,
whereby they had escaped their c'n.ln-
gent entirely. or from under valuation, by
means of which j. had been avoided in
pan: and that probably an equal sum was
los. in the poll tax from a like criminal
negligence in rendering lists Of taxable
petsons. Accordingly. the act Of the last
session directed a new assessment. and a
more vigilant supervision of the enlist
ment of lands. The result has been, that
the land revenue of lS47. collected under
the new law. has exceeded tha, "f 1876
under The old. by the sum OF S5,9ll,o2
A table attached to the report oil The pub
lie Treasurer will show that the total mum
her ofacres taxed in 1916 was 22,36s,55S
and that in 1877 it rose to 24,359,O7o
and tina, the aggregate valuation Of liant
and town property in 1916 was S3o'2a4
1874. and tina, in ls47 ii grew to S66'4ao
'S2l. With these material additions u
quantity and valuation. the amount OF TAX
es received from real estate, Is yet lowe