Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1855-01-26
Report of the Finance Committee.
Submitted to the Legislature OF North Carolia
eEtEE-N "A Inn 1879 -

erallOn the several matters submitted to them and
such as, by law it is their duty to examine and have
instructed the undersigned to make the following re-
port:
The debt OF the State at present jsubsisting and
such must be incurred in the sale of bonds
or the borrowing of money in lieu thereof may be
estimated at three millions four hundred and nine
thousand six hundred and sixty-th dollars and ff
~ cents, (3,409,663 5O)
Upon this sum the annual interest to be paid is two
hundred and four thousand FIVE hundred and seventy.
nine dollars and eighty-one cents (2O4,579 3D. An
amount which exceeds the paid into the pub
lie fund by sheris, from all the subjects of taxation
on which our present system operates.
In addition TO the amount paid in by sheriffs, the
State derives an income from certain stocks where
investments have been made-such as the RALEIGH
and CASTOR Railroad Company-Seahoard and Roam
oke Railroad Company-the Fayetteville and West
ern Plank Road Company and the Wilmington and
Raleigh Railroad Company
One of the items forming the State debt is the sum
OF one hundred and twenty thoueand dollars-beinp
the amount of bonds sold to pay the States subscrp
ton to the Fayetteville and Western Plank Road
from which eight per cent. dividends paid annu
ally into the Treasury. All the other stocks named
above productive.
The largest portion of the public debt has been in
CURED in the subscription to the North Carolina Rail-
road which is yet unfinished, and will require for its
compile tion, million of dollars.
This subscription is debt which pays nothing AZ
yet for its support, and until the Road is completed
and in use, provision be made to meet the inter
est accruing upon it.
| The committee have examined the office of the
Treasurer, his books, vouchers and statements and
report that they correct The examination of the
Comptroers office is not yet finished but a speciaI
report will soon be made.
The committee have examined the contract made
! by the Treasurer with the Bank of the Repubc in
the city of New York, and approve it, Thew have
inquired into the responsibility of this Bank and its
| management, and recommend a resolution in relation
to the same which is herewith submit ted
The committee have examined that portion of the
lreasurers report relating to the sale of our State
bonds and have had before them letters from gentle
men in the city of New York. of the highest respec-
liability upon the matter, and they take pleas.
ure IN expressing the opinion, that the management
OF the Treasurer in these negotiations has been iu
dlclous and discreet, and has done ample justice to
the public credit of the State.
The bonds that have been delivered to purchasers
are numbered, and statement of them has been
kept, from which it will be found that the number of
coupons detached and presented for payment of in.
erest corresponds with the bonds already disposed
of.
The committee are of opinion, and so state tina,
an increase OF taxation is necessary meet the de-
mands upon the Treasury now subsisting, and such
other as will arise, in all probability, before another
session of the General Assembly
Shall we have to taxation at once and
inform the people that the Stale hath need of it,
or shall we postpone increase of revenue from
this and to the specious but deceptive
mode of borrowing for every purpose? No State
can refer 10 her securities with more complacenCy
than own; nor are there any where the ener-
ges OF a people exerted with more commendable
spirit for their improvement, than with US. What
then shall be policy =! Shall we go into market
from year to year and borrow money at home or
abroad while we have ample means in the purses of
our people to preserve and uphold our public
credit Justice to that public credit candor to our
constituents, manliness in meeting every respon-
sibility which the exigences of government place
before us-all forbid that should throw upon a
future Assembly the work that and ought to be
accomplished by ourselves
With these views the committee do not hesitate to
recommend an increase of taxation. which is prov-
ded for in bill herewith submitted.
From what source Of taxation must the revenue
come Where shall the burden fall? What pro-
perty ought TO pay it? Clearly as it seems to the
committee, that interest which most appreciates and
advances with the improvement of the State, ought
to contribute to such improvement If railroads,
tulnpkes and plank roads constructed If canals
cut, if the navi CATION of rivers is improved,
IT our resources, now comparatively unknown to
selves are developed by private enterprise aided by
fostering yet wholesome system of legislation, all
these contribute in high degree to the value of
lands and our slaves-to the prices of grain and
our provison-but they add nothing to money at in
terest where the rate is fixed by law they add moth
ing TO the value of gold silver plate, nothing to
salaries and professional incomes, OF but little; nor
do they lessen in any degree the convenience and
utility of such vehicles in our revenue law are
styled pleasure carriages.
The committee do not propose to reduce the tax
upon the items last named, but alude to to them in
, this connexion for the sake of illustration
According to the present rate of taxation, lawyer
or physician with an income of two thousand dol
lars pays an annual tax of nine dollars on his
income, while wealthy planter of the State with
fortyfve black polls at twenty cents on the poll
pays just nine dollars that property.
What has been said IN relation to land and slaves
forms inconsiderable part of the argument in ia
of the taxation. Land is the fixed capital of the
State-the great improbable and permanent property
of our citzens-the support and the basis of every
other interest. Slaves in many sections give to this
it's availability of producveness and Of
of the State our sturdy white population are at the
same time the owners and the tlers of the soil
The committee, finding that an additional amount
OF must be raised have selected these as two
subjects of taxation, not doubling that the call of the
State will be promptly and cheerfully met by her
generous and patriotic sons.
One hundred dollars of money at interest brings six
dollars to the lender, on which he pays eighteen
cents to the State while hundred dollars in land
pays six cents. In this connection it is worthy of
remark that money at interest in the State paws an
amount OF revenue equal to two-hrds of the tax up
on our immense real estate
The Committee are of opinion that this source of
revenue may be made yet more productive by sub
Jectlng TO the tax now imposed, all sums from one
, hundred dollars upward and levying tax also on
nett dividends and profits, from six dollars upward
From this change in the present system of revenue,
increase is looked for of ten thousand dollars per
: annum
n Under proper assessment of land, with twelve
is estimated that amount may be realized from this
o source equal to one hundred and twenty Thousand