Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1855-01-27

taxed. Their proposition is to double the tax on
lands and increase the tax on polls 20 per cent Is
1t proper to increase the tax bill reported by the
| committee? On many items of taxation their estl-
mates are conjcctural-as for instance $6O,00a on
spirituous liquors and wines which 1t seems to me
is very large and their estimate of the whole annual
income is $4lO 6s4 o., including sos, 434 "a as the
estimated dividends expected from Railroads, Prank
roads and other productive stocks.
If you propose to increase the public debt, OF
you must modify and increas the tax bill re-
ported by the committee of finance Is it prudent
or proper do so See the least that Is proposed
for the extension east and west, to say nothing OF
appropriations and debts for other roads The bill
for the eastern extension proposes $500, QUO the
first division of the western extension S60OOuO 11erc
is an addition of 81 100000 to your debt at once
and to pay The interest on that sum you must m
crease the revenue 000-that will add 10th to the
proposed tax | take it every North Caroiinian is
unwilling to the State in situation where II is
even doubtful whether we shall be able promptly to
meet our liabilities. The proper mode to provide
for these liabilities is to impose taxes and IWlil not
agree to incur debt unless am willing to provide
the means to pay least the accrning interest. In
view of this state of affairs have heretofore sug
gcsted this plan of eXtension-a plan, understand
that has been adopted by sister State Of South
Carolina successfully. We shall have invested in
the North Carolina Road three millions of dollars
If the hopes and calculations Of the friends ct the
Road are but half realized, then may we not calcu-
late that the stock will be worth at least scyenttve
dollars TO the share?
Charlotte to South Carolina is at par. Why not
then organize your companies east and west and
pledge tie part of the State, as l am willing to
do one million of the stock of the Central Road for
its extension east and two millions for its extension
west and transfer the at the earliest practical
BILE moment after the Road gets into successful ope-
alton ? This suggestion did not to meet with
much favor. because it is said 1t will be toolong be-
fore the stock can be realized. 1t should be recoi-
lccted that those extensions cannot be built in one
year or in three years. do not propose, however,
to argue the question. | must be permitted to ex-
press my conviction that plan of this kind is much
more prudent HOc than an increase of the tax blii
to meet additional liabilities.
Bat if the debt is TO be increased for the extern
SionS, how shall proceed? Justice to both ems
demands that there should be some equality, and
this General Assembly should not pledge the State
even in prospective beyond amount that they
unwilling to assume the responsibility to make
provision, least for the payment of interest 1tOr
repeat that propriety and willingness to ASA ame
our fair share of rcsponsibty, and not to throw it
upon others require that should meet the qucs
ton frankly and provide the ways and meaYb for
any debt may authorize.
The bill for the western extension proposes to
build the road i'll divisions GOO,U is reqniEed
from the State for the first Il sion Them Rt
only be appropriated for that object, ara be
amount for the eastern cNtci ION. That lncfe rs
your debt 81 ,20@, 000 and makes the aggregate &C.
200, Goo, the interest Of which alone is $312 900
Then make your correspond with that debt
and leave additional pledges and appro riatOnS TO
futurc Legislatures. We will then assume fair
share and to others will be left the duty of assuming
theirs.
1t will be remarked that have confined myself to
the propositions for the completion and extension Of
the North Carolina Railroad. Itmay be said that most
of the other projects of Improvement propose mere
" to loan the credit Of the State TO corporations; but
does not experience prove, if we desire to maintain
the credit Of the State and sale of STATE
bonds advantageous terms, that should be
prepared Gin of a failure of corporations,
81,
credit of the State by prompt payment of her en-
dorscmentS?
And what is the state of the question, not
withstanding these suggestions, on which am called
to act? \ debt of four and ore half millions at
lcast-nJ calculation is five mons-a revenue bill
to raise $500 GO00 to meet the interest First
presented with bill for tie extension pro-
posing capital of $1,000 GOETHE State to take
two thirds or $500, 600. We have upon our tables
Il report from the Engineer who estimates the cost
of that road at $ISGO, GOO, from actual survey.
The State subsc!ibvS SSC0,OG0 now, proesScdly two
thirds; and wien the whole capital Of the company
is exhausted there is deficit Of $500 900 to buid
the road Is this the fair and proper way of deal
ing with the question? Secondly, the bill for the
western extension proposes what? 10 organize Il
to extend the Road from Salisbury ciu
Ashevil:e to LHHtfuH00ga in the State of Tennessee
The route is to DC located by the company, com.Hen
cling at Salisbury, passing by AShevillc, and termi
mating at or near Chattanooga The bill proposes to
the road i'll divisions the individual stock
the State 5000 600 and the State is pledged by the
bill! to such subscription consecutively for the whole
length of the entire route, thus to be located and
determined on by the company. We have esti-
mate of Engineer from actual survey of this pro-
posed road, but we have one of part Of the way.
The survey made by Major Gwynn is from Salisbury
to the Tennessee line at Paint Rock, 1856 miles,
through the Swananoa Cap Che route selected by
him. and the estimated cost is 81, 49,, S63. This is
about 500, G92 per mile. | understand from Ashc-
vile TO Paint Rock is about 4G milcs-dcduct that
number of miles and calculate that distance costs
per mile average of the whole route surveyed,
which lsuppoSC will not be eXravagaEt calculation
and you have the estimated cost from Salisbury
Asheville SIS, 557, G3I; and when you get to Ashe
vile how far you from Chattanooga? / under
stand from 200 to $50 miles, passing through the
toughest kind Of country Say it is 200 miles, and
and the cost of the whole road $13, 495, 431, two
thirds of which by the bill the State is pledged to
subscribe and raise, which is So, 996, 954. Gentle
men around me suggest that am misinforned as to
the distance The bill proposes road from SaLis-
bury via Ashevle " to some point on the Tennessee
line Ill the dirccti of and Chattanooga in said
State. " L am not personally acquainted with the
route proposed, but from my examination of the map
and enquiry had concluded the distance from Ashe-
vile to Chattanooga was 200 miles, and the distance
from Ashevile to Salisbury the proposed route was
l4O miles, making the road as proposed by the bill |
at least 3 10 miles long. l have disposition to
agSerate. certainly have no desire to labor under
any mistake and will be much Obliged to my friend
from jackson (Mr. Thomas) if he will correct me. |
You have, however, the data upon which l have |
made the calculation of the cost of this road upwards
If Ii millions, but am Informed by western gen
1XTb mfr hat in