The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1855-01-31

the highest responsibility, upon the
same matter, and they take pleasure
in expressing the opinion, that the man
agement of the Treasurer in these ne
gotatioas, has been judicious and dis
Greet, and has done ample justice to
the public credit Of the State.
The bonds that have been delivered
10 purchasers are numbered, and state
ment of themhas been kept, from which
it will be found that the number Of cou-
pons detached and presented for paw
ment Of interest corresponds with the
bonds already disposed Of
The committee are OF opinion, and 50
state, that an increase Of taxation is
necessary to meet the demands upon
the Treasury now subsisting, and such
other as will arise. in all probability,
before another session Of the General
Assembly.
Shall we have recourse to taxation
at once, and inform the people that the
State "hath need Of it," or shall we
postpone an increase of revenue from
this source, and resort to the speeious
but deceptive mode Of borrowing for
every purposes No State can refer To
her securities with mere complacency
than can our own; nor are there any
where the energies exerted with more
commendable spirit for their improve.
ment, than with us. What then shall
be our pulicyi Shall We 60 into mar
ket from year to year, and borrow mo-
ney at home or abroad, while we have
ample means in the purses Of our own
people to preserve and uphold our pub
lie credit! Justice to that public Gre
/ dit. candor to our constituents, man.
illness in meeting every responsibility
which the exigencies Of government
place before us-all forbid that We
should throw upon future Assembly
the work that can and ought 10 be ac-
complished BY ourselves.
With these views The committee do
not hesitate TO recommend an increase
of taxation, which is provided Tor IN a
bill herewith submitted.
From what source of taxation must
the revenue come Where shall the
burden fallf What property ought e
pay it? Clearly. as it seems to the
committee, that interest which most
appreciates and advances with the i'm.
proyement of the State, ought to con-
tribute most to such improvement. II
railroads. tnrnpikes and plank road,
are contracted, il canals ATE cut, il the
navigation Of our rivers is improved, IL
our resources, now comparatively un'
known to ourselves, are developed By
private enterprise, aided by 4 foster
ing vet wholesome system Of legisla
ton, all these contribute III high de.
igree to the value Of cur lands and oui
slaves---to the prices of our grant and
our provisions-but they add nothing t.
money at interest where the rate is fix
ed b. law ; they add nothing 10 the value
Of gold or silver plate. nothing to sala'
ries aud professional incomes, or but
little; nor do they lessen in any de
gree the convenience and utility Of such
vehicles as in nur revenue law are styl
| ed pleasure carriages.
The committee DO not propose to re-
iluce the tax upon the items last nam
ed, but aIlude to them in this connec
ton for the sake Of illustration.
| According TO the present rate Of tax
ntion, lawyer OF physician, with az
income of two thousand dollars, pay'
an annual State tax Of nine dollars o.
his income. while a wealthy plan
ter Of the State with foriy-iire black
polls at twenty cents on the poll, pay.
A Just nine dollars IN that property.
/ What has been said III relation q
land and slaves, forms an inconsIdera
Bile part Of tie argument in favor Of th,
taxation. Land IS the fixed capital o
the S,ate--the great inpru,able ant
permanent property Of our citizens
tie support aud the basis 81 every 9th
Ell interest. Slaves III many sections
give 10 this its Availability as sourc,
Of productiyeness and of private re-
venue, while IN many other aud larg,
parts Of the State, our sturdy white
population are Al the same time III,
owners and tie tlllers II the snil.
! The committee. finding that an al
,IitiOnal amount Of revenue must b,
raised, have selected these as two sub
jects Of taxation, not doubting that IL,
call u the State will be promptly an,
elleerfully met By her generous az,
patriotic sons.
One hundred do'iars &c money al in
tepest bring six dollars to the lender
on whieli he pays eighteen cents 10 III
State, while one huiflied dollar. il
land pays six cents. III this conaec
ton i j. worthy u remark, that mo
uey az interest in the State pays an .
mount Of revenue equal 20 two.thirils o
the tax upon our immense real estate,
The Committee are of opinion tina
, this source of revenue NAV be mad,
set more productive By subieeting i
tie tax now imposed, all sums iron
one hundred dollars upward aud levy