Spirit of the age. [volume] (Raleigh, N.C.) 1849-1865, 1855-01-24
Report of the Finance Committee.
Submitted to the Legislature Q North Carolina.
Janudry, 1855.

The Committee of Finance have had under
consideration the several matters submitted
to them, and such as, by law it is their duty
to examine, and have instructed the under
signed to make the following report:
The debt of the State at present subslstlng,
and such as must soon be incurred in the
sale of bonds, or the borrowing of money in
lieu thereof, may be estimated at three mil
lions four hundred and nine thousand six
hundred and sixty-three dollars and fifty
cents, (S3, 409, 663 50.)
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, ($204, 500 ST. An amount which
exceeds the revenue paid into the public fund
by sheriffs, from all the subjects Of taxation
on which our present system operates.
In addition to the amount paid in by sher-
ifs, the State derives an income from certain
stocks where investments have been made
such as the Raleigh and CASTOR Railroad
Company-Seaboard and Roanoke Railroad
Company-the Fayetteville and Western
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 thousand
dollars-being the amount of bonds sold to
pay the States subscription to the Fayette-
vile and Western Plank Road, from which
eight per cent. dividends are paid annually
into the Treasury. All the other stocks
named above are productive.
The largest portion of the public. debt has
been incurred in the subscription to the
North Carolina Railroad, which is yet I'M
finished, and will require for its completion,
one million of dollars.
This subscription is q debt which pays
nothing as yet for it's support, and until the
II Road 10 oOr,p1ofa1 on1 IN nca nrouiciOn M not
be made to meet the interest accruing upon it.
The committee have examined the Office of
the Treasurer, his books, vouchers and state
ments, and report that they are correct. The
examination of the Comptroller's Office is
not yet finished, but a special report will soon
be made.
The committee have examined the contract
, made by the Treasurer, with the Bank ofthe
Republic in the city Of New York, and APP
: prove it. They have inquired into the res
possibility of this Bank, and its manage
4 ment, and recommend a resolution in rela-
ton to the same, which is herewith submitted.
r The committee have examined that portion
n Of the Treasurer's report relating to the sale
of our State bends, and have had before them
A letters from gentlemen in the city of New
q York, Of the highest responsibility, upon the
O same matter, and they take pleasure in ex-
q pressing the opinion, that the management
Of the Treasurer in these negotiations, has
- been iudicious 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 a statement of
e them has been kept, from which it would be
g found that the number of coupons detached
Is and presented for payment of interest cor
responds with the bonds already disposed OF.
The committee are of opinion, and so state,
~ 4n
70 meet the demands upon the Treasury now
subsisting, and such other as will arise, in
+ all probability, before another session OF the
at General Assembly.
Shall we have recourse to taxation at once,
and inform the people that the State hath
Dr. need of it, or shall we postpone an increase
of revenue from this source and resort to the
4. s~pecious' but deceptive mode CT borrowing
for every purpose? No State can refer to
h her securities with more of complacency than
10 can our own nor are there any where the
energies of n people exerted with more com
h mendable spirit for their Improvement, than
with us. What then shall be our policy?-
n Shall we 90 into market from year to year
and borrow money at home Or abroad while
We we have ample means in thd purses OF our
rs own people to preserve and uphold our pub
te lie credit? Justice to that public credit
oh candor to our constituents, manliness IN
cd meeting every responsibility which the ex
,st igencies of government place before us-al
as forbid that we should throw upon a future
Of Assembly the work that can and ought to b'
air accomplished by ourselves.
With these views the committee do not hest
tate to recommend an increase of taxation
Sc- which is provided for in a bill herewith sub
mitted.
ON From what source of taxation must the re
en- venue come? Where shall the burden fall
,ur What property ought to pay it? Clearly a
gh- 1t seems to the committee, thatlnterest Wnlc
most appreciates and advances with the i'm
Ind provement of the State, ought to contribut
most to such improvement. If railroads
ven turnpikes and plank roads are constructed
ing if canals are cut, if the navigation OF on
irst rivers is improved, if our resources, now con
on paratively unknown to ourselves are develC
lrt- ped by private enterprise, aided by q foste
ing yet wholesome system Of legislation, a
ade these contribute in q high degree to the val,
lrds of our lands and our slaves-to the price
,me of our grain and our provision-but thu
.ght add nothing to money at interest where Il
rate is fixed by law they add nothing to Il
value of gold or silver plate, nothing to Sc
the aries and professional incomes, or but httl
saw nor do they lessen IN any degree the con7e
in fence and utility of such vehicles as in o.
of revenue law are styled pleasure carriages.
we're The committee do not propose to redu
the tax upon the items last named, but ;
the lude to them in this connexion for the So
of illustration.
According to the present rate of taxatlc
~ q lawyer or physician, with an income OF tN
SUE thousand dollars, pays an annual State t
nel of nine dollars, on his income, while a wealt
planter of the State with forty-6ve bla
me polls at twenty cents on the poll, pays j.
nine dollars on that property.
What has been said in relation to land a
slaves, forms an inconsiderable part of
argument in favor of the taxation. Land
rom the fixed capital of the State-the great
Al'o' provable and permanent property OF
quo- citizens-the support and the basis OF ev'
ians other interest. Slaves ipmany sections g
"a 50 to this it's availability as n source OF prod
~tiveness and Of private revenue, while
rom MANY other and large parts OF the State,
A. sturdy white population are at the same Il
@nr- the owners and the tillers of the soil.
.enir. The committee, finding that an addltlo
/, p's. amount of revenue must be raised, have
lso in lected these as two subjects OF taxation:
doubling that the call of the State Will
promptly and cheerfully met by her gel
Wal Gus and patriotic sons.
lenG- One hundred dollars of money at inte
,mras- brings six dollars to the lender, on Whicf
$50, 10 pays eighteen cents to the State, whlle
g from hundred dollars in land pays six cents.
TINS Connection it is worthy OF remark