Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1858-12-04

ADOPTED ..,, authorizing the Governor to furnish
Mr. h .la franklin Military school, in the county
arms " upon the terms required OF military COM
pa1l Turner said resolution affecting the general
,r on the subject haa oegn affrs up
only Houston moved to lay his resolution on the
table NEW Ru1s ..f-is,.Sss1as
u,,s+on introduced bill to repeal the Sd
MI. VI .b,n Rev. Code, and to increase the sala-
SEC snpe1ior court judges. Referred to the com
mtee 0 Oh hill to repeal the 18th, 18th, 18th
NJ Sfstb secs. Sd chap Rev. Code. Referred to the
adtH syidscn, bill to facilitate the collection of
debts Rattle asked leave to withdraw his bill, just
NJ: i'.cl for amendment. Agreed to.
m, .I" Walkup introduced bill to authorize the
ses of the sheriff Of Union to collect arrearages
sun '..o. ,,,e said sheriff. Claims.
o,A'p Rattle now offered his amended bill to repeal
NJ ..l' 1lth 18th and 10th sections of the second
lm h,rter Rev. Code. judiciary
ehaP'elu eknv moved to take up the resolution
III .nn the Governor to furnish arms to military
hi'l'I 1ler certain conditions. Not agreed to.
Seio0'' p,,1s ON THEIR SECOND READING. E.
u,, hill to repeal the 9TH and 9th SECS Goth chap.
Inv rode entitled Public Debt, was now put upon
k ' reading The bill proposed to repeal the
is NV Of thc code eXempting State bonds from taxa
t' and that also, which authorizes guardians to IT.
n' Gnds of their wards in said bonds. The CON-
70 whom the bill was referred reported against
its paSSass' aid he had introduced the hill he
,,rse he was opposed to exempting any particular
'' ;os Of property from taxation. 1t was clear to
n;nd that in proportion as certain species of
HE nar.r were exempted just in the same proper
pro- ,rond we have to add to the burdens of prop
u'. mot exempt The holders of State stocks
cry 1a 70 nav taxes as any other class of capitalists
Ibo saw no GOOD reason why they should not be
a n~,d It was fact, which every Senator must
lnow that twothr!s of the property Of the State
Au hear the entire burdens of the State This was
III" He Mr.. B. was in favor of bringing in all
noces Of property and making it pay fair proper
,on If the State debt So much he said for the
with rrr,rd to the second, the repeal was inten-
dad to remedy great evil Guardians invested the
money of their wards in State bonds say at 20 cents
!, the dollar and III their settlement afterwards the
law neruitted them to pas over the bonds as cash,
"a "a" sonrse At mar value, and the law required the
u.rl to receive these bonds such. In making
tbis noyison the Legislature seemed to have over
looka5 the fluctuations of the stock market If the
rue of the bonds were stationary then there would
b no harm in the law But ifthe price of our bonds
went down to So 30 cents, it was clear the guar
dian would realize 10 to Is per cent. on all his IN
rpsmepS Mr.. b. advocated this bill not to i'm
psn guardians but for the protection OF the inter-
etS of the orphans of the State
Mr.. Donnell opposed the bill. He was proceed
ne to remark on the terms of the bill.
Mr. Betsoe interrupted him by re,narking that he
was quite we'll aware the Legislature could not pass
aner post .titcto law.
Mr. Donnell Then the bill calls for more than
the Senator from Wake desires Mr.. d., however,
<l,, l,,,- ooA
And he thought that. if change were needed, the
present was a most unfortunate time to make 1t.
The State could hardly raise money enough to meet
her liabilities and if anything should be done to af
feet the value of our State bonds, the difficulty
would be augmented We cannot, he said, claim
the right to tax State bonds after they are taken
by bona tide purchasers; and he thought it would
hardly do to tell those who may desire to purchase
that We will hold the right to tax your bonds if you
purchase. And then, why should we say to the
world that guardians should not purchase State
bonds. Would it not tend to mstrust in the safe
" of the Investment? Besides, it mistake to
suppose guardians could purchase bonds at depre-
ciate value, and pay them over at par. They could
pay them as cash. but to the amount only they had
cost
Mr.. Blei>oe reioned He regarded the time as
Oploune andappropriate to make the change. The
increasing debt of the State rendered necessary new
avenues to revenue. He denied the soundneSs OF
the principle of political economy that would exempt
any species of property from the general burdens.
The debt had been created for the benefit of all the
people and all interests, and all should be made to
contribute to its liquidation. He dissented from the
Senator's principle of exemption as injurious to the
credit of the State-the only resource the State had
was In taxation, Mr.. Bledsoe supposed case in
which great proportion of the capital of the State
was invested in State bonds, and then asked how ii
would do to make the small residue pay the entire
debt OF the State? He next examined the construc
ton given by the Senator from Beaufort, to the
IONS relative to guardians. Suppose said he a
guardian invests $4,000 at 80 cents, and when he
comes to settle up his wards estate, the bonds in
winch ne had invested the money had fallen to "a
cents What would the guardian pay then9
Mr. Donnell The ward is bound to take the
property at what was paid for it. He (Mr. d. in
slanced the case of property destroyed guard
an Was not bound to make it good. If the bond:
went up it was the wards good fortune, if down hi
had to submit
MI. bieGSoeS view of the statute was not changed
II asked how was it to be ascertained, in case o
~. sN death Of the guardian, what had been paid fo
s @s ponds And would they not account in thu
<',rreleiit Tor what they contained on their face?
Il me question was then taken on the passage o
alive
IT. ELLIS on THEIR THIRD READING.
LIE Dill relative to thu Cherokee Indians and tn
rsne Of the widow and children of Chunaluska, wa
now taken up
tso sH Miller thought the bill more important on
s Sai many supposed, and moved to make it tn
'ft Tl' order for Friday next. Concurred in.
Tr LIT Dill to amend the charter of the Nantahal
ds "nlhe Company, read the third time and OF
utel to be ergrossed ,,...5.r,.
ENGRossED BILLS FROM THE HOUSE.
u message received from the House transmitting
fllo"n ehsrossed bills, which disposed of a
Tr INT Dill to amend the charter of the Little Rive
mhp p ne, congratulated on the calendar.
r aIe 20 OH concerning the distribution of the Re
'h ed code-lad on the table.
mttee on claims. " '' VI VI '''S' : '''
com ne Oil prohibiting betting on eections-to tn
1 Tha on the judiciary.
ate calendar having been gone through, the Ser
IT., BILLS ON THEIR SECOND READING.
nco IL Nor