Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1858-12-08
RALEIGH. " WEDNEs DAY. DECEMBER 8, 1858
town of Wilmington, praying for reduction in the

~ = E1s-ssss ) sysSE$ as
town Of Wilmington, praying for reduction in the
tax on auctoneers.a .=zaa .gS = t-sss-1st
q Mr.. Mcdowell, resolution to amend the 18th
and 9th rules of the Senate. Stand over one day.
Mr.. Davidson, instructing the committee on the
Judiciary to enquire into the expediency of adding
Gns OF more judges to the Supreme Court bench
Also, instructing the committee military af
fairs to enquire into the expediency of encouraging
volunteer military companies throughout the State,
by exempting one more companies in each coun-
ty from road duty and from serving juries. !
Adopted. =.
Mr.. Houston, authorizing the Governor to furnish
arms to the Franklin Military school, in the county
of Dupln, upon the terms required of military COM
panies 4. ..
Mr.. Turner said resolution affecting the general
law on the subject had been reported favorably up
on by the committee On military affairs.
Mr.. Houston moved to lay his resolution on the
table. NEW BILLS.
Mr.. Houston introduced bill to repeal the Sd
1O2 chap. Rev. Code and to increase the sala-
ries of Superior court judges Referred to the COM
mttee on the judiciary.
Mr. Battle, a bill to repeal the 1sth 14th, 18th
and 10th SECS Sd chap. Rev. Code. Referred to the
judiciary committee.
Mr.. Davidson, bill to facilitate the collection Of
debts. Judiciary. 81 ........
Mr. Battle asked leave to withdraw his bill, just
introduced for amendment Agreed to-
Mr. Walkup introduced bill to authorize the
suretes of the sheriff of Union to collect arrearages
of taxes due said sheriff. Claims.
Mr. Battle now offered his amended bill to repeal
the 13th 14th 10Th and 10th sections of the second
chapter Rev. Code. Judiciary.
Mr.. McKoy moved to take up the resolution au-
thorZing the Governor to furnish arms to military
schools under certain conditions Not agreed to.
BILLS THEIR SECOND READING.
The bill to repeal the 5th and 9th Goth chap.
Rev. Code, entitled Public Debt, was now put upon
its second reading THE bill proposed to repeal the
clause of the code eXempting State bonds from taxa
ton, and that also, which authorizes guardians to in
vest the funds of their wards in said bonds The
mttee to whom the bill was referred reported against
its passage
Mr. Bedsoe said he had introduced the bill be-
cause he was opposed to exempting any particular
species of property from taxation. 1t clear to
his mind that in proportion certain species of
property were exempted just in the same proper
ton would we have to add to the burdens of prop
erty not exempt The holders of State stocks were
able to pay taxes any other class of capitalists
and he saw no good reason why they should not be
taxed 1t fact, which every Senator must
know, that twothrds of the property OF the State
now bear the entire burdens of the State This was
wrong. He (Mr. B. was in favor of bringing in all
species of property and making it pay fair proper
tion of the State debt. So much, he said for the
first section.
With regard to the second the repeal was inten-
ded to remedy great evil. Guardians invested the
in the dollar and in their settlement afterwards the
law permitted them to pay the bonds as cash,
of course at par value and the law required the
ward to receive these bonds as such. In making
this provision the Legislature seemed to have over
looked the fluctuations of the stock market If the
value of the bonds were stationary then there would
be no harm in the law But if the price of our bonds
went down to So or 80 cents it was clear the guar
dian would realize 10 to ID per cent on all his in
vestments. Mr. B. advocated this bill not to inn
Of info
ests of the orphans of the State.
Mr.. Donnell opposed the bill. He was proceed
ing to remark on the terms of the bill.
Mr.. Bledsoe interrupted him by remarkng that he
quite we'll aware the Legislature could not pass
! er post tactO law.
| Mr.. Donnell. Then the bill calls for more than
the Senator from Wake desires. Mr. d., however,
considered the law as it stood very proper law.
| And he thought that if change were needed, the
! present was a most unfortunate time to make it
The State could hardly raise money enough to meet
her liabilities, and if anything should be done to af
feet the value of State bonds, the difficulty
would be augmented. We cannot, he said, claim
the right to tax State bonds after they aker
by bona fde purchasers; and he thought it would
hardly do to tell those who may desire to purchase
that 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 mistrust in the safe
ty of the investment? Besides it was mistake tt
ciated value and pay them over at par. They coult
pay them as cash, but to the amount only they haC
Mr.. Bledsoe reioned He regarded the time az
opportune and appropriate to make the change. Th'
increasing debt of the State rendered necessary
avenues to revenue. He denied the soundness O
the principle of political economy that would eXemp
any species of property from the general burdens
The debt had been created for the benefit of all th
people and all interests, and all should be made t.
To ifc uo from,
Senator's principle of exemption, as injurious to tn
credit of the State-the only the State hat
| was in taxation, Mr.. Bledsoe supposed a case il
which great proportion of the capital of the Stat
invested in State bonds and then asked how
would do to make the small residue pay the entr
debt of the State? He next examined the construc
ton given by the Senator from Beaufort to the sec
tions relative to guardians. Suppose, said he
guardian invests $50, 600 at 80 cents, and when h
comes to settle up his wards estate, the bonds il
which he had invested the money had fallen to q
cents. What would the guardian pay then?
Mr. Donnell. The ward is bound to take tn
property at what was paid for it. he CMr. d. In
stanced the case of property destroyed-the guard
an was not bound to make it good If the bond
went up it was the wards good fortune, if down
had to submit
Mr. Bledsoes view of the statute was not changed
He asked how was it to be ascertained, in case {
the death of the guardian, what had been paid fo
the bonds? And would they not account, in tn
settlement. for what they contained on their face?
The question was then taken on the passage {
the bill its second reading and decided in the nes
Il ative. g.. ..... r
| &S BILLS THEIR THIRD READING.
3 The bill relative to tho Cherokee Indians and tn
& home of the widow and children of Chunaluska wa
low taken up.
VA Mr.. Miller thought the bill more important on
II sfhan many supposed, and moved to make 1t tn
9 [1Bpecial order for Friday next. Concurred in.
- The bill to amend the charter Of the Nantahal
Turnpike Company, was read the third time and o.