Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1860-07-19
No.. 3.

For the Journal.
Equality among equals is equity but equality among
unequals is not equity.'-Ma1inl Of Equity Laeo
In order to have clear comprehension of the man.
ner ID which the I'D Uatorem scheme of taxation would
operate in North Carolina it is necessary that should
keep IN view the uco distinct purposes for Which taxes
are laid First, it is necessary to raise $4,000 per
annum Tor ordinary expenses. Secondly, 1t is
ry to raise $53OOOO per annum to meet the interest
the State debt So far the working of the cd valoren
scheme relates to the ordinary expenses of the State
Government there would be great oppression to any
class of property holders from the mere fact that the
amount necessary to be raised tor this purpose is
parativey small Neither would this scheme confer any
considerable advantage to any class of property holders
if the ordinary expenditures furnished the measure of
taxation, and for the same reason. The Opposition
leaders themselves admit that the reason why they
did not long since advocate the dd Udlore scheme
that the public expenditure being formerly limited al
most to the ordinary expenses taxes light and it
was OF no great practical Importance that they should
be very nicely adjusted to the different subjects of taxa
ton. They admit that but for the internal i'm
provement debt, they would have taken up that
scheme. My purpose at this time is to certan what
portion of the interest the Public Debt would be
borne by the landed property of the State under the
working Of the dd Uaicrea scheme.
The Opposition leaders estimate that there are n n
Carolina $1QOOOO000 worth of property OF this a.
mount, they say that $l00000000 worth in the hands
of the poor people should be exempt from taxation eav
ing $600000000 worth of property in the State subject
to taxation according to their scheme Pursuing the
subject farther, they say that tax this amount at
the rate OF ten cents on the 500 value would produce
S6OOOO0 per Gnnunl, enough to meet the wants of
the State Government Assuming that this estimate is
correct, tax OF nine cents the OO value of proper
ty would raise $540000 enough to meet the interest
on the State debt, with margin of $4,000 to cover
such Tor instance the cost Of exchange
have heretofore estimated the slave property in North
Carolina to be worth $l80,0000OO. But the Opposi
ton leaders say that is too low estimate and they
put it at something $780, 100000 Say then that
the whole taxable property of the State under the dd
ratorem scheme would be represented by the following
valuations
Slave property 5So zoo O O
All other taxable property, worth 27O 600 600
Total taxable property, worth ~ $500 600 OOs
The burden of the $4,000 necessary to meet the in
erest on the internal improvement debt would be ad
to the above classes of property under the ad o.
loren scheme as follows:
Land would pay............... sIl7 ooo
Slave property would Observation-Disclosures $40 OOO
All other property would pay. 243 900
Total amount Observation-Disclosures. $40, 900
These figures show clearly how the ad UaLorem nan
OF taxation would work 1t would saddle the slave and
other personal property of the State with more than
seUe"'mths of the internal improvement debt whilst the
landed property OF the State would pay less than
maths of me interest of that debt. have shown in
previous articles that the real estate of North Carolina
has in period of twelve years. increased in value about
S64,OOO,OOO have not said has been charged by
one OF the opposition papers, that the 1cOle of this
creased value was due to internal improvements but
do contend that the greater portion of this increase has
been produced by works of internal Improvement OF
the $64 900 900 increase will admit for the sake of
the argument that $240Q0000 to be attributed to
other causes there still remaining enhanced value of
$4O0OOOOO due to internal improvements or salty per
cent on the valuation of 1886 Personal property be-
ing in its nature movable may be carried to that mar
ket where it will command the best price Local i'm
example, the most valuable kinds of personal property
such as slaves, bank and other stocks gold and silver
the evidences of debt steamboat and vessel property and
many other kinds which could be mentioned. Things
of this class not enhanced in value by internal i'm
then, is the justice OF system of taxation which places
upon personal property more than ssvsnninhs Of bur.