The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1862-11-26

to be s20,98S. S6I OF, subject to be dimin-
ished by the amount of the sinking fund, al
that time about 5000 1000. and the debt due
between five and six millions. Still the
State debt is very heavy, and the interest at
least ought to be pnnctuaIly paid. There
are three distinct modes of supplying the
requisite sum; one by taxation, i second
by an additional issue OF treasury notes.
and third by getting from the Confederate
Government the sum due the State. In
decd this sum, when received. ought to be
applied forthwith to the. ENHANCEMENT Of
the debt of the State, az far as it wall go
for il constitutes part Of the capital of the
State debt, and ought to be applied. when
returned, towards the extinction Of that
amount Of its capital. Upon correct prin-
ciples therefore Of financial economy. the
debt ought not to be allowedito grow any
larger, practicable To prevent it. And If
the payment the entire amount of interest
cannot be provided tor by taxation, as much
at least, as possible, ought to b. 80 raised.
In regard to the subject Of TAXATION, in
teresting at all times, and rendered doubly
so at this eyentful crisis, have hut few re-
marks to make. There has BEEN such
disturbance in the industrial pursuits Of the
country within avery recent period, that il
is..ditficult for one, who may no, at once
have been present in all parts OF the State,
20 fully realize it. You bring with YOU
this knowledge, and can better supply il
from what you have seen than from what
can recommend. Ishal therefore venture
but, one suggestion upon the subject. be-
cause of.what Ihaye heard.
Byordinance No. %, of June 1861. which
is.,nowa part Of the Constitution Of the
State, IL is provided that land and slaves
shall be taxed according to their value, and
the.values Of both taxed alike and that the
tax on slaves nav be laid or their general
average value in the State, or on their value
n classes in respect to age. sex and other
distinctive properties, 10 the discretion Of
the General Assembly, and the value be as |
sessed in such modes as NAV be prescribed |
by law. Now while lands, even Of the |
same qualities, but situate in different pla.
ces, from their local and lmmDyabe charac- /
ter are properly assessed at different rates,
because Of their relative proximity TO mar |
kets and for. other substantial causes; aud |
for such reasons the General Assembly it.
self, can neither accurately value real es-
tate, nor can do so BY any general State
commissioners, vet some steps may be- Ia
ken towards equalizing the tax on slaves,
which, under the present mode of assess
ments, may be. and understand is, various
in many counties Of The State, because Of
the different standard OF valuation adopted
by the owners and assessors. Its yery de-
sirable that the tax should be uniform, and
suggest as the most likely means to &C
compllsh that object, the propriety ofclassi-
flying slaves by their ages or by sex and
aye, and aft King for two years the taxable val.
ne Of each class. IL consequence Of the
movable quality Of this specie. Of proper
", i is not subject to the irregularity OF as.
sessmeut, which attend land tie value of
slave property at any one place in the State
is, for all practical purposes, the same as in
any other; and il is not difficult therefore
70 make The tax both equal and uniform Oy
the classification OF slaves IN the manner
already mentioned.
Und.5 the discretionary powers vested
by the Constitution in the Legislature to
exempt The infrm and distinguish the ma
chanic from the field. laborer, il appears 10
me that The legislative assessment, discreet-
" made, will conduce better than tie
present mode to uniform taxation through.
out the State. Each county is interested
that the taxable value uf slaves should be
alike 10 all the counties, and whatever
tends TO equalize the tax on slaves, tends
10 equaIize that on land, inasmuch a, both
species d property must De taxed alike On
their respective values. \ precedent for
this mole Of taxing slaves. however ilnper-
feet, may be found Ia the legislation Of l7e2,
chapter 2.
In order to meet the interest on the pub
lie debt, and TO make up the sun due from .
counties, where the tax cannot be collected I
on account Of the presence Of the enemy, |
recommend az increase Of 1T least twenty.
five per cent. on the present am unit Of I
taxation. TIE great abundance OF money !