The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1866-01-24


u,
each year This would require z ra1 nearly
twice as great as we ever palo before sne war
when our taxable properly was wors I'M soous
three times as much as ~ - ny sr.,ac "el
mas annMiated propaDIy wv o.l "a v ~
wealth In ADDITION TO our osa. q, :aAes, Tug
iand TAX we are rsgulleG - r.! su -
the govslens ~ W .nc Che rs
waras u ?oooUvu oe III aroo,,nt IF mS;ch
~ sae O.l. oe o.c' os,;,ns+;ng
10 ~ ats 80. :. bod solvent banlrs with
800, s a.sa,l;,o. 90 mn, (,f,(, and c;rc,,-
90 49,. 4ts 800 anount This ar.
;tai : in,t 81 tho currency nrohablv worth
Loss tban Il sno mn
W. 49, ~, II, oct No banking facilities
o,,d o,,-;,,,s ~ .ha ,,resence of devastat;ng
armies and the deranoement of labor by the
emanc;nat;on of our slaves in the midst of
the nlartino season we made last year almost
notb;nr far market Owing to these causes
a i manifest that q tax this yearto meet the
accrnino interest on onr State debt would be
ruinons tn our neonle and consequently in
iurious to our creditors.
In view of the large amount we must con-
tribute to the national Government, the de-
raneement of labor, and the want of banks
affording facilities to men of enterprise to
employ and paysliberaI wages to laborers,
even ifProvidence favorus with good seasons,
we can scarcely hone to be able, for some
time IN meet our obiioations puinctually. An
honest debtor who cannot punctually meet
accounts against him. is always willing to
Give his note AS we cannot pay our bonds
and the commons now due and falling ,lue
This vear we opuht IN sell our bonds at mar
# ye can m ra;se the means of nayment mr.
allow orr creditors to accent them at mar. or
make sucb other announcements with them 40
shall seem most beneficial to them. and least
detrimental to us.
Our only resource other than taxation tn
meet our debt. is stock in our Rail Roads to
the amount of$6 81 5()f, and bonflson certain
other Rail Roads (secnred Nv mortgago1
With which the State bas excbonoed ber
honds to Tho omornt If abo,,t 60 on0 ooo "a
= s,,n,,osaa t,,at n,ann &c tba h",Jo,, of -.
Stata bonds would eycbanoa them for q l;Ie
amount of these stocks Far The LARGER norton
IF orr Stoto debt ;s lno m ~res;lants nf
tho St.+o r. snob axoba,,,ra ,,,e,,, ,,,od, -,
the eyton+ IF irving Tho coStroi If ,,,,r r,,,SS
TO non.res;den{s ;tm;oht rasn,t IN o,,,,rass;ra
800 81 f.a;o,lt or otbar ros.uIa4;onr It,;
..'s.S.,I - r. co. D.I'sos|,., ..,l,l1
f,ul,r s,,oh axoha,o,a
Another ,,Ian sngoasted snnnosed 70 be
oooo,,taI,Io r. +ho boiJa,.s ~ ,,r td, Ill.
;no 70 the fnrn;sb;po of :. c,,rra,,ci, os vol, 90
the making of our Sta+o doht m o,,ar,eoblo "a
Tho ;SS,,o ~ sr,ou hon5s ,,.,,ah,a - bao,or
and bosr;na Low rata * ;ntara,+ sa1 ono
ner cent and receivable in nayment of al
+
these bonds wonld rest on tho faith Of Tho
state 90 that of the present not;onol currancv
denends on the faith of tho nation and a.
tbare would be much aomord for thor, IN
nav t.xes and in ,y;o,,- Of Tho ,,,,oorta;ntv
when the stote nav ha ah,o - resume tho
nay,nent of ;ntorost avn J,ar ,,rosont honds ths
advocates of this scheme helieve that the
holders of the LARGE bonds would deem it
their interest. and would exchange for these
smaller bonds. especially if allowed to take
mart of the amount in Rail Road stocks
It is Objected to this scheme that it would
violate the provision In tbeConstitution of the
limited States which forb;ds n state IN emit
bills of credit The advocates of this plan
insist that it has ALWAYS been conceded. that
States might Constitntionallv issue bonds
PAYABLE to bearer and Transferable bv de-
livery with no restriction as to the amount
of the bond or the rate of interest I give
the outlines of this nlan as understand II
TO call attention 70 +
The pressure of other dut;es has NOT al
lowed me time to give to this and other
plans which have been presented in relation
to the payment of the State debt and sup-
ply of currency. sufficient consideration to
conduct me TO a satisfactory conclusion and
]. therefore. abstain from submitting any dis.
tiuct Recommendation as tn either
In presenting tbe foreoo;no views of our
aff,irs T must not he understood 40 be;no
deSnondent To ovarcoma nnr d;e;ou,t;as
il necessary to face them and not 70 shut
onr ewes IN them We ct;Il have ,orro no.
sources We mpst re,v chiefly On our Gus, y;r
+,o ,,orso,or;n,, ;rJustr, III f.,,oI;., ,,.,,;oh
49, H. go se,,roos - nnt;aaa7 .,... $50
W.. go $50. oa,,;,a, ,',. Ill spu
~ o,r fertile lands rob n,;,as of oaa1 ;ron
nn,d s;,rar ond conner and rrotor ,'o,-or Co.,
S ,nanrfaotur;no W. ,nnst nrotoot ~ omd au
cor,ra ge tbe Iaborer Honest Industry nust
te sstsou and ndoIsnna
J;anS.,u.at,o ond tha va,,ran. ,,nn;sSa5 d.,
tho oe msons " onr ' ra;,raad st P vii ny
r,ada ,,rodrct;,e and toxat;o,, +hus re-
uuo;a ,o, n''" NV "''' '-'' sne' "'''- "
"'o'o wal pnrc.r,oS
our un;vers;tr and nnbl;c scbools ;nst;-
80; m ,,.h;oh .ha Tnnst;tnt;on n;so,n sn;a;ns
:utlons wiz. =. as.a;o houa FLA ths tnaSt;nl,
~ on US ~ sus' h, m"st suhi. +ba sa,,aEt
eIeG's u wal; e,..hio Sunnr;t snv ~
OF Ine aDle' hee'a''sao'e ouPei i''ei'.on' "
fuphc SCHOOLS. en- a..
ne mas tnseussea .e sa ~ 1o ~ ,u co n