The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1866-01-24

a tax nearly, twice as great as we ever paid
before the war. when our taxable property
was worth about three times as much as Il
lis now The war has annihilated. proba-
IDLY, two thirds oil our wealth. la addi-
ton to our State taxes, the land tax We are
required TO paysthis year to the Govern
ment OF the United States, Is upwards of
$500 900, besides other direct taxes to the
United States. the amount of which have
no means Of estimating.
Before the war we had solvent banks
with capital exceeding $4,000, 0o0.' and
circulation Of about the same amount.
This capital is lost. and.th currency pre-
badly worth less than 81 500. 900.
We have now almost no banking facili-
ties. and owing .othe presence ofsdssastst-
Iing-armics and. the deraagemsnt of labor
BY the emancipation Of our slases in. the
midst Of the plaating season. we made last
year almost nothing for market. Owing
TO these causes Il Is. manifest that 4 tar,
this year to meet the arcruing sinterest on
our State debt. would be ruin0as 10 our
people. and consequently injurious to sur
creditors. $50 n al
In view Of the large amount We most
contribute 10 the national government, the
arrangement Of labsr. aud the, want Of
Banks aii'arding facilities 10 men Of enter.
prise 70 employ and pay liberal wages 10
laborers. even IL pfoyideace fTor ustwith
good seasons, we can scarcely hope 10 bc
able to meet our obligations punctnails.
An honest debtor who cannot punctually
cash accounts agains. him. i always nrf-
Ing 10 give his note. 4, We cannot ply
our bsnds anl the colpans nO~ lue and
falling due this year. We ought 10 sta oar
bonds 1t par, il we can. - False the n an,
Of payment; Or allow or creditors Il, III
cept them AZ par, or make such otter IL
rangem-nts with them a, shall seem most
beneficial 10 lheu. and least dstrimenlai 10
Us.
Oar only resource, other than tazztion,
10 meet our debt, is stock in uur Rnl
Roads 10 the amount Of s6,5i6, s0o, and
bonds on certain other Rail Road, tsscst.
ed ~ mprtgagel with which Tue Slate has
exchanged her bonds 10 the anoant III
aboa, s.0Oe.0OO. II issuppssr,l TIA, many
Of the holders oi our Safe bJnil. wo4fd Iii
change them f,r like amutut al thc.e
stocks. Far the larger portion 81 o., STATE
debt j. due - nJn-rssdenls of tile Sait.
II such exchange were lnade IL the rxteatI
of giving the Control oi ar Rad. Ia non
residents. it nj shi result il oppressive
rates VI freight or other regulations detri.
menlal u The State. Properly guarded, 4
favor such exchange.
Another plan suggested. supposed u be
acceptable 10 the holder, u our Dsnds,
looking 10 tue furnishing VI currency a.
well a. the making 81 our State deDs man.
aseable, Is the issue Of small bOai,. PAYABLE
~ bearer and bearing ios rate ii interrst,
say one per cent, and fcceliavir in paw.
msnt Of az dues 10 or IRON tlie state. A.
the credit VI these bonds would sr.t Iii tie
faith Of the Stale. A. thatoI int gfssert ~
ti0nal currency depends Oh II. til I'll iii the
nation; snd a. there would b. NUN De.
m,nd lur them 70 pay taxes. ani III view
OF the uncertainty when the state may be
able 70 resume h: plimeut d interest un
her presclt bonds, the advocates III tIis
scksm: believe that the holder, ol the large
bond, woald deem il their interest, aud
would exchange lsr these snaller D,aI,.
especially, il allowed % iak: part VI the
amount IN Rtil Road stocks.
II i, objected 10 this ,.nen., thlt /.
would violate the provision in the Coasm
tuition VI Tie United States, which tutbIds
State 10 emit bills Of credit. The adso.
Gates 81 this plan insist that II has always
been conceded that states might con slltu.
tionaliy issue bonds payable IL bearer. aud
transierrabiy By delivery. with no restric
ton a. 70 The amount OF tie bond or the
rate " interest. | give the outline Of this
plan. - ! understand il. 10 call attention
10 IL.
The pressure Of other duties has not al.
lowed me time 70 give 70 this and other
N4k0 II Ha.4 a