The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1866-01-31

Is deplorable in the extreme.
IL, The accumulated investments Of capital
have been swept away their circulating
medium has suddenly been converted into
waste paper. With detective tools Of trade,
with insufficient supplies of animal power,
with buildings decaycd and lands deteriora-
ted, with onerors taxes to the general gov
eminent, they are called on to undertake
task which has filed the wisest political
economists with dismay, to teach an ignorant
race, suddenly emancipated from centuries
of thraldom, the responsibilities and duties
of free laborefs. lsas gfi5 ilpa3e :
The census of 1860 states the value of the
real and personal property of the State at
!, 1858 1000, 000. This is manifestly an error,
arising, as will be seen, from an inspection
.rof the report Of Mr.. Kennedy, from the fact
that at that time slaves were taxed as per-
sons and not as property, and were not esti-
mated in the valuation. The following esti-
!, mate is, I think. substantially accurate !: u
The area of tie State is about 30, 000, 900
acres, worth, at IS per acre, $3.50, 0o0, 0O0.--
In 1860, the stock, farming utensils, house
hold furniture, &c., &C., were Of equal value
The number Of slaves were sS31, 000, worth,
at 5000 EACH say $20Q, 000, 600, making the
value Of the entire real and personal proper
ty of the State In 1850, $500, 000 600 II the
labor of the freedmen is not diminished Dy
the withdrawal of compulsion, the transfer
of its profits from the former owner 70 the
laborer will not affect the wealth Of the
State, however distressing TO indis1duais-
But whatever may be the ultimate fate OF the
. negro, whether for refusing to bear his part
in the development of the resources OF this
great country. he shall be pushed aside, like
the Indian, BY the stefner eaergy at the eau
casian. or whether he shall manfully assume
/ the obligations of a freeman, IL will not be
safe until the experiment shall be fairly tried
to impose taxes founded on expectations of
large returns from his labor A poll tax of
moderate amount may and should be collec-
ted, but for the present these 331, 900 negroes,
representing capital of $200, 0OO, 900, will
be to a large extent untaxable, nor can their
employers, from the profits of their labor, be
relied on to pay large sums to the State.
Of the other personal property, the casual
ties of war have annihilated at least $780,
100000 more, so that now on the most liber-
al principles of calculation the entire real
and personal property of the State, owned
by the million white and colored inhabitants,
does not exceed $3.50, 100000 or $3.50 to the
head. 1'aae' sit re 5aifF M ef.
From this $25O,0OO,0OO of property, and
from the polls or male population between
the ages of 81 and 45, is to be derived the
revenue to support tine State government and
pay the interest on the public debt. The
white polls returned in 1850 Greene and
Martin excepted, which made no returns)
were 65, 1873. The colored polls, added to
these, will make an aggregate of 100, O00.--.
This is greatly below the true number, but
the Sherifs will probably not find larger
number able to pay. a's -
The estimate above made does not include
all the losses of North Carolina by the war.
The State had in the service of the Confed-
crate States about 100000 soldiers, and adj
ding to these the negroes who deserted their
homes, or were employed in building forti-
fications and other unproductive works, it
may be safely estimated that the State was
deprived of the labor of 100000 men for
four years, worth at least $50, 1000, 600 beside
the deficiencies caused by defective tools and
want of animal power.
Besides, perhaps, $4,000 men lost their
lives or were disabled in service, causing fur
ther loss Of producing power of 500, 900, 600
more. fr.-.tT
If, however, all the property of the State
6AlSptO dS DeiOIc Iuc WdIy IL - QucStlOuaDiC
whether large tax should be raised the pres
emit year. ri g,a4f,,,,,.f So. -
3. The circulation of the Banks of the State
in 1861 reached nearly SIS, 000, 900, II, 49,
For the last three years of the war, the
only currency used was Confederate and
State Treasury notes. Most OF the above
notes are worthless, not even the Bank issues
have any value as circulating medium. A
,ofox fnh on6
rosin, escaped the mpressing officer, and the 1
aa,bummer,"- and the torch Of the incendiary,
but the proceeds Of these have been mostly
sent from the State in exchange for farming
and other utensils, horses, and necessary
articles of merchandise, SO that us. cur
:. rency has only to q small extent replaced the
loss
Holders of our obligations have no right
to complain that North Carolina chooses to
make survey of her situation, and estimate
her assets before calling upon her people for
the full measure Of her annual obligations
With time. to- recruit their shattered fortunes
they will, ere short while, restore the State
to full financial credit.
In truth, the war is not yet entirely ended
The shock of arms has ceased and our people
show no disposition to repine at what they
consider the act of God, hut martial law still
prevails the questions relating to the freed
men are decided before other than State
/ tribunals the voice of our Representatives
cannot yet be heard in the National councils.
All this is a burden upon our industry and
deters from entering our borders, capital and
labor from abroad
It is impossible to frame revenue bill
until it be known whether provision shall be
!. made for the payment of the interest on the
public debt. Hence I refrain from any re-
/, commentator on that subject. 800
It will take time and industry to build up
/ anew our prosperity, but in my judgment,
the financial difficulties may be alleviated by
the Banks of the State, using part of their
available means in the formation of one or
more National Banks, which may be done by
permission of the General Assembly. The
new institutions will attract capital from
abroad, will introduce a icircnlating medium
into the State, and will be Of signal benefit
to the people, the Public Treasury and the
old banks. l., ,ss5,,s.'
90 If in addition to the establishment Of Ma
tional Banks of large means, the usIry laws
should be 90 amended as to give capital as
remunerative return for its use in this as in
other portions Of the civilized world, we can
safely anticipate an early restoration of our
ancient prosperity. 5se -, r.
I Without means of borrowing temporarily
in advance Of receipts into the treasury, its
operations may, be often embarrassed. For
,narlv the Ranla nf flio Stato v,oro ,olsod -,