The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1867-02-27

eroment or Empre, can adopt TINS sysu"
of compounding the interest Of its debts TOT
! series OF wears, bat what will be eventual
" crushed and ruined. Think fora mo,
ment, Senator's, the insignificant sum o.
one hundred dollars compounded 'or one
hundred years. yields the enormous sum y
one hundred -ihsusaad- dollars aass" We
comp .und our State debt Tor tweive years
instead of fourteen millions. we create
deb, Of twenty eight millions. Thus 70 that
short period il puts il beyond our reacn and
control. We all agree then that THIS iund-
ing system must be abandoned.
Secondly, it is proposed to'authorize me
Public Treasurer toborrow maaey 60 meet
the interest for 1867. n. He has, eight Inn.
dred thousand dollars to borrow, he would
have to go into the market with twomni,ons
Of Stale bonds to meet the iatersstfor 1907
and, certainly no sane man would entertain
such q proposition fora moment. l lhinS'
Senator's, that il is demonstrated 70 tue
satisfac non Of every .menber OF lhis no y
that this p,au with not do.
Thirdly Taxation is proposed; let Us
exsnine the practicsbliity OF thls pan =.
this ,lrae. d Ifthis plan is adopted we would
have 10 levy 1 tar for the nefttwo years 70
carrlus ssp torthes meeting oil tne nei'
General Assembly, Of two millions oi dol
lsrss befofe we proceed to imposetas our
DEM our people let los 'exan'he their q
bilits 90 pay . 's' 50
The unfortunate heresy, that has been
taught in4,hese Halls for the last hiteen or
twenty'years, by those who controlled the
distiny uf The stare, Ia. make large appro-
pria,ions of money, without ieyying tax
al the same time tumeet me DEBT, mas nxed
unon this generation the enormous burden
ofIourtee Cd million Of dollars, ala time, Too,
when we have lost TWO hundred and hity
million Of our property, aud nave 10 ply
heavy directtaS tothe national government,
n lew tax Ia meet the ordinary expenses
of the State government. Is about all we can
do. The question: Ihen returns, how y ms
fifteen hui dred thousand dollars 10 meet
the interest ON the State debt. the next TWO
wears. TO be provided for! The only ieasi
lie pfan mat presents itself to ny mInd, =
the passage ofthe bill under consideration.
This plan has succeeded IN restoring puDllc
confidence IN other States, aud why not 10
ourst II Is endorsedby some Of our ATTEST
statesmen and iurists, aud why not give II
trial 'ihr the ue xt two years Ihis plan
L,sbeen tried IN South Carolina, aud these
bilrs rank at par with national currency, A.
am Informed by men OF that State. ~
has been tried in Maryland. when her State
securities we're down 10 forty cents 10 tne
dollar. 1t acted like charm. State bonds
weat up 10 very short time. Her neoi
was about the same as ours, fifteen million.
Adopt This system and the time these bills
have 10 run. we save one half million Of dol
lars in the way OF interest, aud create cur,
rency which will answer all the purposes
not only Of paying taxes. but the communion
transactions between the people. But those
who oppose this scheme would be Tor u, bu
they lear depreciation these fears ar'
eroundless, aud without iundaton. A la
Is levied TO meet the pa ment Of these Dill
At majority which will necessarily give
them credit, aud they will rank at par wlti
greenbacks, and have no fears OF taeI
deprecIatlon. Senators seem TO forget ina
currency i an imaginary thing. and !
Ddseu HpVn puOhS Ss"h
The inquiry should be. how are we TO brlnl
this desirable thingF abou: Is y by DIS
trusting the integrity Of the State orls
By manifestiag generous confidence 10 III
honesty and integrity Of our old mother
whose Lair lame ranked as high as any Stat
10 The usion before she was compelled y
the Unite States government to rePudlat
the war debt but don'l consiier this he
own voluntary act. With prudent and vas
Legislatures, she will soon retrieve her los
fa@s for honesty and integrity, and resum
her proud position ons.thersistrr States
aud wipe out the fou stain oi Reputation
1 hope forever. Senator's, we are on u
margin sf precipice, We should pause an
consider the situation, and act with q VIE
OF regaining our proud position. This ono
accomplished We are safe, Tor We will has
the history Of the past 10 guide Us in the u