The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1867-02-27
REMARKS or
MR.. BERRY, t,F ORANc5s

o the ei to au'hofise the Public Treasurer 10 ssys
bills efcredit. sfrl...- - - =
Mr. SPEAKER: Before ,efterino IN H.
1 consideration NJ the bill ssnotv hSedsa 80,
there - ooe proposition we can all agres
upon :; that :. that fffe great responsbility
rests anth'- General Assembly Of addbtiny
some measure which will restore the State
to,her aucient credit. 4 presuine there il
not dlsstiltThS Voice to this ,proposition.
The tnaairy theais how is this i'm pdrtant
inarter to be accomplished. The starting
point 70 aceefhplfsh this great good is 10
resihfe 'phbficsc6nfdehce; for without ,his
there can be NO prosperity, ftsr the Stata
nor Tor the people. l, must be, conceded
that al this time, there is universal want
Of Conscience in the integrity Of the State.
and with the people. one with another.
This being the ease, il is the daly al tie
General Assembly to give this sakiect thsir
serious consideration, which / hone The
Senate will do. ! will promise 10 be !,
brief in my retharks az the Importance OF
the subject will permit. About twelve
months ago the Public Treasurer submitted
his annual report TO the General Assembly
then in session. In that report he recon-
mends the funding Of the interest Of the
State debt. The General Assembly adopt.
ed has recommendation aud authorized the
Public Treasurer to fund the same has Il
increased the value of our State bondss
They were then worth in ,he market
forty i've cents in the dollar; they are.
worth no more to day. What then have We
accomplished by authorizing The creating
gf three and cHe half millions of principai
debts ALI that we have accomplished for
the State is to increase the interest. She has
TO pay two hundred aud Ten thoussnd dol.
lars per annum.s Senator'S, you.c4n perceive
then, that this funding system has been
complete failure. 1t has failed to appre-
clate the State credit, and IT has failed to
afford any relief to the people. Tie Pub
lie Treasurer has made anolher report 10
the present General Assembly. Has he
again recommended the funding system, OF
has he recommended any other plan ? No,
Senator's, he is as siient as the grave. He
has thought proper to throw the whofe re-
sponslbll,y on you he has Suggested no
scheme, though he spoke encoaragingly of
our prospects in the future. will do the
Treasurer the justice TO say, lha; when this
bill was under consideration before the
Finance Committee, that after | made my
argument, he was called upon to reply. lie
took ground against the scheme on the
ground of its unconstitu tionality, and that
it would not restore public confidence, but
would depreciate it. replied to these OBJ.
jections, | think, Successfully, a. the rei
port Of the Committee will show seven ia
iavor and three against the bill. After the
arguments we're closed, one Of the Com
mltt,e called Upon the Treasurer for his
plan. lie frankly said he had no plan to
recommend. except taxation. Then, Se-
nators, this same recommendation was test
ed in the House the other DAY, in the con-
sideration of the resolutions introduced in
that House by Col. Cowan, from New Han
over, aud was defeated, These REGULATIONS
propose FIRST, that the Finance Committee
should be required TO report bills, hrst. TO
authorize the Public Treasurer 10 fund the
interest Of the State debt 10 10 TIE frst Of
January. 1897. Secondly. ID borrow money
10 pay the interest of the State debt As il
became due in 1867. Thirdly, TO levy 4
tar for 1868. Then, Senators, you have
before you four distinct propositions to ar.
compiish the great object we all have ia
view, the restOration Of public confidence.
propose to discuss the merits Of these diff.
ferent propositions ia the order they pre-
sent themselves.
The Public Treasurer has abandoned the
funding system, and 50 have 4. voted
Tor il in 1866 because failed 10 getting
through bill similar TO the one we have
now under consideration. and MY anxiety.
was 90 great to sustain the credit OF the
State, that voted for this bill without
much consideration. But. Senators, | have