Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1868-03-20


equitable and proper manner to diffuse
among the masses of the people the bles-
sings of education and Intelligence, that it
is unnecessary to dwell upon this point o.
cupying such position as North Carolina
does, with SO large population, until re-
Gently deprived of these blessings, and now
so greatly needing them, take it that no
man will question the wisdom of the pro-
vision contained in this article
B. The third and great idea is that con-
tanned in the 18th section, land in the
amendment introduced by the delegate
from Guilford, to which L most cordially
assent The re-establiShment Of the State credit
and its maintenance in the future. This is O
be no diversity of opinion. But it is one of
such vast Importance to all the material in
terests of the State, and is so identified
with Its future veal or woe, that I shall de-
vote to its consideration the balance of my
future remarks
Now, the tpO great questions are, (1) can
we restore and maintain the credit of the
State :? (2) Is it advisable and polite to do
so
Mr.. President, Tpropose briefly to show
that we can do this and that it is our true
| interest to do So
The Public Treasurer, in his last report,
makes a careful estimate of the valuation
| of the property of the State. and after de-
Quoting 5000, 6oO, 900 for the loss Of IS slave
property, and $113, OOO,O for other losses
incurred during the war, makes the present
valuation to be $3.50, 900, 900.
! The public debt of the State, he reports
III round numbers, at SIS, 100000 The
annual interest upon this is 5000, 600. Allow
ing this interest, and suppose other expen-
| ses to be provided for by property taxation
to be 500, 600, the State would then re-
| Qulre, for current expenses and interest
all annual income OF $1,000, 600 This
would require II tax of four mills upon the
dollar, upon the property of the State
Now, suppose we are obliged to raise this
by taxation alone. Suppose the State has
no other income, and is obliged to rely
upon taxation solely for raising this amount,
no" does this rate of taxation compare with
that OF other States -? [ regret that have
not been able to obtain the rate of taxation
III all the other States, for [ would gladly
present full and exhaustive statement of
this whole subject.
But l have enough to show that it is not
unusually heavy, and SO far as l can Judge,
it is below the average rate of taxation in
those States which haveincurredd debts in the
prosecution of public improvements. The
State OF Massachusetts, during the past year,
aside from county aud municipal taxation
raised oyer So 600, 900 by direct State tax.
! The State tax for the State of New York
the past year, aside from the oppressive
local taxation was nearly six mills per dol
lar. The tax of the city of New York for
the past year amounted to the enormous
figure Of (O299) or .03 upon all the prop
erty Of The city both real and personal, and
aggregated the astounding sum Of nearly
500, 100000.
What the exact per centum of taxation
! is, in tue border States Of Virginia and
! Tennessee, l have not been able to ascer-
! tain. But L know it must be heavier than
that OF North Carolina for the debt of Vir-
| glnla Is IN round numbers $40, 900, 600, and
none OF her public works are productive
and she suffered more than any State from
| the ravages of the war, besides having lost
one-thlrd Of her territory by the formation
Of the State Of West Virginia. and yet re-
sumed the payment Of her interest on her
old debt, in July, 1867.
The debt of Tennessee is nearly as great
over $35, 900, 600, and she was the battle
ground in the west, the same as Virginia
was in the east, and yet Tennessee resumed
the payment of her interest more than two
! years ago.
| The remaining border States of Missouri
which she devOtes one mill to the creation
Of a sinking fund for the ultimate liquida
ton of the public debt.
So that, supposing the State had no other
resources either present or prospective, and
was obliged to rely upon taxation alone for
resuming the payment of interest upon the
public debt, her position in that event
would be far more eligible than that of
other sister States who have shouldered
! their burdens and are now marching for
ward on the high road to prosperity, but
| this is not a fair presentation of the sub
ject.
! By the Public Treasurer's report, the as
sets of the State amount in round numbers
to SO, 900, 900. These, as will be seen, con-
| sist in Stocks and Bonds on her Rail Roads
and various works of Internal Improve
ments. Now it is true that at the present
time, these works are comparatively unpro-
ductive, and that the same cloud rests up
on them that rests upon the State. But
does any one suppose that many years will
elapse before all these interests shall be-
come revenue-producing. Take the stock
| in the North Carolina Bail Road, aroad that
has a mortgage Of only $3.50, 900, that ira
verses the heart of the State from Colds
bOro' to Charlotte, that has been dividend
paying heretofore, and that most assuredly
will become soagain. Take the Wilmington,
Charlotte and Rutherford Rail Road. It
paid its interest promptly on s., 600, 900,
up to the close of the war with only 100
miles of the eastern division constructed
Does any one doubt that when that road
shall cross the Pedee, and tap the rich
| counties of Arson and Union and drain
| that finest cotton growing section in South
Carolina, and push on to Charlotte and
makes its connection with the Western
Road, and thus open up direct commu-
nication between the West and the Sea
that it will then be able only to pay the in
terest on it's 50, 100000 first mortgage
Bonds. The moment these connections
are made, as they soon will be made, the
50, 600, 600 second mortgage which the State
owns on that road, will be beyound all rea-
sonable question good for $4,000 per
annum.
Take the Western North Carolina Road
Let that road open that grand section of
the State, so rich in the minerals of iron
and coal and copper, so exhaustless in it's
quarries OF purest and most beautifully va
riegated marbles, so abundant in its mines
of the precious metals, with its strong fer
tile soil rich in the productions of every
grain and every vegetable and every fruit: