The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1868-08-12


ed elections Recommended that it do not pass.
Bill to repeal sec 81 chap. 81, of Revised Code.
Recommended that it do not pass, the section
having been repealed by the 18th section of 10th
chapter OF laws of 1866
Bill to make indictable language calculated to
lead to a breach of the peace. The majority OF
the committee recommended its passage.
Also number Oh bills, without action, as the
committee would not be able to examine them
during the present session.
Mr.. Estes moxed to SUSPEND the rules for the
purpose OF taking up the bill providing for the
payment of the interest on the public debt. Car
ried.
mr. Estes made an able address on the sub
jcct, which can be found in another part OF the
paper.
Mr.. Hodnctt offered a substitute, the bill pre-
vionsly offered by him repeating the Convention
ordinances, providing for the payment OF the in-
tercst ON the public debt
Mr.. lIodncit said it WAS in no spirit of repndi
alton that he offered the substitute. He was op
posed to reputation in all of lis forms, and had
previously adhered to his position when mt the
expense of his own personal interest. 1t was
10 tho interest of our good old State that her
credit should be kept up; but the Convention
ordinance requiring the Legislature to provide
means to pay the interest on the public debt was
fast educating the people in favor OF reputation
The impoverished condition OF the State tended
to strengthen this fast growing disposition on
the part of her citizens. These people were ask
ing why should they be required TO pay millions
of the public debt, when they were unable to pay
small proportion of their private debts The
debt of the State was due mostly to men of large
wealth, and the peorle, in their poverty, were
rising up by hundreds and demanding repudia-
ton. When the ordinance in question was be-
fore the Convention, 1t was argued by the friends
of the measure, that the State would not be
called upon to pay the interest on the public
debt until after the expiration OF II years, and
hence it was rushed through under the inspira-
ton of that false belief. So as the Consti
tuition was arranged, they turned around and
passed the ordinance requiring the Legislature
to provide means for paying the interest. That
ordinance was not printed with the Constitution,
and hence not one in two hundred knew any
thing about it. But since they had heard of
it, the cry for reputation was fast growing
stronger and stronger. The interest on the
debt would exceed one million of dollars annu-
ally; and he thought the increased expenses of
the State government would amount to one mil
lion more.
Mr.. Proctor inquired when the interest would
be due?
Mr. Hodnett replied on the LIST of january
The Legislature had to meet an expense of
two millions of dollars per year. 1t would ne
cessarily cause taxation upon property TO be in
creased in order to meet such large demand The
homestead provided for by the Constitution was
one OF the main reasons OF the ratification d
that instrument by the people of the State;
but ii the demands of the ordinance were COM
piled with, the homesteads OF small farmers and
Others would pass from them, to assist i'll paying
debts due 10 men, whose pockets were already
filed with guineas.
Mr. Proctor asked how much was the State
debt?
Mr.. Hodnett replied about nineteen millions
of dollars.
Mr.. Estes said the amount on which interest
was required to- be paid on the LIST Of JANUARY,
Was only S12, 40 000.
Mr.. Hodaett said the difference between his es-
timtte and that OF Mr.. Estes as to the amount
OF interest on the debt was only one hundred
thousand doilars-Mr. E. fixing the sum at nine
hundred thousand dollars, while he placed the
same at one million. The people needed time.
They were not now able to pay. Some in the
Eastern part of tue State, who were engaged in
tie shingle business, might have money, but
Mr. Ashwoit here asked how much taxes would
have to be paid on the LIST of January?
Mr.. Hodnett replied that he didn't know. 81. 81.
Mr.. Ashworth said it would be about $3.50, 900.
Mr.. Hodnett repeated that it would take one
million of dollars to pay the expenses OF the
| State government under the new organization,
| and it would require another million TO meet the
| interest on the public debt. The people in the
| Western Counties could barely sUhsist, much
| less pay the enormous amounts that would be
| required at their hands to meet the aboyc-mcn-
| TONED expenses. In some sections it was ques-
| tion OF life and death with the people. He
would ask in the language Of Scripture, "to
have patience with us. and NC would pay all. =
| He therefore moved the adoption of the substi-
| tute
| Mr.. Sinclair considered it o question of vital
| importance to have the State credit maintained.
| Contrary to what was said by Mr.. Uodnett, he
| thought the interest of the debt should be paid.
| He wanted financial scheme presented by which
| the interest due could be paid. contrary course
| would be suicidal, and cause the State bonds 10
decrease in value.
| Mr.. Vest said he was tired of hearing speeches
| about the poverty of the people. If the public
credit were to be maintained, The people could
| sustain themselves; but otherwise not. He hoped
the substitute would be voted down, and the
| original bin adopted.
| Mr. Ingram was utterly opposed to any thing
that would, in the least degree injure the credit
| of the State. Above all things keep untarnished
| the fair fame of the good old State for honesty
| and upright dealing, SO that she could borrow
money and enable her citizens to build up the
| Waste places in her midst. He, when young
| man, had felt ashamed that Mississippi was one
of the States of the American Union, becauses She,
| after borrowing money from England and estab-
| fishing banks herewith, and after those same
| funds had been secured from those institutions
! and invested in lands and other property, had,
| under the lead of such men as Jefferson Davis,
| repudiated the debt, part of which, no doubt,
| was due to widows and children of the English
| people. He believed it would not require the
sscritice OF the homestead property in order to
| pay the interest On the State debt. The opposi
tion to making provision for the payment of such
| interest came principally from that class of men
|
and of the United States. Their fear probably
was that their disposition to commit mischief
would be checked. He hoped the substitute
would be rejected, and the bill adopted
After remarks By Messrs. Estes, Stilley, Sey-
| mour and Hayes in favor of the passage of the
original bill on its second reading,
Mr. Hodnett, by consent, withdrew his substi-
tule, when
Mr.. Estes moved the previous question, which
was sustained.
The bill passed its second reading, by the fol
lowing vote:
Yeas-Messrs. Ashworth, Barnett, Blair, Car
son, Gambler, Dixon, Downing, Estes, Foster,
Ferebec, Forllner, Calling, Gahaghan, Gunter,
Graham, Iutchings, Harris, of Wake, Hoffman,
Hodgin, Hayes, Hinnant, Hendricks, Ingram,
Justice, Of Henderson, Justice, of Rutherford,
Kinney, Kelly, of Moore, Latin, Mayo, Morrill,,
Morris, Mendenhall, Peck, Pou, Price, Parker,
Proctor, Pearson, Robbins, Ragland, Renfrow,
Reynolds, Rhodes, Stilley, Simonds, Seymour,
Stevens, SWEET, Sykes, Sinclair, Seigtist Stanton,
Vest, Wilson, White, Naldrop and Wilams-57.
Nays-Messrs. Allison, Clayton, of Transylva-
MIA, Farrow, Hodnctt, Moore, Smith, of Allegha-
ny, and Whitley-7
The bill was then made the special order for
10 o'clock, A. NJ, on Monday next.
By Mr. Latin: A bill to amend the charter OF
the Western Railroad Company. Read first time
and referred to the Committee on Internal I'm
| provenents.
By the same: bill to amend the charter Of
of the Western North Carolina Railroad Compa
ny. Same reference.
By Nj. Seymour: A bill to amend an act enti
tied can act to incorporate the Atlantic Fire
Company, No. l. in the town OF Newbern.'' Pass
ed its several readings, under suspension of the
rules. -,I
This bill exempts members of the company
from jury and militia duty.
Mr. Foster called up the resolution nstructina
the joint Committee on Public Buildings TO pro
vide an Office for The Superintendent of Public