Wilmington journal., 1868-04-03
TAXATION: TAXATION UNDER THE
NEW CONsTITUTION:!
TO tie people Of North Carolina ;

TO tie people Of North Carolina
Thepoverty of our people is in every one Is
mouth. The statements of our poverty
have not been exaggerated. No question,
therefore, Is more important to us than
that of td.rCuiO3. In our condition it is one
of the highest interest.
We therefore desire that when the peo-
pie vote on the new Constitution, they may
understand what burdens they are assum-
ing. Weahave, therefore, made careful
estimate of the money necessary to be raised
within the next twelve months, if the Con-
stitution goes into operation. The esti-
mate cannot be disputed, being calculated
from official data.
l. Interest or The public debt.
The new Declaration of Rights declares
''that the public debt regularly contracted
before and since the rebellion shall be in
violate" In article Y, sec. 4, it is provided
that 1.-THE General Assembly shall by appro-
pirate legislation and by adequate taGation
provide tor the prompt and regular pay
ment of the interest on the public debt.
and after 1880 it shall levy a specific annual
tax upon the real and personal property OF
the State, and the sum thus realized shall
be set apart as sinking fund to be devoted
to the payment of the public debt"
1t thus appears that if the people ratify
LiC COL0blIhI1CAAs GLICD
the General Assembly to commence
promptly the payment of the interest on
the public debt BY TAXATION.
The Convention was not satisfied with this
Constitutional provision. They framed an
ordinance directing hOoU the interest shall
be paid. 1t is provided that the first Cen
PrdL assembly under the Constitution shall
pay IN cash, on the 1st of January, 1869 the
interest on the bonds, dated heGore May
Gosh, 1861.
I'd All interest due before the 1st of
January, 1869 and interest on bonds dated
since the war and before the 1st of July,
1869, shall be funded into new bonds, and
Sd. The interest on oil the debt due 1st
of July, 1869, must be paid in cash.
1t must be noticed here that internal i'm
provement bonds issued during the war,
although under acts passed before the war,
and used for building our railroads, not for
war purposes, amounting to 81, ,O53, ,OOO are
totally ignored by this ordinance. This is
peculiarly unfortunate, as they are the only
State bonds held by our own citizens, while
forty-nine dollars out of every fifty raised
by the ordinance will go out of the State.
Many other bonds and notes issued during
the war, not for eCa9' purposes. are ignored,
the ordinance only providing for bonds
dated before the war and since the war.
to be paid in cash on and before 1st July
1869
The debt dated before May Goth, 1861, is
$1,000, 500. On this there must be paid Isl
of January, 1869, i'll cash, $267, 900.
The debt dated since the war is So, oil, ,,
500. The Convention authorized S., ,05O,
900 more, in all S9,061, 500. To this add
interest fundable into new bonds, under
the ordinance, as follows
Interest authorized to be funded under
the act CT March 10, 1866, not yet pre-
senteG, (estmatedl, ,.-.............. $500, ,00(
Interest on bonds dated before the war.
accruing since 1866, ,................. LOGS, SOC
Interest on bonds dated since the war, 94O,5OI
50, sos, ,OOC
Add new bonds Observation-Disclosures. S.061, ,O0t
SO, ,OO(
Add bonds dated before the war. ....... 8,9C6,50C
Total on which interest is to be paid
July 1st, 1868, SIS, ,476, ,5Ot
or one million one hundred and sixty-eight
thousand dollars annually OF this 1854,
900 is to be paid 1st July, 1869 in addition
to the S261, 900 payable 1st January next.
In other words. the people must raise,
Dy taxation, to pay interest on the public
dept, out of their next crop, 1851, ,0OO!!
In the above estimate we include the
l,oUU,OOO guaranteed by the Convention
Tor the Wilmington, Charlotte and Ruther-
!ord Rallroad Company, as that Company
is not able, and has not been since the war.
to pay the interest on its DEBT.
The tex levied under the Revenue act of
February 26, 1867, yields about $3.50, 900,
so that for the item of interest only more
than three times the present tax must be
added to the levies-that is, where man
paid 81 last year, he must pay 81 this year
This is on the supposition that the e1pen
ses of the proposed State government vii
not be greater than heretofore. This il
Tar from being the case. A little consider
alton will show that the expenses of ad
mlnistering the government under the new
constitution will be beyond measure great
er than has ever been known in NortE
carolina. Prudent men will stand aghast
at the result. 1t will be seen that where
taxpayer paid 81 last year, he will have tc
-; Idres TO pay the expenses ofthe CouUention
dhe expenses, We learn from the Public
treasurer, already paid, are s77, ,165. The