The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1868-03-11

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Yate csxdn aud its mai,,taiaaace H. me- NE
Ihls is subject ABOUT which trnst ,hoJ .o"t.
aeo be no diversity of opinion. Bnt :; tIere may
stch vast importance 10 all The mater,a QUO OF
Of the State, ana Is so Identified with It's fu,nro
weasor Woe, that shall devote to lis considaIIe
tiop the balance Of my future remarks 'a
NOW, the faco great questions are, Q) can wa
restore and maintain the credit OF the StateS
(2) Is il advisable and polite to do so?
Mr. President. l propose briefly to show thot
we can DO this, and thatit is our true interest to
do so. -----.ss &c.,
The Public Treasurer, in his last report, mascs
careful estimate of the valuation OF the proner
ty OF the State, and afler deducting 500 600 oOo
for the loss OF slave property, and Sl1SOOO00O
for other losses incurred during the war, makes
the present valuation to be S250, 600, 900.
The public debt of the State, he reports. in
round numbers, at $15,0.O0OO. The annual i'm
terest upon this is $500, 600. Allowing this in
terest and suppose other expenses to be proyid.
ed for BY property taxation to be S100 900, the
State would then require, for current expenses
This would require tax Of four mills upon the
dollar upon the property of the State.
Now, suppose we are obliged to raise tbis bv
taxation alone Suppose the State has no Other
income. and Is Obliged to rely upon taxation
solely for raising this amount, how docs this
rate of taxation compare with that of other
States? regret that have not been able to
obtain the rate of taxation in all the other States,
for / would gladly present a full and exhaustive
statement of this whole subject.
But have enough to show that it Is not unusual
ly heavy, and so far as can judge, it is below the
average rate of taxation in those States which
pave incurred debts in the prosecution of public
Improvements The State of Massachusetts dn-
ring the past year, aside from county and NUM-
cipa taxation, raised over IS, 900 900 by direct
State tax. The State tax for the State of New
York, the past year, aside from the oppressive To-
eel taxation was nearly six mills per dollar The
tax OF the city of New York for the past year
amounted to the enormous figure of (O29O or
.03 upon all the property of the city both real
and personal az d aggregated the astounding sum
of nearly $4,000 o00
What the exact per centum OF taxation is in the
border States of Virginia and Tennessee, have
not been able to ascertain. But know it must
be heavier than that of North. Carolina for the
debt of VTginiais in round numbers $40, OOO, 900,
and none OF her public works are productve,and
sic suffered more than any State from the raw.
ages OF the war besides having lost one third Of
her territory by the formation of the State of
West Virginia, and yet resumed the payment of
her interest on her old debt, in July, 1867
The debt OF Tennessee is nearly as great over
1856, 600 900, and she was the battle ground in the
west, the same as Virginia in the east, and
vet Tennessee resumed the payment of her inter-
est more than two years ago.
The remaining border States of Missouri levied
exactly this tax of four mills, of which she de-
for the ultimate liquidation OF the public debt
So that supposing the State had no other re-
sources either present OF prospective, and was
obliged to rely upon taxation alone for resuming
the payment ofinterest upon the public debt, her
position in that event would be far more eligible
than that of other sister States who have shout
dered their burdens and are now marching for
ward on the high road to prosperity; but this lie
not lair presentation of the subject.
By the Public Treasurer's report, the assets OF
the State amount In round numbers 10 $40, OO0,-
GEO. These, as will be seen, consist in Stocks
and Bonds on her Rail Roads and various works
Of Internal improvements. Now it is true that
at the present time, these works are compare
lively reproductive, and that the same cloud
rests upon them that rests upon the State. But
does any one suppose that many years will elapse
before all these interests shall become revenue
producing. Take the stock in North-Carolina
Rail Road, a road that has mortgage of only
$3.50 600 that traverses the heart OF the State from
GoldsbOr0' to Charlotte, that has been dividend
paying heretofore, and that most assuredly will
become so again Take Wilmington, Charlotte
and Rutherford Rail Road. 1t paid its interest
promptly oil $1,000, 600, up to the close of the
war with only 100 mites OF the eastern division
constructed. Does any one doubt that when that
road shall cross the Peedce, and tap the rich
counties of Arson and Union and drain that
finest cotton growing section in South-Carolina,
and push on to Charlotte and makes its connec-
ton with the Western Road, and thus open ups
direct communication between the West and the
Sea that 1t will then be able Only TO pay tbe in
terest on its ~ COO e0o first mor$gage Bohd's.
The moment these connections a'e made US they
soon will be made, the $4,000, 600 second mort
gage which the State owns on that road, will be
beyond all reasonable question, good for Sl2O 600
per anDum.
Take the Western North Carolina Road. Let
that road open that grand section of the State,
rich in the minerals of iron and coal and copper,
so exhaustless in its quarries of purest and most
beautifully varicgated marbles, abundant in its
mines of the precious metals, with its strong ler
tile soil rich m the productions of every grain
and every vegetable and every fruit, let 1t open
say, this section, which has been appropriately
designate9 the California OF the Atlantic Coast
$50 that 1t can have connection with Norfolk on
the North, and Wilmington on the East, and who
for one moment doubts that the States interest
that road would BECOME largely productive2
And who would be wiling to sell Tor par five
years hence, the interest OF the State in what Is
destined to- be her greatest work, the Western
Noath Carolina, Rail Roadg
OF the great prospective value Of these works
there can be no doubt Look at parallel cases
elsewhere In 1860 Harlem Rail Road stock of
NewYork was worth 10 cents on the dollar
1t Is now worth 120 aud q regular 500 divi-
dsnd paying stock. Hudson Kiver Rail Road
was any where from 20 to 50 cents and was con-
sidersd worthless. A road only $50 miles long
norgat.ed tor $50, 600 per mile with capital
stock outside this heavy mortgage OF S., 000, 900
and running on the Banks and in competition with
that magnificent arm OF commerce, the Hudson
River, what could it ever be worth? Since then
it has, doubled its capital stock-is selling in
dend on capital Of SIC, 900, OOO The same is true
of the Erie Rail Road, a she<t time since it was
selling at ! and cents. Since then 1t has sold
at 1873 So with tue New England and Western
Railroads, with but two or three exceptions
scarcely ono can be named that has not doubled
N fhrlh nd md ahr,t xlf1 10, l.
stances increased more than ten fold in value
since lS6O, and from being worthless foot balls
kicked about by spectators, have now become
the most valuable properties and franchises in the
whole United States. t6e
SO must it be in brief period with these
stocks of North Carolina, IL the State only acts
in the line ct her true interest But even if this
were not so, and II North Carolina had no assets
whatever, her true policy imperutively demands
just this course respecting her public debt. The
least scathed Of any of the Southern States during
Inc war, there is no State In the Union that has
suffered so much since the war, from a NAL ad-
ministrafion of ts public affairs in this regard
There Is no denying that the good and glorious
old North State is resting under a cloud. There
Is DO denying that her CORD name has suffered,
and friends who were once proud to speak her
praises are now forced to be dumb. Her honor
and credit, once the very highest Of any Southern
State, is now the lowest, and this results hot
from any necessity, but from negl, ct and failure
to act in the line OF her true policy and true in
tercst. Consider for moment what the position
of North Carolina might have been TO day If she
had earlier taken bolder manler and nobler
course Compare her for illustration with Mis-
souri,, also o former slave State and in many 9TH
ep respects simu;N to North Carolina Her debt
1t is tue was nearly double that of North Caro-
lima but some OF her public works are produe-
tive so that she requires to lay only four mill
tax to meet current expences and pay her inter-
est. At the close of the war her Securities were
1&0obel0w these Of North Carolina The one sell
ling of Is, and the ether at IS But with the
adoption Of her present Constitution whose pro-