New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-11
LETTER FROM THE HON. T. L. CLINGMAN,
EX U. s. SENATOR, RELATIVE TO THE SPECIAL
TAX BONDS OF THE STATE OF NORTH
CAROLINA.
81. NICHOLAS HOTEL, October 6. 1862.

evening Publications have been made in several OF the
newspapersl recently calculated TO create prejudice
against the special Tax Bonds Whether they
have originated IN the jealousy Of the old bondholders or
may have been inspired by desire to depress these
bonds in she market order that they be bought up
at rates for OF spectators II is not ma
teral TO determine These special tax bonds stand on
footing similar 10 that of preferred stock III certain COT
poraOns aud Of mortgage bonds Issued by railroad com
panes II was nor matter Of choice with the Legsa-
turo OF our State whether these bonds should have
special tax imposed to insure thelr s p@SS
bonds without this TAX feature but the Supreme Court
pronounced them unconstitutional and void U , VIC
the debt Of the State for intended improvements except
90 complete unfinished ors OF VOTES 5s Now Consttn
State had an Interest at the time wneh ,ne cj t
lion was adopted And even In those cases secial TAX
NAV o the Interest as IT becomes due need not remind
Sou that this Constitution was adopted IN conph
snee with the acquisitions OF the Government OF the
United states II may with PrSprety Dc added mat
while some OF the Sn G sne iSs an TO
lie universally approved The Legislature cannot add 10
iority OF the people the whole State, and 1t well
ierstood that in the present condition OF things no such
The matter then stands this footing; The Constltu
cn OF the state compelled the legislature TO np1Se t
TAX. and the obligation was complied with, ana lhe TAX
imposed on all the property Of the state Ine SyS
iepcaabe or subject alteration by subsequent Legis
lature. The Constitution too by one OF lts PROVISIONS;
he applied only meet the interest on the Donds Hence
these bonds would seem to rest egay On as ri anu
The obligation could only gotten rid Of by revolution.
airy action which do not think Is contemplated by any
The taxes imposed in these Acts are sufficient when
collected discharge the interest as It becomes due In
fact the Informed me recently that at the rate
at which the returns we're coming IN from e1e &
ceessary meet the interest The present assessed
100000 but the real value is at least fifty per cent
Ter or not below sS75,OOOoOO. have been in many
m IS of the state within the last four years, and have
IN graed to that there has been steady and by
means slow increase in its wealth Inc value OF Inc
war while real has advanced in value from thirty
any considerable extent Of capital or Immigration from
abroad II Is due SIMPLY 70 me a IaS eOs
things G few saFi S s EaH s o. S SHf
age OF the value amount raised will Increase In pro-
The excess above hat is necessary pay the original
interest Will constitute sinking fund for the discharge
amounts at the highest estimate to s62IoOoo Rejecting
the bonds against tue yaG OF Ts sWe o the pEgrc
gate the States obligations of all kinds whether mne-
The payment Of this debt depends on two things viz:
the ability Of the state to pay and her NH @ TO 40
property of than ten times the value OF her Ia
Of property Of the value Of could pay debt of 500
only must be forgotten, too that most OF TINS
debt payable short OF period of 70 and even 80
half OF it is only to be paid after lapse
the longer period aud by time the wealth OF the
state will probably he hvefod or tenfold what u
now ia The expenditure TO be made as the result Of
improvements which will largely add to the ability OF the
state TO pay There not of these unfinished works
for which the late appropriations made that is not
IN itself proper and necessary undertaking and as such
It should also be remembered that the State in
and mortgages which in the aggregate amount the
sum OF s2 49, 0O0 and are nOm1nay nearly equal 10 her
TO realize large sum from these sources know hat
last Winter responsible parties offered to pay the state
In outstanding bonds for her stock in the
North Carolina Central Railroad In other words, she
could gotten back all she had ever invested IN hat
without any loss herself completed work which ad
When the works in progress are finished they Will,
by the increase Of taxable wealth ana also 1 ine value
charge of the obligations created For example whom
completion of which the means votedare IN my opinion,
sufficient it WILL 10y its connections with Tennessee aud
Georgia afford the shortest line between the Southwest
and the ports of North Carolina ana virginia Inc large
Of travel psg ssS 0 0S o GG oMn So M
greatly the value Of several OF the roads i'll the
EN- nav be- we 10 rrand you that North Carolina is
larger in TERRITORY than either or
having an area Of than $4,000 square miles. The
Prof EmmOns, who made the sgrlcOtural surveys
port stated that certain county IN the latter state II IL
we're drained and cultivated in the best manner. was
SPsGf 81 bs %SSe ae Of should tits be
regarded tnevertheles viii be conceded
the advantages Of North Carolina, for agrcutu
rb sI1 Of these great States The financial condition Of
Pennsylvania Maryland 80 ago little bet
OF the late civil war; and yet States in the Union
to-day in advance OF them IN solvency and In public con-
hdence. ,-.----,,
North Carolina in her good climate her mines aud
minerals, waterpo@er and agrlentura productions ana
her capacity 20 support and wealth TO large popu'
latOn should be compelled 10 extend this letter to
great length. content myself with saying therefore,
mat there slightest doubt that she is abundanty
able discharge all her obligations On the second
point, her willingness to do So have little TO say
IL will be from the above statement that the
Special Tax Debt is such footing that It's payment
does not depend the action Of any future Legsa
ture and that only be gotten md OF by reyoiu
tionary movement which would overthrow the present
state Constitution Since the result OF the Presden-
Is contest do not believe such calculation exists
in State Those who dissatisfied with certain
tbem in the mode i'm which STATE constitutions are
usually amended. No alterations so made Will Affect the
validity Of The bonds payment Of which secured by
these special taxes bonds Of the have not
this advantage, aud may not be as promptly provided
The people Of the State generally are satisfied that it
would in the end cost more money TO repudate debt
than TO pay IT,
repubshed occasionally in this city, that the whole or
portions of the debt ought to be repudated have GER
tanly injured considerably by depressing the
price OF the bonds and causing loss OF money In the
st place TO the railroad companies and secondly TO the
But for this undoubtedly more money would have
raised by the sale Of the securities and the ability
OF the corporations to finish the works would have been
greater Tins elect however wiz DC Du temporary, as,
when the facts understood the credit OF te state
Will revive. In conclusion have 70 say that regard
the special bonds OF the State especially safe in
for such persons are seeking that class OF Sc
cuTtes The attacks directed against them wheth
or made political effect, TO put down the price so
that parties here buy them up at low ngufes ana
thereby mako large profits VIII not IN the emu seriously
AS shall leave the city to-day. you willie xcuse my
ing that have no 10 1ceSe sH
engaged either directly or Indirectly H. selling them he
epectfuily yours &c, Il. l.. CLISGMAN.
AFRICA, ITS POPULATION AND FALSE RELIGION,
The Rev. j. B. Penney, d. d. lectured, yes