Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-10-01
frauds and corruptions have been greater

, frauds and corruptions have been greater
than their political enemies conceived.
If taxes are so high at presen t, what vii
they be when Radical policy natures all Che
lschemes for the expenditure of money now
lin contemplation. Millions of dollars o.
appropriations have been declared Invalid
and the Treasurer enjoined from issuing
the Bonds. Yet the "Railroad Ring,
the "Penitentiary Ring" the University
Ring" and the Common School Ring,
are in full blast, and all will attack the
Legislature at its next session, as they did
resistance, and We expect to sac them
again in the full tide of success, running
riot with the funds OF the State, without
control, save by the uncertain authority OF
the Courts. Will it end short Of the ruin
of the hard working honest people OF North
Carolina
Did our readers ever calculate the bene
fit the State receives from the enormous
debt created by the last Legislature to
build railroads-a debt made valid by the
Supreme Court by destroying the invaria-
BILE proportion established by the Consti-
tuition between the poll tax and property
tax MIR. Treasurer Jenkins, in a recent
communication to the Raleigh Sentinel,
says that the total amount of new bonds
authorized by the General Assembly for
Railroads, not pronounced unconstitn-
tional, is. in round numbers. ZIG, 600, 900.
This leaves about $40, 600. 600 declared in
valid by the Supreme Court. These bonds,
pronounced constitutional, have generally
been sold at an average of forty-eight cents
in greenbacks. But it must be recol- ccted
that they have been sold with the interest
coupons attached. Consequently the in
terest from January until the date of their
sale must be deducted from any calculation
showing the amount of money accruing
to the Railroads from them. We suppose
it is fair to estimate that two cents, the
interest for four months, would be proper
average, so that we have f0rtv-sic cents IN
greenbacAs as the amount actually received.
Then for SIG, 900, 100 of bonds the State
receives in deprecated currency only ST. 3GO, 900
But the people OF the State pay & per
cent upon Sit, DOC, 900. ............ $9Gn, 900
The interest on 81 1866, 900, the amount
actually received. is ......-... SAL 600
Which, deducted from the interest paid
leaves the amount OF interest, which
the people OF North Carolina actually
pay ON NOTHING ,.....,-.,. ...,. 1913 400
lin the above estimate we differ from
~ h. II .,rI, A.,
not reduce the greenbacks to gold, and we
deduct the interest due on the bonds from
the amount paid for them).
These bonds run for thirty years Conse
quently the people of the State pay as in
terest ON NOTHING, at the rate of $519, 400
per annum. the enormous sum of $l5, 552,-
O00 At the end of this time, however, the
full amount of $40, 900, 600 must be paid,
800, 900. Consequently the people must pay
So, $40, 000 from which they have realized
nothing, which. added to the SIS. $50 900
Of interest on nothing, makes u total of
NINETY TWO THOUSAND DOLLARS which Radi-
cal prOtiigacy and corruption have bur
dened the impoverished tax payers of tho
State for which they will not be benefited
one single cent Uptcurd Of eight h,ctI,e,{
M0usana dollars Il YpdT.
Here is a candid and correct exhibit of
the RalAroad appropriations ONLY made by
the last Legislature, and their bearings
upon the future prosperity of the State.
We acknowledge our Indebtedness to the
Raleigh Sentinel for much of the data. We
ask the people of North Carolina TO ponder
these figures and sac how their
substance is being wasted by extravaganza,
and the fruits of their labors stolen by cor
ruption. Was there ever more vivid
picture Of wicked extravagance and profit i
gate excess How long must our people
submit to ouch robberies from pennlless
adventurous and native mendcants How
long?
APPOINTMENT OF JUSTICES. Clerk |
of the SuneriOr COmt has recentlv made |