The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1869-02-03

i which the statements of the gentleman might
| have. The Treasurer had given us 10 mil-
/! lions rs the debt of North Carolina. without
! the appropriation Of four millions for the
|, Western r. r. Company, and other appro-
| .priations mentioned in the Treasurer's re-
port amounting to one million, which would
make the debt of North Carolina "a mil
lions. The Treasurer assumed that the IN
/. terest would be paid by the corporations up
| on these five millions. The gentleman from
| Craven had said that was an unwarranted
g assumption. If it was unwarranted, we had
the opinion of the gentleman opposed to the
opinion of the best financial men IN the
State The Treasurer asks US in his report
s to give him money to pay the
interest ON 10 millions only; and
if he was satisfied with that the gen.
/ tleman from Craven should be satisfied.
The Public Treasurer assumes that the
Tarboro road and the North Carolina road
will .pay interest on the money appropriated
to them, and therefore he said the gentle
man placed his judgment against the best
financiers in North Carolina. He (Mr. Sey-
mour) assumes what present circumstances
do not warrant him in assuming, and what
the statement of the hest financiers of the
State do not warrant him in assuming, that
we cannot collect the interest upon that
amount Then he has based his statements
and his argument upon All assumption plac-
ing the State in position which his state
ments did net warrant, taking nobody's
opinion hut his own, but arraying figures
to suit himself he goes on talking about
bleeding Nortl, Carolina. He did not dare
tn touch the amendment which provides
for the payment of the interest for two years
without taxation. We propose to pass
bill which shall say to the Public Treasurer
"You need not collect the interest for the
next two years." The gentleman cannot
touch that amendment and say that it does
not prepare for the interest for the next two
years. He assumes that the bonds of the
-State-wi he % cents-another assumption
unwarranted by any authority or circurn-
stance of the present day. Her bonds heve
never been below forty eight cents. The
moment we undertook to pag the interest on
that debt they Jumped up ~ per cent in the
market The gentleman said we were going
to throw 20 millions on the market. He
cannot prove it, When he says the officers
of these roads will use them to speculate, he
assumes position that is unwarranted. He,
(Mr. Estes) would not so .lmpugn the mo-
tives of any officer as to say that they will
them upon the market and crush the credit
of the State. They are better business men
than the gentleman from Craven, and are
going to put them npon the market as they
need them, thousands at time, and not by
millions at a time.
The gentleman from Johnston and the
gentleman from Craven have done more to
put down North Carolina bonds than any
H., Il Al o.
and the Legislature together They do not
give us facts nor correct figures. and their
statement are sent to New York. and the
report comes down here in the New York
Herald. "On account of charges of bad faith
North Carolinas have gone down two cents"
These arguments and statements do more to
injure North Carolina than if we appropr-
ated 90 millions on top OF the 10 or. 16 mil
lions that we propose to appropriate now.
He (Mr. Estes hoped the House would
take that matter into consideration and re-
member that these men were not going to
vote for single one of these appropriations,
that they had amassed figures that were not
warranted by the report of the Treasurer,
and that if they could hy any means in their
power, they would bring vote over in their
favor, and then they would have so much
SuluCtt, diiu tudt Wuo Ill tucy UdSeO
argument upon.
Mr.. SEYMOUR had impugned the motives
of no man. He had said the bills would
put it in the power Of the officers to specu-
late in State bonds. He said his figures
were taken from reliable sources, and he be-
lieved these issues of bonds will now run
our bonds down to 25 cents and finally
down to nothing. 1t was mere conjecture
al the and HicnOcltInn
of the State
Mr.. DOWNING had looked upon his friend
from Craven as the great legal light of the
House, hut until this morning he had no
idea that he aspired to he the financial light
of the House. 1t is much easier matter
to try to pull down than to build up. Look
ing at the facts, it was admitted on all hands
that unless we could effect something by
which we could revive the State, and de-
velop her resources, and furnish the means
of communication so that the people of the
State might have the means of transporting
onr products, we were not in condi-
ton to pay the taxes as they fell due now.
He was sorrow to say that hy the course of
some of our members our credit had been
impaired. The report was constantly sent
North>that the State was unable to pay or
do anything else. The State has a great
variety of soil and power of production, but
while her resources were undeveloped it
would be difficult To pay even small taxes.
The policy of the State was to raise her
out of the slough and enable her to pay
greatly increased taxes. He thought the
gentleman from Craven had endeavored to
mislead the House by his figures. These
railroad projects, if carried through, would
give employment to more laborers than we
have, and give us the cash to pay them; the
tens OF thousands of men that are now idle
and an Incubus, who live for nothing, will
be able to find employment; and the circu-
lation of millions among all classes would
enable them to pay their taxes although
they might increase This is inevitable and 4
no man can deny it. We make provision
that the companies themselves shall pay the
interest for two years, so that it will not fall
upon the people in taxes. The taxes will
not be increased greatly above what they
have been, so that the figures fail to meet
the ground. 'i4
=. With regard to the price of bonds, sup
pose the amount was forty millions, no
man Of sober sense and sober Judgment
would say the State is not able to paw
the interest and that it must result in repu-
diatlon. He asserted that before four
years we W ultl have double the popula-
ton we have to-day and a much larger in.
crease in the value of property; that the
taxes would not he so large five years hence
as they are now. He hoped these bills would
pass by very large majority.
Mr.. VEST spoke in favor of the passage of
the bill. -
De- - -