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

The srbstitute ,fpr, bill declaring reaPltss
Isof the late gressional elections was adop-
ted. and the biii passed its Several readings
+ Bill authorizing certain towns to hold
municipal elections, the committee amend.
ments being adopted, passed it's seyerA
ME- NJ. BA RI from committee On tire %
dietary. reported favorably, with certar
amendments, ON bill to amend Chapter 4S
Revised Code, in relation, to fences b L1i
Bill to provide for the collection Of taxes
came up as the unfinished business OF FIJI
day and its consideration occupied the Sen
ate during the remainder OF the day &c
Mr.. MOORE, Of Yancey, moved further con-:
sideration of the bill be postponed Until W
morrow at 12 NJ. 80. -5,,s "a
Mr.. ROBBINS opposed the motion. 50
/ Mr.. SWEET hoped the bill would be got
throuoh with to. day. ifals 10 ySnea iRsoiifli
Mr. BANNER thought the most important
business should be transacted first and the
collection Of taxes and the formation OF q
revenue system was the most important busi-i
ness before the General Assembly. ig lon
The motion did not prevail, atg 81
Leave of absence was granted Mr. Us
borne until Thursday next. X.
The hin passed its final reading. in-
Mr.. LAssITER gave notice he should move
Reconsideration .niAq, DE div. 3sfl Z
I MIR. BRoGDEN introduced resolution Gu.
logistic of the character OF washington ana
proposing to adjourn on the account OF this
being his birthday Carried. and the Sem
ate consequently stood adjourned until Tues
day at 10 A. M.fl65r o3 ef,sil e3ali@ Il s
HOUSE OF REPRESENTATIVES. g
.7iaa. fs' V MONDAY, Feb. %, 1869.
The House met at 10 o'clock. ~ ~ 81
The SPEAKER in the Chair 1's .at2gs'ie
PRAYER by Rev. Mr. LONG, of Chatham. ~
The Journal of Saturday was approved.
Mr.. RAGLAND moved that this House adj
iourn, in respect for the memory of George
Washington Lost-yeas 10, nays o. 800
Toi - BILLS INTRODUCED. t9di .l5@
By Mr.. FRENCH: Bill supplemental to an
act to amend the charter of the town OF
Wilmington Referred. ~ no. islF .rgg1ni
Mr. WILKIE: Bill to authorize the COM
missioners of Jones county to levy special
tax. Calendar. y
Mr. HENpRIx: Bill concerning claims
against the several counties in the State.
Judiciary Committee. not IN l..,
Messrs Gilbert and Wilson obtained
leaves of absence '''
On motion of Mr.. ESTES, the revenue bill
was taken up. the pending question being
on the adoption of the following amend
ment offered by Mr.. MALONE:
tSEc. 46. Every Railroad Company shall pay
an annual tax OF sixty dollars on each thousand
dollars of bonds issued to and received BY them
according to the provisions of the several acts OF
the General Assembly in regard to railroads. to
be collected as may be prescribed by law. FRO
yided, that the payment OF this tax shall operate
to discharge the interest aceruing on such bond
or bonds and due from such Railroad Compa-
mics; Provided, also, that the Public Treasurer is
required to set apart the tax received on such
bond or bonds for the .paymend OF the interest
on,the same, as required by law, and the pro-
ceeds arising from this section shall be applied
to no other purpose. sed 4; ,a.-..,-f
Mr.. MALONE said the amendment only
provided that the companies should pay y
tax sufficient to pay the interest. lia ~ To-
On motion of Mr. HUDGINGs, the special
order for IL A. NJ, being the bill to prevent
the distillation of grain, was postponed.
Mr.. SEYMOUR asked if the gentleman pro-
posed to repeal tine law requiring the rail-
road companies to pay the interest on the
bonds issued to them. % a.l.i g,.7afe. i; siitl
Mr.. MALONE said when the taxes were
paid the law requiring payment of interest
would be unnecessary; and if this act does
not repealit, we can make it do so. .lasa
Mr.. SEYMOUR thought the amendment
unconstitutional. We could not collect the
tax after we imposed it, and the gentleman,
as he understood, intends to repeal the law
limiting the companies to pay the interest
on the bonds, and then we cannot collect
the unconstitutional tax nor compel them
to pay the interest either.
Mr. MALONE said he had favored reducing
the rate rate of taxation in the revenue bill,
because he Intended to introduce this meas
ure to collect the interest by taxation upon
the railroads
Mr.. VEST opposed the amendment.
Mr. ESTES said the amendment was un-
necessary. The proviso to the Railroad bills
said the companies should pay the interest
in cash, and if they tail to pay in cash they
shall forfeit double the amount of in
terest. A portion of the bonds to pay the
interest must be deposited with the Public
Treasurer, and if the companies fail to pay
the interest at the end of every six months,
as the coupons become due, they forfeit the
bonds returned to them. If road to which
two millions of bonds was issued failed to
pay the 100000 interest. it would forfeit
double the amount or $240,000. No bust
ness man would do that, and therefore we
can feel assured the interest will be paid.
The Presidents of those railroads had ask
ed him to leave out the words "ini cash."
which he declined. He thought the old
bonds already issued could not be taxed six
per cent, as the amendment proposed 'a'n
Mr.. DowNTNG said much had been said
about the constitutional limitation of taxa
ton being two-thirds, of one per cent.
Here was a proposition to tax six per cent
"a direct violation of the Constitution
MIR. DURHAM thought this tax unconsti-
tutional. The Constitution required that
stocks, investments, Sc, should be taxed by
a uniform rule; but it was here proposed to
tax $50 upon each 81 900. -'i' 1"fiis0G
Mr.. MALONE again spoke in support of
the amendment. He wanted to test the
ability Of the railroads. to pay the interest.
Mr.. FRENCH thought the amendment too
ridiculous to be entertained. t SHi bse
Mr.. INGRAM opposed the amendment
/ The payment of the interest was already
provided for for two, years, and then when
the roads were running the enhanced value
Of property would enable the people to pay
heavier taxes if necessary. ss'is>tieisii'
/ Mr.. WEIGH said the bonds of the State
being sold the holders of the bonds had
vested rights, and the State had as, much
| right to put tax of six per cent on all
| bonds issued ten years ago as on those pro-
posed to be affected. The proviso adopted
to the railroad bills was amply sufficient.
The amendment was lost-yeas Is, nays
| 66, as follows: ~
H.. YBAs-+Messrs. Armstrong, Ferebee, Hawkins,