The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1869-01-27
Mr. PAINTER concurrcd with Mr.. Laflin,
and hoped the bill would pass.
Mr.. DURHAM moved to amend by adding

s'tss
Mr.. PAINTER concurrcd with MIR. Lanin,
and hoped the bill would pass. -
| Mr. DURHAM moved to amend by adding
! to the 9Th section:
s.Poyided, That the tax OF one-tenth OF one
per cent herein levied upon the real ans sr
propcrty of the State combined with all other
| State and county taxes, shall ID no case exccea
the amount of two dollars on each three hunarea
| dollars in value"
| He said there was difference of opinion
rs to the construction of the Constitution as
to whether we can go beyond 81 upon every
| $500 but there was no doubt the people
understood that to be the meaning at the
time the Constitution was adopted He said
the Republican party last spring took that
ground With that amendmenth lie was ready
to vote for the railroad bills. As sste
Mr.. DOWNING thought the object of the
amendment was to kill off the railroad bills.
The Democratic party took the ground last
spring that there was no limit whatever to
\ taxation. When it suits their purposes, for
an object, they come out for limited taxa
ton. His impression was that the limita-
ton was simply upon the poll and not upon
landed property. If it applied to landed
property, it is less than has been paid In
| this State since he had been in it; and it IS
a we'll known fact that by the course pur-
sued by our political opponents the neces-
sity of taxation has been increased to an un-
| limited extent On the one side you would
! limit assessment, and on the other side you
limit taxation; and you can hardly tax
sufficient to pay the ordinary expenses OF
the government. 1t is the opinion of many
of the best jurists of this country that the
limitataticn refers simply to the poll and
not to other property. 1t is question for
the courts.
Mr.. SINCLAIR thought that with all the
appropriations made and to be made, SO far
as his county was concerned, they would be
eased of a great many taxes from the fact
that in 1865 and 81 every man had to pay
five dollars for his poll, and it was not ex-
pected to be so high as that this year. He
thought the argument against the constltn-
tional question upon which this amendment
is based would be fonndto be made OF straw,
that it is not intended to confine the tax OF
the State to two dollars on each $4,000, but
that the poll must never he higher than two
dollars until it comes up. SO to speak, to
the $500 in the Constitution. Though there
is nothing in the Constitution to protect
property from being taxed over that, you
cannot tax the poll above that.
Mr. ESTES offered the following substitute
| FIR tho amendment of Mr. Durham.
'' ."o
| IfOcded, lhat vi VI ueioie tso uay upon
whclithe hrst coupon OF !ne PONDS au!norizea
the above named Railroad Company shall pay to
the Public treasurer either In cash OF IN maIured
coupons of bonds upon which the Public Treas
urer rs mace 10 pay .ne intcrest unuer an ac' 70
provide LOT the Paynent Vi .ne interest OF tne
lawful deot OF Tue otaae, ratined august IL,
d,r n uro sum which the second common of the
bonds authorized by this act shall become due,
the President of the above Damed Railroad Com
pany shall pay in like manner the sum OF $50,
wv and on or before Ine daS upon m dn tue
tnfi aho~ Se Warned shall nav 10 the Pnblic
Treasurer in like manner the sum $50, 600; and
on or before the day upon which the fourth
coupon as Aforesaid shall become Que Inc T rresl
dent ABOVE naeu s.i pay " eur sso ooo
u'4' P p, That Of the bonds authorized to
be issued under the aboyc act S72O. COO shall be
retained by the Public Treasurer as collateral Sc
curity for the faithful performance oil the conii-
lions Oh the prtsediag ss sis n aud Ina, upon
the the Pnblic Treasnrer shall he authorized to de-
liver to said Railroad Cgmpany so4O, 600 Of the
above named s72O. 600 bonds, and upon the pay
ment OF the succeeding amounts named IN sa alt
sva h aLe - the an"nt ns dombi tho - su,
Maid mill all said bonds are delivered 10 said
Railroad Company.
ifooided, Also that at the expiration OF two
years rom lle aate o. lne nIst coupon r OF Inc
per shall ne spthorzed to issue to aid Railroad
Company an additional amount of bonds equal
at their par value TO the amount paid in cash by
said Company III Oeaa o, 'ne S'a ,n ct my
bon ah 70 he in all resnects similar to those au
thorized to be issued by this act"
Mr. Esrrs said these bonds which are
nronosed to he issued to this railroad will
date from the list of January. 1869. The
interest which will be due the 1st of July
: will he $3.50 OO0 The interest due january
LOT 1874 will also be Observation-Disclosures
January 1st and july LIST 1870. He propos-
ed that this S1sO. 600 due on the LIST of July
next shall be paid by this railroad in cash,
or they may return the coupons to the
Public Treasurer to be cancelled, which is
equivalent to the same thing. He proposed
also that in January 1870, the Treasurer
shall pay the like amount of coupons of the
bonds which is the same thing and when
he returns this $4,000 in July next and
the $4,000 due in each January and July
! 1870, he shall receive bonds to double the
amount of secnritv
Then the nrov;snns of tb;s b;ll will, he
that the state will have mn interest to nav
mon tbese annronr;ations in the year 1869.
They will nav in the first six months of 1870
ane t;rd IF the pmonnt of interest and
from J.nnarv 1871 to .JnIv 1871 they will
nav two thirds of this amount. and will re-
sume tull payment of the interest upon this
ou,'o iu. -, ~. o'e Po'.