Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-10-15

Lie several acts were 4CCopG6u Dy the COM
panies, and they are not repealable or sub
iect to alteration by subsequent legisla-
ture The Constitution, too, by one of it's
provisions, requires that the money raised
by this special tax shall be applied only 20
meet the interest on the bonds. Hence
these bonds would seem to rest legally on
as firm and solid ground as q private debt
secured by a mortgage. The obligation
could only be gotten rid of by revolution
airy action, which / do not think is con-
templated by any one at the present time.
The taxes imposed in these acts are suffi-
cient, when collected, to discharge the in
terest as it becomes due. In fact the Gov
ernor informed me recently, that at the
rate at which the returns were coming in
from the counties, there would be in the
Treasury more money than was necessary
to meet the interest. The present asses
sed valuation of the property in the estate
does not exceed $3.50, 900, 900, but the real
not below 1915, 600, 900. I have been in
many parts of the State within the last
four years, and have been gratified to see
that there has been steady and by no
means a slow increase in it's wealth. The
value OF the personal property is twice
what 1t was at the close of the war while
real estate has advanced in value from thir-
ty to fifty per cent This has occurred
without the aid, to any considerable ex-
tent, of capital or immigration from abroad
1t is due simply to the fact that our people
work more and spend less than they did
formerly. AS things are progressing, in a
few years the value of our property will be
quite equal to what it was in 1860; and as
the special taxes ale in the form Of GER
tain per centage of the value. the amount
I
whole value of the property of the State.
The excess above what is necessary to pay
the original interest will constitute sink
ing fund for the discharge of the principal
of the debt. The Special Tax Debt
amounts to the highest estimate to $l6,
24O,OOO Rejecting the bonds, against the
validity of which the Supreme Court has
decided, the remaining debt swells the ag-
gregate of the States obligations of oil
kinds, whether Immediate or contingent,
to $34, 289. 945.
The payment of this debt depends on
two things, namely: the ability of the State
to pay, and her willingness to do so. AS
to her ability, it may be assumed that her
present property is of more than ten times
the value of her liabilities. No one will
deny that man who is the owner of pro-
perty of the value of one thousand dollars
could pay debt of one hundred dollars
only. It must not be forgotten, too, that
mrst Of this debt is not payable short of a
period of twenty and even thirty years.
Nearly half of it is only to be paid after
the lapse of the longer period. and by that
time the wealth of the State will most pro-
badly be five fold or Ten fold what it now
is. The expenditure to be made, as the
result of these obligations, is almost en-
tirely for works of internal improvement,
which will largely add to the ability of the
State to pay. There is not one of these
prlations were made that is not in itself
proper and necessary undertaking, and as
such was begun long since.
It should also be remembered that the
State owns, on connection with these and
other works, stocks, bonds and mortgages,
which is the aggregate amount to the su m
of $27, 4S1 900, and are nominally nearly
equal to her liabilities. The completion
of the works will enable her to realize O
large sum from these sources. know that
last winter responsible parties offered to
pay the State S., 200, 900, in her outstand-
ing bonds for her stockIin the North Caro-
lima or Central Railroad. In other words,
she could have gotten back all she had
ever invested in that road, and had the
satisfaction of knowing that she had, with
out any loss to herself, completed work
| which had added SO largely to her wealth
now in progress are completed, they will,
by the increase of taxable wealth, and also
by the value of the stocks and other secu-
rites greatly aid in the discharge of the
obligations created. For example, when
the Western North Carolina Railroad is
finished, for the completion of which the
means voted are, in my opinion, sufficient,
it will, by its connections with Tennessee
and Georgia, afford the shortest line be-
tween the Southwest and the ports of
North Carolina and Virginia. The large
amount of travel along it, and the cotton
and other freight which would 60 to Nor
| folk or our own ports, would greatly en-
nance the value of several of the roads in
| the central and eastern parts of the State.
| 1t may be we'll to remind you that North
Carolina is larger in territory than either
| New York or Pennsylvania, having an area
OF more than fifty thousand square miles.
The late professor Emons, who made the
agricultural surveys both of New York and
North Carolina, in an official report stated
that q certain county in the latter State, If
it were drained and cultivated in the best
manner, was capable of producing more
corn than ut that time was grown in the
whole State of New York. Should this be
regarded as extravagant, it will neverthe-
less be conceded by those who have given
attention TO the subject, that the natural
advantage of North Carolina, for agricultu-
raj and other branches of industry, surpass
those of either of these great states. The
financial condition of Pennsylvania and
Maryland was thirty years ago little better
than that of North Carolina is now, after
the disasters of the late civil war, and yet
no States in the Union are in advance of
them in solvency and public confidence.
When I do attempt to enumerate the adj
vantages which North Carolina possesses
in her good climate, her mines and miner
ais, water power and agricultural produc-
tions, and her capacity to give support
and wealth to large population, should
be compelled to extend this letter to great
length. content myself with saying, there
fore, that there is not the slightest doubt
that she is abundantly able to discharge
all her obligations. On the second point,
viz: her willingness to do so, I have little
to say.
It will be seen from the above statement
that the Special Tax Debt is on such q
footing that its payment does not depend