Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-01-15
e,h,fc Taxes and the Public Debt.


Jenkins to the General Assembly, IN regard
to the deplorable condition OF the o'"'e
finances, which was published IN full IN our
last issue, is sad but natural commentary
upon the present government OF North
Carolina. Every warming which was ut
tered or published to our people by Demo
cratic and Conservative speakers and pa
pers, have been speedily and accurately
realized Within six months after the adop-
ton of the Constitution and the lnau8ura-
t;on Of tho officers Hereunder, the State is
without money, and we fear its credit has
received a stab from which 1t will take
much time to recover. Ii the people lad
confidence in those Ia power If their Sc
we're remedies would be faithfully applied to
reInstate the credit of tho State ; II extra7a-
gance and corruption could he Ftlfied II
IGNORANCE would give place to Intelligence
and maIicnity to kindness, there might he
some hope for North Carolina under even
the adverse circumstances Of the present.
The Treasurers letter, however, presents
facts and suggests remedies which deserve
the calm consideration Of the people ot the
State. The most prominent and dIstaste-
ful feature ia that there ID no money IN Inc
Treasury, and North Carolina has not credit
enough to borrow any. Yet when Gov.
Holden and Treasurer Jenkins took charge
they did borrow all they wanted at ak per
cent. interest. la less than six months e7-
travagance and corruption have destroyed
the ability of the State to meet its expenses
which are being doubled by these very
means
To meet the public liabilities the Treas
urer proposes TO borrow money from time
to time by pledging the interest owned by
the State in various Railroad Companies as
collateral security, and then levy taxes I'M
mediately, onc-haf pdYabte bV The first OF
April merit, adequate to meet the interest
due on the first Of January, and that tai-
ling due on the first of April and July,
nearly one million of dollars, and also to
meet the current expenses OF the State.
He proposes to avert all danger OF loss to
the State in thus pledging her stocks, 10y
the provision that no sale OF the stocks or
bonds pledged should take place before
October LIST, 1869 by which time all the
taxes are payable. This is all very nice
and may be very honest. First catch tho
hare" says a well-knoWn recipe to pre-
pare this quadruped for the table Collect
the taxes before you talk about saving the
stock of the State, for rather than sacri-
&. Of NpOnlG
we say let the Ring complete its pur-
poses in the robbery of the States interest
in the Railroads.
Says Governor Holden, III transmitting
this letter to the General Assembly The
people Of the State must expect, from the
condition in which they find themselves, to
contribute literally III taxes to the Public
Treasury. / have no doubt from my know
ledge Of their character, that they will do
this cheerfully and promptly, inasmuch as
it is indispensable to maintain the pllghted
faith of the State, and to render efecttoe
such measures as may be adopted 10 derel0p
orr great natural resources" You do not
underrate the people of this State, Cover
nor. They will do any and everything in
their power to save the plighted faith of
the State, but "J1'0m the condition" IN 'chtcI'
dey fndMemSezces, they are in no situation
to be taxed 50 to render effective such meas
ures as may be ADOPTED to develop OUT
great natural resources" even if they we're
discussed honestly, much less after large
Der cent. is expended TO purchase the sup
port of Yomr friends, even if you can clear
your own skirts of the guilt. But, Cover
nor, the tax payers of tho State are in no
wise responsible for the condition in
which they find themselves they voted
against you and your Constitution almost
unanimously, for they knew that extrava-
gance and protligacy would follow the adj
vent of you and your party into power.
We venture the assertion that no mem
Der of the Legislature elected by persons
paying the majority of the taxes of any
county is liable to Senator Sweets charge
OF bribery and corruption mono are voting
away the substance Of the State III uncon-
stitutional railroad schemes. You and
your party have spent IN thriftless e4traya'
gance all the taxes for last year lin three
months after they were paid, and now de-
mand largely increased revenue, one-half
payable within the next three months
Such burdens are without parallel, and such
extravaganza without precedent Can the
people stand 1t ? You can force the col
lections but you will take the life.blood
from the State. Will you, as many of your
new friends will, glut over the ruin of
North Carolina? Are you, like them, pro-
vided against rainy day ? You
are right, Governor, don't lose confidence
in the people, bat in the abundance of
your power and wealth do not help to rob
them for the benefit Of carpet-bag adven-
turers and stockholders.
The Living Present.
Under this title Walter A. Montgomery,
Esq, of Warronton, has begun the publ
cation of alarge and handsomeweekly paper.