Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-01-15
agreed to wear the usual badge of mourn
ing.
On motion of Mr.. Forkner, the Senate
adjourned until tomorrow, II o'clock.
HOUSE OF REPRESENTATIVE
WEDNESDAY, IAN G. 1869

adjourned until tomorrow, II o'clock.
HOUSE OF REPRESENTATIVES,.
WEDNESDAY, Jan. 6, 1869.
Mr.. Sinclair moved that committee Of
three be appointed, to inform the Senate
OF the demise of The Hon. Richard Short,
and lay before them a copy of the reso-
lutions passed by the House on yesterday.
Carried.
The Chair then appointed Messrs. Sim
clair, Downing and Argo as said COM
mittee
Mr.. Estes presented memorial from
the Chamber of Commerce Of Wilmington.
Lies over.
Mr.. Downing gave notice that he would
shortly move a Joint Committee to lnves-
tigate the whole matter in regard to the
purchase of site for the proposed Peni-
tentiary.
message was received from the Gov
ernor, transmitting the report Of the
Auditor. The report was ordered to be
printed.
Another message was received from the
same, transmitting q communication from
the Public Treasurer, showing the present
condition of the Treasury. The Governor,
in the message, expressed great confidence
in the financial skill and ability OF the
Treasurer and urged upon the House to
take immediate action to provide for the
payment of the interest on the public debt
and to meet the current expenses of the
State government. The communication
was read at length. It states IL substance
that every effort had been made to bor-
row $3O5, 900 to meet the interest falling
due on the 1st of January, but it had been
found impossible to do SO without having
the power to pledge some collateraIs, &c.
Mr.. Barnett regarded this as one Of the
most important communications yet laid
before the House, therefore he wonld move
to print and refer to the committee on
Finance.
Mr.. Hodnett said he would make but q
few remarks. He wished members to re-
call to their minds that, when this propo-
sition was made to pay the interest on the
public debt, he had warned them that the
people would not be able to pay. He had
begged them to take into consideration the
distressed and impoverished condition of
the tax paying people of the State, and to
postpone, for a while, the effort to pay
until they could in some measure recuper-
ate. He understood that the Treasurer
had not been able to borrow the pitiinl
sum of $305, 900, and would not be able to
do SO unless lie should be allowed to
hypothecate the property Of the Statc.-
Now would the House. IN the face Of these
alarming evidences Of our financial weak
ness, go on with their insane and lavish
appropriations Of money extorted from an
heavily oppressed and ruined people ?
Mr.. Downing arose to point of order,
saying that the gentleman was not con
fning himself to the subject under con-
sideration.
The Speaker sustained the point saying
that the question was properly upon the
motion to refer to the Finance committe g.
Mr.. Hodnett resumed The reason that
induced him to speak now upon this mat
ter was that propositions appropriating
millions would, in few days, come before
| this House, and he wished to warn gentle
men against this mad and injurious policy
of adding to the now almost unbearable
load of taxation which tho people are
laboring under. Instead Of preserving the
credit and honor of the State such meas
| ures are eminently calculated to bankrupt
and sacrifice what little is left.
Mr.. Vest said he was not yet out of heart
about the financial resources of the State.
He was sure that if the State wanted q
railroad she would have it. If she wanted
money it could be raised. The fact of the
Treasurer not being able to get this $685.
| 900, after pledging the incoming taxes, was
attributable solely to the fact that no rev.
| enue bill had been passed settling the basis
| of taxation. There was no use of any one
| becoming excited over this matter. He
was confident that the State of North Caro-
| lima could get the 1906, 900, and more too,
| if she wanted it.
Mr.. Downing said, in explanation of the
| Treasurer's failure, that it was a we'll known
| fact, that for some time past in the COM
mercial centres, the money market had
been exceedingly stringent, and it was a
matter of impossibility to borrow money,
without pledging some kind of collaterals
as security. This body had restricted and
hampered the Treasurer in a manner that
made it impossible for him to borrow the
necessary amount.
Mr. Ellis said things had taken strange
turn in the last few months. The Treasur-
er had informed him that he had borrowed
500, 900 at 6 per cent, last Spring. N0aU
money could not be had for per cent, af-
ter pledging the incoming taxes for its
payment The only way by which money
could be had was to pledge all of the prop
| erty of the State ! Really, the promised
| benefits of this new order Of things were
fast being realized by the people
Mr.. Downing said things had taken a
| turn, but as he had before stated, it was
| owing to the stringency of the money mar
ket in the commercial centres. and not any
| dltGfdG1Ou III our CIRCUMSTANCES. In PROOF
| of his position, Mr.. D. cited several exam
pies in the city of New York, &c.
Mr.. Estes next took the floor in explan-
alton of the failure TO borrow money. He
also knew we'll the extreme difficulty to
borrow money without pledging coIlat-
| erals.
Mr. Pou said he hoped that when the
proposition ptedging the States property
came up, instead of being in favor of it,
that the whole House would unanimously
oppose it.
Mr.. Ingram said he was convinced that
the present difficulty had been brought
about by weakened Republicans, who op.
| posed the measure. He had been among
the number, but he now came from his
home prepared TO join heart and hand with
| the Republican party in this measure 50
preserve the credit of the State.
Mr.. Estes said that when the bill should
come up again, that the measure would not
go to the table, &C. He was more proud
of the vote he gave on the measure, than
| any he had ever cast in this House. 1t was
| To for pioho ho