New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-07-20

Plantation and ecisnca tools l62 80
value Of ell other property $93tS
al ,,D.,., SO
Upon is urs u one yer cent -V Of cj
1t will be observed that the total return Of taxable
property exclusive OF slaves immediately after the war
Is $437sOGj than the return for $780, just previous
TO the war; when consider that the whole does-
tic and agricultural labor system was annillated that
our people were dismayed, discouraged ana paralyzed
it not strange that this result should appear In fact
1t is remarkable that the falling of in values was not
greater Under statutes, the value OF property as
returned for taxation fixed by the owner We nave no
arbitrary assessments except in cases OF default Under
these circumstances the fact that there mas Dceh %
steady increase in the value OF property returned lor
1865 1862 and 1870 very gratifying The return Tor 1869
exceeds that for 1868 by THIRTEEN MILLION TWO HUND-
RED AND FGFTYsIX THOUSAND ONE HUNDRED AND
EGHTY-sIX DOLLARS and the return for 1870 exceeds
that for 1869 by TwENrY-ONE MILLION SEVEN HUNDRED
AND SEVENTY EIGHT THOUSAND NINE HUNDRED AND
sIxTY-ToUR DoLLARs. The special tax on professions
polls shows liquors. etc. results in an average revenue
OF nearly $4,000 per annum. The receipts from the
State Railroad provided by lease Tor twenty years.
net THREE HUNDRED THOUSAND DOLLARS per Hnuun'
The ordinance Of secession was passed the goth day
of December 1890 The debt Of the state, as per Con-
trolerGeneras report OF that year, was StSS''O Inc
repor of the after the close OF the
varOctober &c. 1s5j-states the debt at that time, of
bonds issued aud authorized u be issued before the war
TO be s8652s0 OF this amount about ONE MILLION DOL
LARS were issued during the war.
GROWTH OF TIE BoSDED DEBT.
IN the report Of the ContIclerGcnera 10 the ITO
vsioua Governor appointed by President Johnson OCT
g. lsC5, lie uses the following language:
- IN IPog. the Fe4 " ls !C Sa @ the r n he sant
create! since The sn,e 81 Sec @ S ot HAT tp anoun a
to9s i;s before The TsT ana GOV unpaid IL s1 @ sa a
Th yoar E1ccenc nay ter understand tie matter vii tate
D ~ n Of DfT bonds u,
in The table abo7- although not issued until fe1Iany aSl
lei to be isueJ by act approved FOB "a 1856, az.
tie Atlantic AMI coli Railroad; en- ''se bond! we're Issued for
Iuqos Asa.l tn, ten Of so AVID ,ae IN isI IN
ley we're auorzc sgel by iFosd November l6 1867
an December 10 1901 Tie act Of Ho.Issr iS 10 n e% OF ad
purpose placing de state condition Of dituse and au'
f i1e per- cent S S e q meet he ,e On he IL Il Fcs
4 Sl BONDS to i4e aToGa, 81 were sPIal va ana @ 'S
tie but though: in per cent tao low TIE Governor however,
dontun Oh the 5tb Dece5e 6 an act approved satho
Ing the Govengr to Guce al sid bonds nst were Issued to ne %
srest Which done the lsi Of May, 1862
Bonds Of the state were authorized and issued during
the administration Of my predecessor Gov jenkins, 10
the amount of FOUR MILLIONS FIVE HUNDRED THOUSAND
DOLLARS so that the bonded debt OF the State, uDon y
coming office in 1863, represented by sG5i5cO
and this was the amount Jan. l, ISL.
Under the authority granted by act OF the Legislature
ages IA aud 1853 OF the laws OF 1865 herewith ncloscd,
and pages aud ofthe laws oflSe also iEcOsed author
zng the Governor issue bonds Of the State TO redeem
bonds and coupons due or when the same shall have
fallen due until otherwise ordered by law and for such
other purposes the General Assembly direct, aud
borrow sufficient amount OF money, The credit OF
the STATE such terms 10 him shall seem best 10 pay
of tue members and officers Of the Gen
eTal Assembly,, currency bonds were exc
cuted and issued collateral security
for temporary loans. These temporary loans have been
met and provided for and the currency bonds cancelled
These currency bonds were never intended and
never offered for sale Under the authority OF act Of
the General Assembly authorizing the Governor to issue
bonds pay the interest the public debt and 10 meet
bonds that have fallen due and they fail Cue which
covers bonds issued before the war; that have faen
since the war; and will fall due during this and the next
wear page of pamphlet laws 1870, inclose, three mil
lions OF dollars Of gold bonds have been executed and
registered and have been, and will be- sold from time to
time as II has become and may hereafter become.
sary for tie purposes authorized by law
STATE AID TO RAILROADS.
The contingent liability Of the State is represented by
what ia commonly known as state aid" To railroads,
although under the present Constitution of this State,
the policy OF Estate aid" which has been pursued in
other States entirely prohibited and the Legislature
ia restricted 10 simply authorizing the State Endorsement
for the promp payment Of the interest and principal on
the frat mortgage bonds Of certain railroad companies,
after the roads have been constructed and in opera
ton for sections OF and twenty miles, the ndorse-
ment not to exceed in any case oheha Oh the cost OF
sucb rood The State has rs protection against such
Endorsement, a first lien upon the whole property, with
the right of immediate and unohstrncted possession of
the property upon any failure on the part oil the compa
MES TO meet their Endorsed obligations
In some OF the other States, before ana since the war;
railroads have been aided by the States becoming large
shareholders and paying for their stock by he issue OF
state hands and I'm his manner have burdened their
neonle with debit As have before stated, everything
Of this KIND IL prohibited by our Cons,ltn,on o ,bo
above set forth, upon the Macon and
Ir1ns wick Railroad. completed ana IN opcI"uoh