Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-01-31


as Tourgee and Bond, or Legislators
like those who have disgraced the
annals of the era and polluted our
Capitols
GOVERNOR CALDWELL AND HIS
BILL TO RAISE THE TAXES OF
THE PEOPLE OF NORTH Carr
DL9NA.
The Governor proposes that the State
shall issue bonds to the amount Of
SIS, 100000, having forty years to run
before falling due, with interest at the
rate of four per cent. per annum for
the first five years, and five per cent.
per aIllIiim for the next five years, &c.
II then the bonds shall, 70 issued, the
annual interest for the next five years
viii be $500, 900 This interest is pro-
viIel GCI -. coupons which the Cover
nor proposes shall he receivable i'll
payment of taxes. This provision will
render it necessary for the Legislature
to lev, and collect All additional AZ
nual tax amounting to $500, 200, that
being the face of each years coupons,
+ as otherwise the Treasury would be
| filed with these coupons or certificates
OF indebtedness for annual interest, and
there would be no money with which
to pay the ordinary current running
| expenses OF the government. The
value of the property of the State OF
! North Carolina, both real and personal,
according to the last published returns
/ that we have at hand is, in round num-
/ bers. 1920, 900, 900, and it follows, there
/ fore, if 5000, 600 is to be raised by taxa
! sion. that a tax of fifty cents on the
! one hundred dollars worth of property
must he levied and collected. The
tax last year for paying the ordinary
running expenses of the government
! was thirty-five cents on the one hun
/ dreA dollars worth of property. 1t can
scarcely be less in any succeeding year.
Il follows then that if Governor Cald
wells plan be adopted and carried out,
that it viii be necessary to levy and
collect tax of eighty-tive cents on
every hundred dollars worth of prop
erty in the State. 1t is needless for
us to say to our readers that this fact
alone is sufficient to make us unquai
fiedIy opposed to the bill. We cannot
approve of Governor Caldwen's propo-
sition to largely more than double the
taxes of ,he already heavily burdened
people of North Carolina.
As an inducemeGt to capitalists to
purchase the S15,000,O 900 bonds, the
Governor proposes to exempt them en-
tirciy from State, county and NUM-
cipal taxation, If this were practi-
cable it perhaps might be expedient,
but, unfortunately, it is in plain viola
ton OF the Constitution of the State.
The Governor has forgotten, if he ever
knew, that the third Section of Article
V of the Constitution says, Laws
shall be passed taxing, by uniform
rule, al. moneys, credits, investments
III bonds, stocks, joint stock companies
or otherwise, and also all real and per-
sonal property. according 10 it, true
value III money" The bonds. then,
must be taxed, and the only effect of
the Governors proposal to exempt
them is to give another palpabie proof
OF his utter ignorance of the laws and
Constitution Of the State. !
Another objection to the plan is that
it places more power i'll the Governors |
hands than 44lc State ought to confde |
to any one. 81 opetls the door to !
possible frauds and specaiaaipns that |
make Littlcticlds operations dwindie ;
into iilgigniticancc The plan proposes
to give the Governor S15, 900, 900 OF
bonds, and such loose cash as the
Treasurer may from time to time have
on hand. rs assets, with which to buy ,
liz the outstanding State obligations.
These obligations arc to be divided
into classes, and he is directed to pay
these classes Ii proportion to the
amount the State :aet~-2lly realized
rom them. As he js to,be tale Judge
If this, what is to prevent him from
making a great speculation out Of the
natter, Ivy unduly favoring any given
Lass OF debts? We think it staaeks
oat little of modesty for any man to
sk to have Guch 2 power conferred on
i'm.
Another objection - that there is
lothing to compel him to n4g the diff '
erent classes of the State debt asqSt I
'ass", and this being so, it would be t
ossible for him to exhaust the great f
mig tsf his $15. 900, 600 in taking up
he old <Ses,t, or in taking up any +
ndnly favored ,eieqss, and leave us t
18th the great bulk Of ,ake new debt
I'LL hanging on us. The foucth Sec n
on of the bill only requires him to t.
resent the new bonds to our creditors p
such rates as, if accepted by all of b
.an1, will take in all Of our outstand- n
g obligations. These rates may IL
ease one set Of creditors an5 dis G
ease another sci, sad in such case o.
ere IS not a line in the governors IL
Ii that will prevent him from paying T.
he set of creditors and leaving us still m
debted to the other set. d.
The plan also proposes that the bt
shall notify the Governor be
aeneTer &laere shall be any unappro- pe
lated money ais the Treasury, and M
at then the Governor nay draw it nc
t and buy up the debt with it. mo
hat is to prevent the Treasurer and az
Governor from making nice little 80
ng OF it under this provision i? r. r.,
nat is there to prevent the Treasurer tir