Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-12-25
Condensed from tho Raleigh News.
NORTH CAROLINA LEGISLATURE.
TWENTY-SIXTH DAY.
SENATE.
WEDNESDAY, Dec, 16. 1!

l. CLNalE.
: WEDNESDAY, Dec. 16, 1874.
Mr.. Waring made report from til
: ting substitute for all bills alread
: introduced upon this subject. Th
: said substitute provides that, in con
sequence of the unforeseen disaster
resulting from the late war between
the States, sacrificing the greater por
ton of the taxable property upon
which the State debt was based, and
other results from the same cause, the
State of North Carolina is not to- day
able to pay the debt outstanding
against her; and yet, her people being
desirous of assuming and paying to the
public creditors SO much of the Just
debt of the State as their unfortunate
condition will allow. the General As
sembly of North Carolina makes the
following proposition That new cou-
pom bonds be issued, running thirty
years, bearing six per cent interest,
payable semi-annually, to be ex-
changed for the outstanding bonds
of the State in the following
manner for the bonds issued be-
fore the Goth of May, 1871. at
the rate of 33B per centum of the
principal Of the bonds SO surrendered;
for the bonds issued under the fund
ing acts of the 10th Of March, 1866,
and the Goth of August, 1868, at the
rate Of % per centum; for the bonds
issued since Goth of May. 1861, in pnr-
suance of acts passed before said last
named date, at the rate of 90 per CEN
tum; for the registered certificates of !
Indebtedness due to tho Literary
Fund, at the rate of 33l per centum:
and it shall be the duty OF the Literary
Board to so convert said certificates, |
The bonds SO issued shall be in the
usual form Of bonds of this State, and
the debt of the State so made
shall be styled as "The consolidated
debt of the State" and such debt and
tho bonds SO to be issued shall not be
construed to change the nature of the
debt OF the State, but to reduce the
same to such sum as can be paid.
The Lii also provides for the manner
of raising the money to pay the annual
interest On the bonds SO issued
Made special order for the 26th dav
OF January next, at 12 O'Clock. ,
Mr.. Waring, e bill TO repeal the act
Beneficial Association. Referred.
Il communication WAS received from
the Treasurer of the State, transmit
ting information as to the amount of !
AK that has been assessed aud collect ,
ed since 1871 from the railroads and I
eanals of the State Referred to the &
Finance Committee.
The special order being the Usury 3
Bill, was considered. it being IL bill i
o establish q legal rate of interest. I
he Committee offering a substitute
per cent, when so stated, II
,the. wise q per cent. .
Mr.. Anderson introduced q substi-
ute, making the rate of interest, when
lot otherwise agreed upon, 6 per cent
I'm per annum, and making legal any
thor interest that may be agreed
pon and placed upon the lace OF lue
otc.
Motion TO postpone the considera-
Dion OF the question until after recess il
'as opposed by Messrs. Kinney and 0
'usbee, as they thought the people p
emanded Immediate action upon this G
uestiOn. ct
Messrs. Morehead, Fro ncL and Keer il
dvocated postponement, as the mat 81
n could not be considered ~ day, +
nd discussion upon it could not be IL
oDcluded before recess. al
Motion to postpone did not prevail | cl
Y a vote of 20 ayes to 81 nays.
The reading of the bill was COM h
lenced with, when Mr.. Mills moved te
reconsider the vote by which the 2
Of the question was IL
rdered n,
Mr.. Busbee moved to lag this mo- W
on upon the table. Lost.
Tha motion to reconsider was adop- II;
ID by vote of 19 ayes to 2l nays. m
Mr. MOreheud moved to postpone I'll
le question until the 2Oth of January ez
ext, at II o'clock. Ell
MIR. Cantwell moved to indefinitely kl
OstpoDe. Il
Mr.. Linney endorsed the report of
le Committee. lie claimed that I'M OF
usEry was wicked in itself: pc
was unfavorable to liberty. The pl
sury law was demanded in North fe
arolna and would add capital to the bt
tate. The arm of the criminal law re
lould be thrown around this measure hf
protect the people of the State. He th
his remarks for the space Isl
one hour. be
During the remarks of Mr.. Linnev, or
n. Busbee asked him if he had 81 900 ar
loan, and the rate of interest was be
to 6 per c-nt in North Caro- he
IA, and 10 per cent was obtainable in pc
eorgla, would he loan his money in ar
orth Carolina or Georgia > tit
Mr.. Linney-''I would loan it
here the best interest can be obtain "
l, all thipgs being equal; but I do to
1t think [ could exercise that per- ST
nal control of it in Georgia that 1 ta
'Eld III North Carolina. nt
Without any further discussion, the SO
otion of Mr.. Mlorehead to post pone
'evaised. nc