The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1874-01-14

OF haleieh tue tlrcult OouIt " TUG ohieeu
States, followed the lead of our Supreme
Court, and declared the bonds TO be good,
and declared furtherthat the act of the Ge-
neral Assembly which repealed the Act
creating the bonds. was itself unconstitu-
tional and void. But suPposing the Courts
do hold them to be good, by what process
am asked. can they bepossibly collected?
Sir. Ianswer the question with feeling Of
concern almost amounting to terror. by
the very acts of the Legislature by which
that $ll, 100. 900 Of our State debt Is Gre
ated. an actual levy..is made upon all the
real and personal taxable property Of the
State, Of 4 Of per cent. to pay the annual
interest during the whole period Of 80 years
which they have to run. 10 be collected as
other tdres are collected. And Sir. it is
| BY law made the business and duty Of the
Auditor to have that tax collected as other
taxes are collected. And it is done simply
BY adding another column 10 his tax sche-
dule, when lie issues ii to the Sheriffs Of
the State. That little act. Of one man, is
ali that saves the people Of the State from
tie collection or the attempted collection
Of this enormous and most Ubiquitous tax.
/ BY single hair the fatal sword is suspend
ed over u.
And at this very moment. We are threa-
tened with new suits to compel the collec-
ton Of this interest. Sir let us wait lit
tie longer. and be in no hurry to take this
leap in the dark. And when We do act. let
Us consider well aud deliberately. what we
are about, and make sure aud safe busi-
ness Cf it. and rot make the terrible
baulk, which l fear this bill would lead US
into; by importing an additional heavy
weight Of taxation upon the people. and af-
ter it has been done. still leave such an
enormous load Of public debt hanging over
them, as will be sufficient to crush them
down to the earth, and inevitably prevent
the restoration Of our public credit, and
as efectualiy prevent the renovation Of our
prosperity as State. The great object.
which We have in view,
THE SUBSTITUTE FOR THE BILL.
: ! will now proceed to the consideration
Of the amendment which have had tbs
honor to offer as a substitute FIR the bill
! under discussion.
These resolutions affirm four propositions
: |. That the people are so much inpoye,
rished BY the war as to be unable. at III,
present time, by taxation. to pay any par
, Of the public debt.
III. That our new State Government
: imposes is heavy burden Of taxation up
$ on the people as they can hear in their pre-
sent impoverished circumstances.
iii. That the people Of North Carolin.
Z are not responsible for the late war. or il
. calamitous consequences.
Nv. That the General Government
should assume the payment Of % much 0
. our public debt, as in justice and equity
ought to be paid. 0rat least. should lent
: to the State such inancia; aid. and credit
b as will enable US to provide for the tota
y extinction Of the debt, upon just aud rea
: sonsble terms, without expressing the peo
: PIE.
OUR LOSSES BY THE WAR.
g First Proposition. The people are $
! much impoverished by the war as % DO IN
able at he present time. By taxation. topa
Z any part Of their Public Debt.
! Sir, i this truef Allow me 10 read
) paragraph. from the able statement q on
; public debt. which is presented to Us b
i the Pablie Treasurer, in his annual Repol
! and will be found At tenth page:
] 81 have already stated. says the Publ
: Treasurer these losses which arc demonstrsi
\ ed By the present condition o. the inrer