The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1888-10-04
N. G.. SPECIAL TAX BONDS.
WHEN, WHY AND HOW THE RAD
ICALs SADDLED THEM ONN. G.
If Morton is Elected, North Carolina
VIII have to Pay Him One Seventh
of All They Have.
TFron, the State CAronicle.1

If Morton is Elected, North Carolina
Will have to Pay Him One Seventh
of All They Have.
[Frous tie State Caronicle.]
A Cape Fear correspondent has
asked the Chronicle the following
questions
1. For what purpose was the spe-
cial tax bonds issued?
2. What is the correct amount of
these bonds?
8. Are the suits pending against
the State for the whole amonnt of these
bonds?
In view OF the record of Morton,
the Republican candidate for Vice
President, and Dockery the Republi-
can candidate for Governor, in regard
to these bonds, these questions are
special appropriateness at this time.
We answer thembriefy as follows !:
FIRST: The special tax bonds
were issued for the ostensible purpose
OF building new railroads and extend
ing lines already. built. 1t was pro-
posed by the radical legislators to
honey-comb the State with railroads
and thus bring prosperity to the doors
Of the people. They were to build
these roads by taxing an impoverish
ed people, and for that purpose the
special tax bonds were issued. They
were called special tax bonds because
special tax of 96 cents on the 800
was levied to pay the interest on
them.
SECoND.-The amount of these
bonds authorized to be issued was be-
tween $25,O00,000 and $26,000,OOO.
Before they were all issued, however,
several causes operated to prevent the
issuance of the whole amount The
Supreme Court decided that bonds is
sued to corporations not in existence
were invalid. This prevented the is
suing OF bonds to some of the proros-
ed corporations. They came into dis
repute in various ways and in fact, OF
the twenty five millions authorized to
be issued, only $14,0O0,00O were &C
tually issued. The interest of these
bonds amounts to $16,OO0,OOO, max
ing total of s3O,OO0,OO0 which the
radical party put upon the State as a
debt priority over all others by levy
ing a special tax to pay the interest.
In the Constitutional Convention of
1875 Gov Jarvis offered aad amend
ment to the Constitution forbidd1ng
the Legislature to pay or adjust these
bonds without first submitting it to
the people. The amendment was re-
jected OLIVER H. DoCKERY, PRES
ENT REPUBLICAN CANDIDATE FOR
GOVERNOR, VOTING AGAINS 1T.
In 1880, by the Constitutional legisla-
tive majority of three-ffths of the
General Assembly, the following for
> bidding the payment of these special
tax bonds, was adopted. 1t is part
of Article 1, Section s, and reads:
.Nor shall the General Assembly
assume or pay, or authorize the collec-
ton of any tax to pay, either directly
or indirectly, expressly or implied,
any debt or bond, incurred OF issued,
by authority of the counties of the
year 1868, nor any debt or bond, in
Cured or issued by the Legislature of
of the year 1868, either at its special
session of the year 1868, or at its reg
ular sessions of the years 1868 and
1859, and 1870, except the bonds is
sued to fund the interest on the old
debt of the State unless the proposing
to pay the same shall have first been
submitted to the people and by them
ratified by the vote of the qualified
voters of the State, at regular elec-
ton held for that purpose"
IF it is decided that these special
taxes will have to be paid it will re-
quire that the people of the State shall
give to the bondholders more than
one sixth of all the personal and real
property stocks and bonds in the State.
The total valuation of all the proper
ty il North Carolina is about two
hundred million dollars. It would
require that We give to Morton, Bliss
& Co, EVERY Foot OF LAND, AND
EVERY PIECE OF PERSONAL PROPER
TY, including skillits and rabbit dogs,
In twenty five of our smaller counties
with Wake and Mecklenburg thrown
In. To put it differently: Suppose
the property in North Carolina was
equally divided. In order to pay
these spec tax bonds, Mr.. Morton
would say to every seventh man in
the State, "Give me everything you
have. It belongs to me" but the
man would have to part with his all.
But every man would suffer, as more
than one seventh of all he has would
go into the pockets of Mr.. Levi P.
Morton and his associates.
The Chronicle asks every man who
is thinking of voting the Republican
ticket to take an inventory of all he
has and decide which one-seventh of
that property he will give to Mr..
Morton. IF Mr.. Morton gets it, he
will only get what the Republican
party promised him if the State does
not pay Mr.. Morton what he is suing
for, it will be because the Democrats
amend the Constitution 30 that these
bonus cannot be paid without the con-
sent of the people. The Republican
party in North Carolina tried to con-
fisate one seventh of the property in
the State in the flush days of their
stealaqe. Ii the Democrats have step
ned ID aud saved the people the pay
ment of this large sum, it does ns.ti
make the crime of the Republicans
les. They did all they could to sad
de this tax upon the people, and lev
led and collected special tax of $685.
407 ID 1870 to pay the interest on
these fraudulent bonds. Ii is not to
the credit Of the Republican party