The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1900-12-18
THE STATE HAS NO DEBT
Its Railroad Stock Worth as Mach as
the State Owes.
The AMENDMENT REQUIRES EDUCATION
is There Any Way 10 Give This Education
Within the Eight Years Without the
Issue Of Bonds For Such
Purpose?

! was talking Yesterday with one Of the
wisest and most progressive men in North
Carolina-a b~road-guaged business man.
fairs but has no connection with politics
and has no political ambition or any axe
to grind. He is a good citizen and is
concerned merely as a thoughtful citizen
in the education OF all the people.
4 do not see he said yesterday, how
the education OF the children can be ac-
coInplished. in accordance with Governor
elect Aycock's and the Democratic plat
form promises, from the ordinary reve-
nues Of the State. The tax limit OF 90 2-3
cents has already been reached in most
counties, and in not u few counties a spe-
cial tax is imposed for such necessary
improvements as bridges, court houses
and jails.
The people have been promised great
improvement in public schools, How is
that promise to be kept? There ere only
two ways that l see:
First increase the tax-rate for schools.
Owing to the limitation for taxation in
the Constitution, it is doubtful If any ma
terial increase can be made without de-
| nying the counties enough tax to pay
their legitimate expenses.
Second. Authorize the State Treasurer
to issue bonds in the sum Of two mil
lion dollars. bearing interest at the rate
of 312 or 4 per cent, during the mex
eight years, at the rate of $3.50, 900 each
per annum. Let the $3.50. 900 each year GO
into the school fund. Supplement that
each year by an appropriation Of 800 00C
Of possible) which would give ar addi-
tional $3.50, 600 per annum to the school
fund. This would say TO the people il
unmistakable terms that the men whc
framed the Constitutional Amendment
had in view the education Of the children
and were ready to secure it by pledging
the credit OF the State as we'll as by tax
ing the people.
Now | know that it would be extra
ordinary to issue bonds TO secure none
for public education, but it is an extra
ordinary time in North Carolina. It wa.
an extraordinary proposition for the PEG
pie TO say that after 1908 no young mar
coming of age should be permitted Il
Vote unless he can read and write. Tha'
is something new in North Carolina. /
is extraordinary Can the children b.
made to learn SO that they can vote b!
1908 without some extraordinary effort
l do not think SO, and that is why
suggest an issue of $3.50, 900 yearly fo
schools to continue until 1908.
9TH State of North Carolina is practi
cally free from debt. It is true that i
has outstanding bonds in the sum of ST,
million dollars in round figures, but i
owns stock that today would sell TO
more than the entire State debt.
THE State OWNS three million dollars
stock in the North Carolina Railroad. |
could be sold today as a whole at SIT
per share chs market value of individual
shares is about $500, which would let III
Treasury realize s., $50, 600 for it. Th'
State owns 81. 200, 900 worth Of stock in tn
Atlantic and North Carolina Railroad
which could be sold for $3.50. 900. Thes'
two investments, if sold would put tn
state out of debt. If not sold, they vii
bring enough income to pay the interes
on the entire debt when refunded q
three or three and a half per cent.
so you see that the State now has M
debt at all. 1t is free from debt, practi
cally. This new issue Of bonds would b
the only real debt the State would have
WHY not meet the extraordinary necessit,
for education, created by the Constitu
tional Amendment by an cxtraordinar
method? That is the only way TO secure
an adequate fund