The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1903-02-24

as to the best method of meeting the
deficit in the State Treasury, proy:d
ing revenue for the increasing expen
ses of our growing Commonwealth
and maintaining the credit Of the
| State at it's present high standard.
The hostility of this papc: 20 bond
issues for any purposes, eXccE;
as a last resort, is well known
1t believes that the Of the
State ought to be sufficient to meet
the demands of the government eco
nomically administered. The present
deficit is due solely to three things:
/. The debts of the various State in
stitutions contracted by the Fusion
administration, which were not dis
closed in their published reports,
which the Democratic administration
has had to pay.
2. The failure of h evenue bill of
1901 to raise the money the Finance
Committee thought it would raise, not
to speak of the fact hat if the Su-
preme Court had not changed its
mind in a night, the would
have been larger and :he defcit
smaller.
3. The increased appropriations made
by the last General Assembly.
The problem hal confronts this
General Assemblyis not one Of its own
making. There is no ground either TO
reflect upon the last General Assem-
bly,, as patriotic and wise as that Of
1903. There is no occasion to criui-
CHE the appropriations Of the last
Legislature. The voters of the State
were advised of the deficit during the
last campaign. Facts and Figures
were presented proving that the de-
ficit was all due to the Fusion debts,
% pensions for Confederate soldiers,
to education and to charity. The peo-
pie were asked: Do you wish to deny
continued appropriations for these last
objects? The election returns gave
their answer If it is possible LOT the
present General Assembly to pass a
ven law and machinery act that
will raise a surplus each year to pay
the deficit, it should be done. The
wisdom of the Assembly ought to be
invoked to that end. 1t is the easiest
thing in the world to issue bonds. 1t
is as easy for a state to issue bonds
as for a man to give a note for his ac-
count. But the day of settlement is
altogether a different matter. When
pay day comes-and ONE it will
there is the rub.
The State owes about $500, 200 of
money already expended and it owes
the 500, 900 which has been appropri-
ated to the public schools. Both of
these debts are sacred. Both OF them
must be paid. Both will be paid.
There are two suggestions as to
how to pay them:
/. Exit. Governor Doughton has
introduced a bill authorizing an Issue
of $500, 900 fifty year 3k Ter cent
bonds. He is opposed to issuing a sin
gle dollor in bonds beyond the :ctual
gle dollar in bonds beyond the actual
believe the of the Sta.e Will
be sufficient for some years to on
to provide a sinking fund to p2y this
S400, 900 debt and care for the schools,
the Institutions and pay the expenses
of State government. Therefore he
and others think that the Legislature
is shut up to the necessity of the bond
issue proposed in his bill and hat
there is no escape from it if the credit
of the State is to be preserved. IN
view he is supported by Governor
Aycock and many other wise leaders.
2. Ex-Judge Graham believes that
the present revenue law, framed by
the Finance Committee, if the rail
roads do not succeed in killing section
fifty of the machinery act, will raise
sufficient revenue to meet the neces-
sary expenses of State government and
leave a surplus which could be used
within a few years to pay the debt. In
the meantime he ~favors, as we under
it, authorizing the State Treas
making a States note, payable in
inStallments, for the whole debt due.
There is no difference between
these two propositions as TO the as
sumption of the debt, and nobody
anywhere proposes any policy except
to pay the $500, 900 debt, by long term
bonds or a short note, and borrow in
one of these ways the money neces-
sary to pay the one hundred thousand
to the public schools.