The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-02-22


mittee on Appropriations, stated that II
had been the policy of that committee
to await the action of the Finance Com
mttee before stating what recommends
tions they made. since they did not con-
slider that the Finance Committee should
regulate their recommenda lions accorl-
ing to those of the Committee on Arrro-
priations, but rather it should be wee
versa.
But he would say that, so far as he had
been able to learn the opinions of The
members of his committee, it was his
belief that the appropriations contem-
plated would be within the limits out
lined by the Finance Committee
In response to questions, Mr.. Gulon
said that he considered a bond issue an
solutcly necessary in order to pay the N
debtodness of the State, for even II the
railroad property were to be taxed ac-
ccrding TO gross incomes, the amount
would not be realized for at least one
year, and the same was true as 10 IRE
increase III revenue raised
DREWRY FOR BONDS.
Mr.. Drewry as a member of the Cons
mittce On Finance, stated that 1t was
rot considered advisable to raise the
taxes of the state at this time, and that
bond issue to pay the States outstand-
ing indebtedness. He spoke of the ca -H
the committee had bestowed upon thu,
question and in doing so paid a magnifi-
cent tribute to the tireless, patient, :on-
siderate unceasing work of the chair
man of the committee. Every one, bank
ers, mill men and anyone who cared to
come before the committee had been
heard fully and their suggestions duly
considered.
AS to the question Of renewing the
States vote in New York. WY should
we pay 4 per cent on a note, with the
probability of paying more, whom we
could get it from a bond issue at 3 per
cent.
1t had been estimated that the increase
in property values would be about slQ0,
0C0. GOO. That would realize an additional
1920 coo. Then schedules B and c would
realize ,000 more. That would make
total of 1919 co. and by framing the Ma
chinery Act properly, enough could be
raised to bring the amount up to 800
600 more than last year. That would
permit the State to make 81 fflcient p
preparations TO supply the immediate
needs of the institutions.
Mr. White of Halifax, spoke from
| business standpoint against The bond
issue He thought that money could
always be gotten in New York city at
Az per cent, as times were certainly
getting better.
Judge Graham then spoke against any
bond issue. both from a political and a
business standpoint He declared that
there should be no bond issue to meet a
deficiency caused by delinquent tax pay
ers. They should be compclled to pay
back taxes instead. He did not believe
in high taxes, but he did not believe
either in allowing people to sneak out
of paying their just taxes.
And the very people that have escaped
their taxes will buy u1 these bonds, and
you are giving thcm an investment free
from taxation as a reward for getting out
| of their taxes.
Why, the State could tide over little
temporary embarrassment like this. If
our Treasurer could go to New York AMI
get money as an individual how much
easier would it be for him. with the al
thority of the General Assembly in his
pocket. to get all that the State needed:
| Mr.. Morton suggested that as the le-
| for the benefit of future generations, nc
school children. why not leave it for
| them to meet.
Judge Graham reminded Mr.. Morton
that one of the State institutions mad
drawn in last November $4,000 appropria-
| ted by the last General Assembly, and
instead of using it for a building had put
/ il out at interest.
\ - I,I1
| Graham stated that the institution was
the Cullowhee High School. He declared
that the school had no right to take this
money from the Treasury for any such
purpose. 1t had been paid out of money
borrowed by the State.
From a purely business standpoint,
Judge Graham could not see the economy
of a long term bond issue to meet i'm
mediate needs, when the money could
be borrowed in New York al Az per
cent
Mr. Drewry arose TO defend the Cullo-
whee School He expressed his surp1 e
that any member of this LegisiatU e
should say that the money had been i'm
properly taken. AS matter of fact
if had been found that the $4,000 was in
sufficient for the building, and they there
| fore put the money out at interest, trans
ferring the property to the State. He
read the act of 1901, to show that ii
was a just debt of the State and de-
clared that Judge Grahams remarks re-
nected upon the integrity of the gentle
man in charge of the school
MIR Morton supported Mr.. Drewry' S
| remarks
Then MIR. Cowan representative from
| Jackson, expressed his regret that the
| gentleman from. Granville had seen fit to
reflect upon the honor of the trustees of
The school He then went on to describe
the splendid work being done by that in
| stitution.
The property that had been conveyed
| TO the State of North Carolina was worth
| about $4,000. and when the deed was
first presented to the Treasurer, he did
not have the money necessary To pay it,
and in November, when he had the mon
cy. it was paid.
Judge Graham said he did not intend to
allow himself to be put in a false light
by the attempts of the gentleman from