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

Inefe IS wide difference OF opinion ,
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 its present high standard.
The hostility of this pape: 10 bond
issues for any purposes, except
as a last resort, is well known.
1t believes that the revenues 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
1. The debts of the various State in
situations 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 the revenue bill of
1901 to raise the money the Finance
Committee thought it would raise, not
to speak of the fact that if the SUI
preme Court had not changed it's
mind in a night, the revenues would
have been larger and the deacit
smaller.
3. The increased appropriations made
| by the last General Assembly.
The problem that confronts this
General Assemblyis not one Of it's 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 criti-
cize 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-
| felt was all due to the Fusion debts,
| to 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 tor the
| present General Assembly to pass a
revenue 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 note for his ac-
count. But the day of settlement is
altogether a different matter. When
pay day comes-and come it will
there is the rub.
The State owes about $500, 900 of
money already expended and it owes
the $100,0 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:
l. EXIT Governor Doughton has
| introduced a bill authorizing an Issue
of 100000 fifty year '31a Ter cent
! bonds. He is opposed to issuing sin
gle dollor in bonds beyond the *ctUal
gle dollar in bonds beyond the actual
| believe the revenues of the STATE will
| be sufficient for some years to core
to provide a sinking fund to pay this
100000 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 that
there is no escape from it if the credit
of the State is to be preserved. In
that 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
stand it, authorizing the State Treas
urer 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