The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-02-09
Bond Issue of 100000
Asked.
CONTINUED from Page one.)

lowered, if possible, in some way
CONSISTENT with the public welfare.
Judiciary.
BY Foashee: To enlarge the powers
OF the North Carolina Corporation
Commission. relative TO telegraph,
telephone and express companies.
:, mat section two CD, chapter 164.
Public Laws of 1899, is hereby
amended by adding the following sub
sections:
20. To make just and reasonable
rules and regulations for the prompt
transmission and delivery of messages
by any telegraph or telephone compa-
ny or corporation doing business in
this State. and to secure efficient SER
vice therefrom.
20. To make Just and reasonable
rules and regulations to require the
prompt transmission and delivery OF
goods. wares and merchandise trans
ported by any EXPRESS company doing
business in this State.
"a. To require. where the public
necessity demands it and ii is demons
strated that the revenue received Will
be sufficient to justify it. the establish
ment of Offices and stations by amy
Telegraph, telephone or express COM
pany doing business in this State and
To require sufficient accommodations
commensurate with the business and
the demand of the public
BY Webb: To authorize and direct
the issue of State bonds, to provide
sufficient funds TO equip the State
Hospitals for the Insane, and the sew
eral State educational institutions with
Necessary permanent improvements.
The following is the full text of Mr.
Webb's bill:
That for the purpose of providing
the State Hospital at Raleigh, the
State Hospital at Morganton. and the
State Hospital at Goldsboro, and the
several State educa tional institutions
with the necessary buildings and per-
manent improvements, the State
Treasurer is hereby authorized and d-
rected to issue bonds of the State of
North Carolina, payable fifteen years
from the first day of July. 1906, to
an amount not to exceed 100000.
All of said bonds shall bear interest
at rate not exceeding four per cent
from the first day of July 1905 until
paid; which said interest shall be
payable semi-annually, on the first
days of January and July. each and
every year so long as any portion of
said bonds shall remain due and pay
able
The bonds authorized and directed
10 be issued by the preceding section.
shall be coupon bonds of such denomi-
nation as may be determined by said
State Treasurer. and shall be signed
by the Governor and State Treasurer.
and sealed with the Great Seal of the
State. The coupons attached to said
bonds shall have a facsimile of the
signature of the Treasurer engraved
or Autographed thereon. and the said
bonds shall In other respects be in
such form as said State Treasurer
shall direct, and the coupons thereon
shall, after maturity. be receivable III
payment of all taxes, debts dues. IL
censes, fees and demands due to the
State of North Carolina on any ac.
count whatsoever. which shall be ex-
pressed on the face of the said bonds.
Before selling the coupon bonds here
in authorized 10 be issued. the Treas
urer shall advertise the sale. and in
vite sealed bids. He is authorized To
accept bids for the entire issue or any
portion thereof, and where the conii-
tons are equal he shall give the pre-
ference of purchase to the citizens Of
North Carolina.
The said bonds and coupons shall
be exempt from all State. county and
municipal taxation. All assessments.
direct or indirect. general or special.
whether imposed for the purpose Of
general revenue or otherwise, and the
interest paid thereon, shall not be sub
Ject for taxation as for income.
IL shall be lawful for all executors,
administrators. guardians and fiducia-
ries generally. to invest in said bonds.
The bonds to be issued under the
provisions of this act shall be de-
Signated and known as Permanent
Improvement Bonds" The proceeds;
of the same shall be used for making
certain necessary permanent improve
mentS for the several State hospitals
for the insane and for the several
State educational institutions The
amount to be used and set apart for
each institution shall be designated
by the present session of the General
Assembly in a special act 10 be passed
for that purpose.
That from and after the ratification
of this act the ad valorem tax levied
FOR State purposes shall not exceed
sixteen cents on the one hundred dol
lars worth OF. property.
That the following sections Of chap
247, Laws of 1908. be and the same
are hereby repealed: Section 81
which provides Il license tax upon
lawyers. physicians. dentists. etc:
Section Al. it providing a special H.
cense tax for livery stables; Section
81. it being the section which pro-
vides for what is known as the "mer-
chants tax
Mr.. Webb said that he knew il was
unusual for "A bill to be discussed be-
fore the same is referred to com
mittee. but for the fear that the fact
that it authorizes the issue of bonds
may ut once create prejudice against
its passage, IL was probably best for
him to give his reason why he thought
it necessary that such legislation be
enacted
THE average citizen" he said, lis
afraid OF Il bond issue, especially a
State bond issue. He seems willing
tor his county 10 issue bonds To build
q new court house, or TO macadamize
and pave the streets of his own town.
But when il comes 10 the issue of
bonds by a great State for the purpose
OF making permanent improvements
tor the erection of buildings which
shall stand for generations, there is
objection, simply because there is an
imaginary danger.
L have considered the questions of
permanent improvements for our State
Hospital for the Insane, for the educa-
tional institutions, for the reformatory
for youthful criminals, for the cree
ton CT Il building for the proper
storing and preservation of the records
of the State. or for the enlargement
OF the Capitol, and | have come to the
conclusion that with the present con-