Newspapers / The Lincoln Courier (Lincolnton, … / Nov. 26, 1846, edition 1 / Page 2
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only 839.136,108. To correct this crimi nal delinquency in enlistment and valuation the Act of 1836 directed a new assessment of land and improve merits, by means of which the same subject of taxation in the next year was raised in value to $51,021, 317, and 6,000 more was added to the Re venue. This VJilufttion, however, is obvi ously deflective, since it falls two and a half millions below that of 1815, although more than a million and a half of acres had been patented in the mean time. It is reasona bly estimated that with an area of 50.000 square miles within our boundaries, there are 45,1)00 square miles, or near twenty nine millions of acres of territory inhabit ed. Making the utmost allowance for lands not yet grained, it can hardly be possible that less than 25 millions of acres are chargeable with taxes. But from a state ment appended to the report of the Comp troller, it seems that 3;267 472 acres comprise all, of which . any returns have been received, and thai of this.the average value of taxation is but 82.28 3-4 per acre, against a like average of $2,69 in 1615 The act or 1836 contains no direction for a new assessment at any subsequent time, and the valuation urder it, loosely made ten years ago, is the criterion of our land revenue at present. Be sides, very consid erable quantities, since entered and patent ed, ten years have greatly enhanced the price of much of the land in the State, in consequence of improvements and discove ries made within that period. The elec tion of Manufacturing establishments", the discovery cl mines, the construction of 250 miles of rail road, the improvements on real estate in many of our tow:,, and the rise in value of Forest lands, yielding Turpentine, will at once occur as illustra tions 1 this truth, to any nothing of those devott-d to ordinary culture. There may bo occasional instances of a decline in va lue. tU.. i . r . i - me, uui wmi uir uai ufioro us,ii can naru ly admit of question, that upon a fair as sessment of land and improvements, the ag gregate value will exceed sixty millions of dollars ; aid that from failure in duly ex acting the present rate of Land tax, the State is annually deprived of seven or eight thousand dollars, at ihe leas! calculation. SuipriMiig as this may appear, there seems to be a deficit of nearly an equal amount in the payment of the Poll tux. " The tab ula statement of the Comptroller, before referred to, exhibits for taxation the uexi year 62.705 hffk. anri 54.220 white pells, including all of whom there is any account, boi! listed and unlisted. The Slave popu lation of the State, according to the census cf 1840. numbered 245,817 Ail of ti.ese between the ages of 12 ami 50, are subject to taxation; and bv estimate.-, from reliable sources, thi regulation renders taxable rather more than one-half on each Pl.mta- tioi;. A full enumeration, therefore, of taxable blacks, ought to embrace about 125,000. Of wbttes.nll males are taxable between the ages of 21 hlu 45 years. There are found on our muster rolls, the names of 76,568 m"n,cnmnrehendin; those between the ages of 18 and 45 generally, but not including nu.verus exempt under various Statu es. . Makmg Iibei a deduc tions for those betwe. n 18 m.d 21, and iid ding exempts from military duty, who are liable to taxation, and there mut till re main more tbau 70,000 taxable white pr.lls, ar dcf.ntf quntlv to total of 195.000 taxable po't.-. in the Siate. Our poll tai has been gradually incre.-in for the last few years, ni)d for 'he past oHr appears- to have been coi'fcted on 1.34 prraon. That it has be. en neg.gntly sund-d to, is muulest from vanar.eea of fi. 4 on per anri., sometimes on one si.te, a..4l -meinnes on ihe other of ihe fcp.r, m the amounts collected during the las: four vears. It is, therefore, an imprativ? duty of the Legig la'ure, as H), in justice to there citiz.ns whose lands and pufh ar; frlJy assessed and enlisted, and who zro contributing ac cordmgly into the public t.easury, as to the Sia.e itself, to require a new assessment of lands and im rove jnntt to be justly made on inspection of ihe prem ses it iccexSRr, and to provide tor su accoraro and full cen sus of Jill taxable persons. No valuation of lands can continue to b- a just criterion of woith for any onsiderabie period, and a reassessment should be provided for once afle.st in five yearo, if u be not annual By adopting these niieure of fairness and justice, to collect hat u now imposed, without any increase of taxes, it may reaso nably be expected that the public revenue from present sources, now equal to about $86 000, may be raised to $100 000 per an num. These regulations should be rmde to take effect immediately, that Ihe Treas ury may experience their ben. lit in the .course of the next ear. . Further to augment the revenucit is pro j posed that a lax be imposed on Pleasure Carriages, and Gold Watches kept for use, and it deemed expedient on any other arti cles of luxury, to go into operation at once, and continue in force until the next session of the General Assembly. It is submitted to your inquiry, in con nertion with the revenue,vhether theBank of Cape Fear has paid to the State and the Literary Fund the full amount semi-annually due for dividends their custom being to pay the tax on the shares of stock owned by individuals, out of the whole profits of ihe bank, instead of the dividends of profits allotted to individuals. This course is sup posed by them to le sanctioned by a deci sion of the Supreme Court, on the taxing ?lause of their oh) charter; but Ihe renewed .Charter of 1833 is in different language, and it could hardly have been the design of the Legislature to exact a less tax on the" St- ck of individuals in this Hank, than on that in similar institutions in theTrtate. To aid the Treasury, until other moans can be realized, I suggest thai the Bonds, Notes and Judgments, held by the Literarv Board, consisting chiefly of the unexpended balance appropriated to drain swamp lands, be turned over to the Public Treasarer, to be collected and applied according- to our necessities ; but, that ihe State beeharged with the amount thereof, as a loan, the in terest of which shall be faithfully paid as an annual part of the distribution for the support of Common Schools. The effectu al security of the principal.and the punctual payment of the interest, is all that is now desired from the Literary Fund. -The proposed disposition of this part of it, while it supplies the pres-ent wants of the St-ue, will relieve the School Fund from the ex pense incident to the present Loan Offic io the Liteiary Board ; end the increased Revenue in the mode already set forth, will aflord ample mean for ihe p iv mm of the interest. It will simplify the Public Ac- ! counts, to direct ihn Bonds of the Wilmin Ion and Raleigh Rail Road Company, now lying in the Treasury, and amounting t:. $50,000 cs before stated, to be transferred to the Literary Fund, and as an equivalent, that the Tavern and Auction T.-.xes be hereafter paid into the Public Treasury. To liquidate the State's responsibility for the Raleigh and iJasten Rail Road Company, as early as practicable, 1 recom. mend the creation of a sinking fund, to be applied in buy ing and in caneejfin boh kinds of bonds. when ihey can be purchased at, or below par, to consist, 1st, cf uny Surplus which may be in theTreasurv, after defraying customary expenses and specific appropriations. 2J. Any income denved fr-'tn sairf Rail Road if retained, or its pro ceeds if sold. 3d. Any recoveries efTec-fd against the Stockholders in said Company under the 14th section of the Ac of 18C9, or against the Stockholders anJ subscri bers ur.dr the Act ot 18 il. Suits are iy pending against sundry obligors on h B i;ds g ven" for J h State's iniemntty un der the Aciof 1841, who refuse; tr renew their bo.ids biennially, as required by law, and 1 regret that no decision has, as yet been rendered in the premises. It is con fendedon betialf of the Stale, ih?! i failure to renew is a breach of the condition of he Bond, inducing a forfeiture, of thts whole penalty. Since the foreclosure of the mort gages, and the insufficiency of the real u;;d personal estate of the Company, to indem nify the State in her security-ship, it ha become an interesting question to what ex tent can she ch imto be indemnified by the individual stockholders ard bondsmen, and" at what time is her right thereto to be as serted? By the 14th section of the Act of 1839, in the ase which has happened, lo w it, "of the insufficiency of the property of the Company, to py ofTand satisfy the fuM amount of Bonds, then diiected to he indor sed, includu g the principal nd interest thereon, etch and every stockholder was to be-bound to pay towards making up such deficiency, n u mount corresponding with his Stock held therein, a' the time wheo. iuh ftofi....,,.. i u k . . suco denciecicv .f: u d be asr-prf -im. such deficiency uid be ascertained The Art of 141, designed from us title, further to secure ihe Slate against loss, a- well ca to gram turther aid. to the Compa ny, provided amongst other things, for tho execution atid delivery o' Bonds, m the a. gregate peial sum ol SoOO.OCO. by Stock holders and subscrib'-is, covenanting to in" damnify the Slate against any loss or dam age, m const quetiee ol her suretyship it: the premises, and "insufficiency ofthe real nd f ersonal estate and property of said Company, to discharge the same.' It would seem, therefore, to. have been the in tfntion of the Act of 1839,to hold the Stock holders individually responsible for "anv loss to the State, in the "paymeut of princi pal or interest," after applying the mort gaged property, to an amount witb their subscriptions of stock. 'Nothing hai 1 perceive, in the Act cf 1841, changes that intention. Thp Bonds directed to be taken. appear t have been, purposed, ut ihe least, as cumulative security br the former liabi! Hy, and to provide a more e tsy remedy in case it -noo-compliance. Whether . the Bonds actually token conform to this con struction the Statute, or wi-elher it mav j be necess iry to resort to a C irt of Equity to assert the fctate s remedy in its lull ex tent, on the ground of inadvertence in fra ming the Bonds, is a matter for your ma ture deliberation." That he Act of 1830, section 14, obliged the Stockholders to save the Slate harm'e-s, both as to principal and interest, cannot be doubted. Nor, will i: be readily admitted, that the Act of 1S41' in pari materia, was designed to abridge or surrender any security. Those Stockhol ders who d;d not "ive Bonds, seem to be responsible to the amount ol their sti ck, f under W e Act of 1839, for both interest and principal. A no" it would bean anomaly in the subsequent proceeding, if they are un der heavier obligations than their associ ates, v. ho eiucred into bonds besides being Stockholders. Cut whatever may be the extent of the liabihty of tSese stockholders and bondsmen, or whatever may be the forurn to enforce if, I apprehend that ihe event has happened on which' ii may be at once asseitcd. "An opiniur has prevailrc1, that the State, al though obliged to pay interest in the mean time, and $500,000 cf principal in 16G0, or thereafter, could have ro redress on these obligations until alter that distant period. Tte law, v is true, renders the debt irre deemable untii that lime to give the capi talist assurance of a long locn and thereby lo enhance the value of the sleek. But af ter exhausting the remedy by mortgage, ?id it being demonstratively certain, that i large balance even of principal, must be paid by the Stotc, I see nothing which re quires delay in exacting any part of the in demnity stipulated. Should these sugges tions meet your concurrence, you will of course give the corresponding directions to the Law oftic- is of the Slate, llow n.uch may be realized,, either the income or re sale ol the Rail Road, or from the liabili ties jus', referred to, is as y et uncertain. In advising, therefore, but a temporary provision for extra taxation, I am influenra by the consideration, that possibly it may not longer be required, riher ihan by the fear of nny aversion of our constituents, to contribute whatever may be needed lo re deem the pnblic obligations, however in cautiously or unfortunately entered iii'o. The odious dectrtne thai a State may re luse or post pore the JuHfi'mtut of contracts guaranteed by her pooi'.c faith ai d sover eign honor, has no resting place in all our boroVrs, and I am y et to hear of a single exception io the unanimity of our people upon this subject. Legal proceedings were instituted lor the foreclosure of ihe Mortgages.on all the property of the Rsieigh and Gstori Rail Road Company, at Spring term 1840, of the Court ' of 'Equity of Vake Coun;,as rii.-ectcd bv trt.-Ac: of the lasv Session. s.ut w nit- it ibi.ii.i:c mane nv ine rr, ,r ,i .i i c.t o Court iti their iavor,an appesl was render eH neces-rary Supreme Court, and the decree of Torect sure was postponed until the Autumn term of that year. A sale un der this decree was made on the 29th of December following and he Rail Road, and ii other property of the Company, wn- purchased by the Siate, or; the bd of Urn Uovtroor, at the sum i f $363,000 the amount authorized by tb uct aforesaid. Po&iessir,n was t-ken on the fJr.st of Jaou ary, 18-10, by the Board of Commission ers contru?ed bv the Act in the event of Mich a purchase, and officers and agents , . , j " . were an pointed to mznaire and conduct the ; j - i i in nnre Mgnincancr. it ociares in a Thi'O?" TJ , f Sk rr0,,eirl bscqueni section. ,ha, ,n case the an of the State. A icport of their jetion thu- j thorites of ,he State of North Carolina, far, will he aid before you by ihe Board ,sha, at any Um b (,g , m a rew davs, embracing the statements Lru,1KJ. a' ,i u , . rA ,k -i -....., j 'rw,fe deprive the Petersburg Rail Road t the rrestoent ar-d ihe treasurer: and the joutnal of the Ccmissioncrs, as wel!as all the vouchers and nooks' of account of these efficers vi(l be at any time open to your inspection. Upon the construction given to the Law by the Executive, no part of the farmer earning of the Rail Road secured to the State, by a decree of seques tration against the Company, could go into the hands of the Commissioners; and the sum of $2,600 accruing from that source has been therefore paid into the Public Treasury. It will tbus be perceived, that to support the operations of the Road in all its departments theie was lobe no ether reliance than. on iw own receipts, from and after the first f January last. The experiment to this lime, removes all doubt of ihe ability of the Road to sustain ,'t,r l wel1 conducted, so that its dvatna- pes will su be continued to the people of .u.. c . . I . iht Maie, and encourages "the belief, that i .,11 !-. . r I after all necessary outlays for repairs and expenses, even a' the present rate of in come, it. will afford some returns to ihe Treasury as profits oa us cost. The cur rent year has not been regarded as quite so favorable to the business' of the road, as may be expected in general, bv reason of diminished freights, from ihe shortness of . 1 r . . . o the crop of Tobacco, less accomodation in tage travelling in connexion with ihe Rati Road, and ett er causes. Nouvith, standing thee disadvantages, however, ihe amount of earftin?- of the '-stablisbment for ten months, has lieen near 851,678 00, and the disbursements in the same un-e, for expenses, including ihe purchase in Octo ber.of an addi'ional Locomotive, abont $36, 000. The Officers of ihe Road have been instructed, that while they observed all pru dence and economy in expenditure.no need ful repairs were to be neglected ; and its condition is believed to be now equal to, if not better than, at the time of the sale. un the 1st ol July last, the sum oi ?7.200 was paid out of its profits into the Public i reaitry, to uetrov the interest on 40, 000 of RailiioadBonds. then falimgdue, for which the Slate was bound, as already shown ; and on the 31t of October, there had accumulated a balance of about $8,300 more. The importance of this, public work to the Agriculture and Merchandize of the country, will be apparent from the exhibit of 25,500 00 dollars of the above earnings, for freight on transportation of properly. M hat disposition shall now be made of the Rati Ruad, is an enquiry of much cause- quence. It was not thought expedient to offer it for sale, under the powers conferred on me by bc Act of Assembly; aud no tenders have been made for purchase. I recommend ihalitl-e placed under ihe eon trol of the Board of Internal Improvement, or other Commissioners speeial'v appoint ed for that purpose, uiih ample powers to make sale in whole or in part, ?:ui tosgree in their discretion upon lerms hT.d price limited only by the amount at which it was purchrsed by the State as a minimum. But in the meantime, that a Commute of your body shall make a thorough exainma lion of the entire concern, tecene any oi lers of purchase that may be made, and give instructions to sui-h Commissioners in so far as may be deemd advisable. Such works ure n.ore liki ly to be advantageously carried on under the keen ey e of individual interest, than with the supervision of pub lie agents only. And it is therefore desi rable, that at least half of the propeny in this Road be sold, that it may pass under the control of a directory haviug an interest in the adveniure. This course is also made acceptable from the consideration, that any sums falling into the Treasury, from the sale of the Road, will, by so much, relieve it from the involvments (contracted on its account." The yearly Report of the Wilmington and Raleigh R?i! Road Company has r.oi yet bci?n received, but will he submitted to you along with ti.e Repot l of Use Board ol Internal Improvement. In November last ihey ex! itv.trd a reduction of 30.000 dollars in principal of their debt, besides the payment cf interest on oil loans in ihe picceeding twelve months ; and n is sup posed that ihe present has been a year of siill greater prosperity to that Rail Road. The Act of your last Session for tlu. re organization, of the Portsmouth and Roa noke Rail Road Company, by a sale of its property, under the authority of both St?tes, wos not arceded to by ti e Legislature of Virginia. That body, however, has made a eparaie enactment unon the same sub ject matter, so novel in some of its provi sions as to call for a moment s notice. It directs a s&le of all the property aud fran chises of the Company in boih Susies, by the BodrJ of publio works of Vsrg'tua; but proit!f thnt f tbc ealc. or a aey time thereafter ihe S'ate of North Carolina or any Company incorporated by her for purposes of Internal Improvement, should in any way become the owner of said Rail Road, "the General Assembly of Viiifinia ,( ... : u I reserves the rg;t to revoke si the powers. privtlrge and immunities conveyed bv 6uch sale, and to declare ihe same null md void." Now all Ifns so far a rela'.cs to North Carolina, or o the known purposes f r.y of her citizen , is the mere effusion of a jealous and hostile tpirit, wuheijt ! jec. or meaning. Stie .htsd nf-ithe; mam fvsted nor enter tained- ar,y wish io become the proprietor of this Rail Road- . Her H'-cr if In erntl Improvement, n is true, stood in the sitiidlion' of a creditor of the Company lor monies lent, but were amply seeured bv a Mortgage, on part of the Rail Road property, prior in hen to anv o i!'rr 1 rfre 18 anotr.er provision in this .r : e . . ther. There is another nrnvismn m hi Company of any of the privileges and ad vantages of ts charter, obtained from that Slate, for any act, done, or omitted lo be done, by ihe said Company, or by any means whatsoever, prevent the a sr.! Com pauy from conducting their nperatoms, on So much of their Rail Road as lie wnhin the State of Nonh Carolina, or any part thereof, by reason of any act heretofore done, or omitted to be done by said Compa ny, ihen all the rights conferred by that act, on ihe purchasers of the Portsmouth and Roanoke Rail Road shall cese and be determined,- until the State ol North Caro lina shall reinstate the Petersburg Rail Road Corrpany in all ;he privileges granted them, in the several acts passed fot their benefit by the said Stale, ot until ti e Legis lature of Virginia shall otherwise direct' I laiure of Virginia shall olio j To apprehend ihe full m clause, it must not be ve.o I. . ... eamcg of this the Petersburg and Portsmouth Rail Roads .- .i . . . lie partly tn rsorth Carolina, and their res pective Companies- exercise and enjoy all their rights and privileges on this side of the line, under cj aners from her Legisla ture that ihe las, named Company were sued by a cieditor.in an action at Law, and after judgement, an Execution was levied on that section of us Road running through I - i milling lOIUl'VI! tile ceuntv ol Nr.r;hanoton, a sale ard purchase took place by virtue ihereof. and the Supteme Court affirmed the same, to the extent of conferring on the purchaser the legal title in the land and fixtures "of the road, bui noi ihe franclns-e of transporting thereon. In this condition, the acquisition was of so little value or unlny, that the ad vantages of the R.ad would, in all proba bility have been continued to the public by the re-union of lha estate and franchise, but for the action of ire Petersburg Company. That Company entered into a covenant with the purchaser of the estate, to'pay in j instalments SCO.00O, for preventing trans'" j portation. Over the section, of which the ti lie was in Jiiin, with a stipulation that ii. latter payme nts Khould cease.whtnever that pan of the Road should again be bronnht i.e-t. 1U oinef worus. me i'irrsnurg CrmpanVt in rfcei hnught from him the disuse of , ie Poi:smouth Road, and paid him a consideration for wiihtielding from Ihe public the conveniences for which thtf Legislature had authorized its construction. The nghi of ihe individual party to this agreement, thus to dispose of his interest, under decision of the Court, is noi denied; anil had the other coiHractiui; party been ts natural person, it would never have teen J questioned, however greal might be the in convenience l the loss of the Road. IIU, to my view, a corporation, il.e mere crea ture of ihe Law, must look to its charier, for privileges not for restrictions : ha lis not authorized to it. is denied : and by con sequence, the Petersburg Rail Road Com pany .permitted by us charter only, to ecu struct a Road from that Town to its South, ern terminus, and to transport on 'be saute, bad no right either to participate in the profits of transportation on the Portsmouth Road, or to suppress transportation thereon. Regarding this contract as designed fur the destruction of the Portsmouth Road, to the end that the other might have a monopoly, of the bufinop done by boih, and as such a public injury ami transgression oi its own -corporate rights by the Petersburg Compa ny, and perceiving thai thai Company hail made no reports lo the Legislature of this State, of tl6 operations within our limits, as was expressly required to be periodi cally done, by ihe Aci of its creation, I di rected the Attorney General to file an In formation agamst them in the Supreme Court, and require them to show cause u by their charter should not be declared forfeited At the last Term e;f ihit Court, i u :! ere m e n t was rrniVird in this rs fur the defendant- The opinion announcing this decision is accessible to you, snd io it, you are .referred, to determine whether any new process shall be instituted in the pre mises, or whether any new Legislation bo needed to pievent ruiselncf in like cases It was vhile thin Lobrmytion was pen din, thst the (Jem-rsl Assemhlv ot Vir. gtein, made their " enactment," in vthirh it is plainly inlimaied that ifa co.trary de cision lron that arnved at by the Ci urt ihould he made,nd this corporation bhould be deprived of any of its privilege:, now enjoyed under our law, by reason any ne glect of duly , or by any transgression what ever, it should be retaliated with the i r.i n. .if. it w i loss oi me ronsmoutn uoau uiko. i nis Stoto had made herself no party in the ri valries 'of these Companies, butjauihorize d the construction of b'th Road-t, te procure the ndvnioge of two highway?: for market and travel,expectiog lo t.er peopie,ot ceurse, the fimts of a fair rir.ulaimn lietween thetri. But in ihe dispensation of her justice, Hbo-.. il?1 rrong corporations or ird:v:duals(nr:d in itie exaction of the homage due to her laws, in her o-vn Territory, t,o ii fl ie ces irtim ahrocd can be pe.rrr-itted to mtrifere. Not to reniark on the departure from corr.i y, iiT.piitd tn gratnite-UsK assuming, hat Nor !ii (iioliua desired to po8c-ss one e..f thfir Roads, atd prorlaiming by public-.d' vertiscment, that t-he should h extlcdtd from the biddings, ttiough part of u v us in her limits and ( Xislid by her leave, while, the same Sta:ute appoints agents to attend ai d bid for Virginia ; and on the denuncia tion, tfcar if, for violations of our 'aw, as- certa t-cd and j e'judged by eur nihet-t Ju dicta! 1 rtlune, k. a proceeding tl en be fore it,the ('on p'r.y owning the other Road should be oeprsved of any of the privileges ar tl ndvantages granted lo il by this State, the n the u.-e of both thcold be lost : This A.-t of She Geniral Assembly of Virginia indicates a presumption on her par', e.f de petider.ee by us, upon her, fi r iiorkels and the means of reaching (hern.whieh requues an exaininaiiot; of the relations between vs. In that point of view, tt calls for a minute revision of the charters heretofore 6o liber ally granted for the promotion of trade to her own town from this Slate, an investi gation of the fulfilment o: them by ihoto lo whom they have Leen "ranted, and; it ne oessary, the provision of new guards for the security of the advantage to us, which they were des'goed to procure. Il alsei suggests the necessity of Improvements of our own, which shali break any such de pendente, (where it rmy existJ as far as possible, rind place ihe State in a posture, at an times, ro vindicate the pubhc j-jstice.. (as mils' needs be done at any sacrifice,) w ithout any apprehension of loss or incon venience from privileges granted, being withdrawn by -i neighboring State Conclusion ntxl wcek. Cruel Siriss Custvm.l stood, then, by the side, to te exact, ot one of twenty wo men of the mountains, all occupied in tear ing the skin off the living frogf, that the, purchasers might fry ibem alive. They had each a bag. at hand fhdt mghr harm con:aincd two bushels of frogs, acd ever End aron, as the purchasers stood and hehl their plates to receive them ond were oCUv pied in keeping them from crawling away, the vender thru4 her band into the bag, and took out one at a time, and, after cut ting eff the point of the nosptvby a dexte rous twitch, left the animal in an instant en-, iirely without his skin; and tn this manner. pjaicg auer pidies were niJru wuh tne wayea lting creatures, ready to be placed over the red hctcoals, that Christians mtght the belter rtlish iheir hateful meal.
The Lincoln Courier (Lincolnton, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Nov. 26, 1846, edition 1
2
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