Newspapers / The Kings Mountain Herald … / Oct. 22, 1948, edition 1 / Page 16
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- . y ? . \ " "" ' ' ' , - ' ' . ? ; PageE ght Amendment Would On 0c it For Ncce On Yue.sdayj November 2, the peo pte or i.?orvn varonna wiu voie: > ; F ..fiteiut.iiem removing debt iixnUation upon the State, coun Hts, and municipalities for necesiplry expenses. OR F > AGAINST amendment remov ing debt limitation upon the State, counties, and municipalities for nec essary expenses. The First Debt Limitations. . For jwo hundred years and more?from the Crown Charter in 1663 to the Con sUUulbn of 1S68, there was no conaiUutiaria! limitation in the power ?f the General Assembly in Norm Carolina to irtcur debt or to authon ze ' couture.; and municipalities to incur deot. A program of internal im npot/nmiinib |/iv<iviiiv.iitn iiiau^Miiiicu uui lii^ llJt 1830's, 40s and IXTs invited state aid through subscriptions to railroad stock and endorsements of rail road obligations, supplemented by county and city aid authorized by the General Assembly, This urogram was wrecwed by civil war and reconstruction and the Constitutional Convention of 18t>8 brought in the ' , first debt limitation as part of its efforts to deal with the combined problems of debts, deficits and depression. it repudiated all debts incurred in aid of the rebellion. It acknowledged "the public debt regularly contracted before arid since the rebelion." .. It placed certain limitations on the power of the state and local units to incur deb; in the fu5 ture. It stopiHtd the legislative practice of incurring debt without levying a special tux to pay the annual interest, until the bonds of the state should be at par. It took away the 'legislative power "to giveor lend the credit of the sta.e in aid of any person, association or corporation" Tvitiujui it voie 01 me people, except (or those railroads begun and not finished or those in'which the state had a direct pecuniary interest. It left the legislature free to incur debt wiyiout limit or restriction : "to supply a casual deficit," or to suppress "Invasion or' insurrection" without a vote of the people. Evolution of State Debt Limit, The Constitution of 1868 placed no limn, on the power of the General As sembly to incur stafe debt "to supply a casual deficit, or for suppressing invitation or insurrection." To these two items, for which the General Assembly could incur debt with out limit, constitutional amendmenl in 1H21 added a third ? "the refundingof valid bonded dew;" and a con stitutlonal amendment in 1936 added a fourth: "to borrow in anticipation of Hie collection of taxes due . and payable within the fiscal yeai to an -amount not exceeding fifty percentum of such taxes": and rephrased another: "to suppress riots or insurrections, or to repel invasions." With State bonds following the Civil War .selling at fifty cents on the dollar it is easy to understand the opening sentence of' the debt limitation provision of the Constitution of 1868?that except in case of vhe emergencies mentioned' ahove."-"the.General Assembly shall have toi power to contract any new licit or pecuniary obligation in behalf of ihe state . . unless in shall in' tits* same biM levy a special tax to pa\ 1 he interest annually ....... until the bonds of the state'shall be si par '.After the bonds of the State Derail fo sell at [>ar this requirement hernm'e obsolete and save way l(i a new constitutional limitation .in limit ins the state's power to itanit indebtedness 'to "seven and otto hair per cent of the assessed ?r?raiai* tkmild yield lie i M It L A I.I Ai 111- VH IMMIIil K.A I < only [W --/l ts ^t*^iiilUyd to bo FASTc.Q THAN EVER! -POULTRY Truck will be here Snhirdi 2 p. m. on lot across from 1 street. Truck will also be h< at same hours until furthei WILL PAY? 28c lb. lor h< Lighter hen Fryers 30c 11 Old Rooster A. G. HI ' - : * ... 'v - -.?* | ' ... , ... . ' . " ' .. V . ' ' & -J I Remove Limitation i ssaiy Expenses f Tvaluation of taxable property. >vith- it I in the state as last li:<ed tor taxa- ti .ion.* . . 0 By 1935 the state was fast ap- p proachihg tliis limit: its net,, debt li was around $152,000,000, and 7 1-2 n per cent of its total assessed vaiua- n tion'was around $16^000,000. And in ' n 1936 the 7 1-2 per Cent limit gave v\ way to a new limit: "For any pur-' pose othor than these enumerated, n (above> the General Assembly shall it | have no power, during any blenni- ~ I um, to contract new debts on behalf of the State to an amount in excess of two-thirds of the amount by j which the State's outstanding in debtedness shall have beert reduced > during th next preceding biennium, unless the subject be submitted to a vote of the people Of the State." j,' Evolution of Local Dobt Limit. ! The Consti'.ution of 1868 took away Uhe power of any "County, City, Town or other municipal corporation" to "contract any debt, pledge j Us faith, or loan its-credit" without a vote of the people, "except for the necessary expenses thereof." This turned out to be an ineffective lim- 1 ; [ itation on the local abuse of public [ 1 credit as the term "necessary ex-1 j perises" was by degrees extended to ' l cover a multiplicity of undertakings, j' By 1935 the tide of defaults ran! high. On January 1, 1938. around 130 cities and towns, 45 counties,) I and 75 other focal units were in de-1 ( fault, and in some instances bonded debt was in the neighborhood of 50 percent of taxable values. To the existing iocal debt limitation a con- I , stituional amendment in 1938 added j another: "for any purpose Other j th.an thees enumerated tabove) the| General Assembly shall have no power to authorize counties or municipalities to contract debts, and counties and municipalties shall1 not contract debts during any fiscal year, to an amount exceeding twothirds of the amount by which the outstanding indebtedness to the par ticular county or municipality shall | have been reduced during the next | preceding fiscal year, unless the sub i ject be submitted to a vote of the !' people of the particular county or I municipality." Proposed Removal of State and i Local Debt Limitations. The pro- j 1 posed amendment to the Constitution provides: "That Section 4 of Article V of the Constitution of North Carolina Imposing a Iimitatipn up1 on the increase of public debt of the State, counties and municipalities,! i be repealed,in its entirely; and that i. said Section 4 of Article V be re written to provide as follows:, 1 . "The General Assembly shall have the power to contract debts and to pledge the faith and credit of the State and to authorize counties and municipalities to contract debts and l\ln/luA t f *> I ? V* a n/1 " lliv.ll in I ll (IIIU VtCUll. , . This proposal removes the 1936 debt limitations om state and local units, together wtlh the 1868 limitation on the power of the General ' Assembly "io give or lend the credit of the State in aid of any person, association, or corporation, except to aid.in the completion of such rail roads as may be unfinished at the time, of the adoption of. this Constitution. or in which the State has a direct pecuniary interest, unless the subject be submitted to a direct vote of the people of the State, and he approved by. a majority of those whrf .shall vdte rhereon." Reasons cited for and against removal of state and local debt limitations: Opposing the removal some officials write:."! am opposed to this amendment. The sentiment of the majority of the most progressive people in my county is in favor of "paying as you go, ". .... It's one of ' the best laws on the books for the protection iyf the people of the varl- j ous counties v aretn a board might ! gel elected, because of pressure groups pushing pet projects for' particular sections'of the county, and plunge the county in debt." ... "I am opposed to removing the-debt | limitation so as to permit the issu- j anc-e of bonds for necessary expenses without a vote of the people. My reasons arc that lt was .the lack of ihis restriction that got us into such difficulties in the 1930'g, Vly county crippled itself by an et^cbssive debt l^ad so that it will not b^*out of if in this generation. 1 am;tiow Attor- 1 WANTED- | ay. Oct. 23. from 9 a. m. . to 'look Brothers Store on Gold tre each Saturday, hereafter. - notice. iavy hens s 20c lb b s 12x/zc lb UMPHRIES \ 'HE KINGS MOUNTAIN HERA ey for a county'and has an indebt- < dness ul more than $800,000-with I population of only slightly over < 3,000 and a county wide tax rate \ f one-eighty-two. When hard tint- s s hit again that will be a stagger- I tg tax load, yet if left to the discre 1 on of the boards without a vote of tie people, a small group would ressure them into issuing a mil- < on dollars of bonds right now for I ew school buildings. These are < eeded, but it would mean a tax ' ?te of more than th:ce-.?ixty and ' ould be, in my opinion, ruimus." t am opposed to the airend- 1 tent which would remove the ii.n- f ation upon the power of the Gen- i ; r % Help yourseH yfrrtf & a^H I QBf v . ? | TOj 'y^^HbiaJH V ..- "Qnutfl R S VITaavnS PHILLIPS IC Tomato Juice C:NOM?CAL NUTRITIOUS 2 LI Pinto Beans NEW C?OP POUND < Brazil Nuts Broomette Brooms. Dixie-Home Bleach Lor3* PocLog* Q>. OXYDOL ... 34c B Lorge Pockogc DUZ 34c L Lorgc Oc'ago" I. SOAP FLAKES 34c s Povdt'ed , 2 'o>l, BON AMI . . 25c p 2 Lege pVg> j STEEL WOOL 17c ~ 'Qjigp Sonic | CLOROX ... 18c ^ Cro'd Seot )6 Ounces GLASS WAX . 59c A SOS Scouring ; C PADS, 10s . 23c ft I Pound PASTE WAX . 59c 0 Jr>Kn\rjr> S P>A| Bofr'f ^ GLO COAT . . 59c T 20 O? Borne J WINDEX ... 33c s Cd Engl.iSjSootch ? 0, REMOVER .. 19c S f ' Ie333D33 ft w i li R?i 2 f ?* FLAKES 34c 29c L tWt?Tin| Vmd L| 2 fm So SWAN . _ . .JSt U % II* Vt!?u? l | * ? 2 tl Wk R1NS0 _ Mc 2Sc SI Itenml *M<*f SWAN He $1 HHHBEIHBI HUNTS y C PEACHES : V/HITC HOUSE , [Apple Sauce | TUNVCH CUT Green Beans ii i i'.. * , LP, KINGS MOUWTAIW. N. C hi! Assembly and the governinj >odies of counties and towns to in :ur debts for necessary expenses vlthout a vote of the people. I con lider the present limitation a desira >le one, particularly in times of in Nation such as confront us new." Favoring the removal some offi :ials write; "The adoption of thi Proposal is absolutely necessary it >rder to be prepared for a time tha nust some sooner or later when th< Legislature will have to authorla he raising of funds now prohibits >y Section 4 of Article 5. Since th< 'tate no longer owes any debts, o it least funds have been provide* Rl'RNCHmR H Br I ,/|M a iJj to the "VE1 * 'v . * CRISP, JUICY i k ABB m Hr s V U S NO t IRISH W POTATOI ? fancy long island ^ Cauliflow " .juicy florida i 5o ORANGI - ? ? california flame tol e>c?ho8o9 29c CRAP1 :ello bag sweet tender 39c Irp Sugar Pea * * ?- I ?OW*r Lodv ROOMS . . 98c 'Q ufhei 50 f*ci INES 29c A I11 ge PocWog? V II I UPER3UDS 34c , a, rgt Ne? PerW Scop L v I OWDER , , 34c should iLEANERS ? J AX 2 for 23c D m WIF T 2 for 23c a AKITE 2 for 29c ^1 Id Dutch 2 for 23c K EXIZE . 39c OILAX 1} lb. 25c ^ K9DOO . 13c 1 pic & Span 23c I l|PI !!l /1 ; 7 BEST IFEBUOY .. Wc ? * r (hE l f?* * ? > t? LONG UX 27c lit ik C+, Imfrm i. \ lb I U Rfl PITY U7 41c " , ? 0RR1 ILVERDUST 3Cc iuCAR wmmamm * ? * ? . 29c swif no 303 can 2 for 25c ?? no 2 can ?? 2 for 37c JM - / . Mk HBBHBnnnBijQSir * *, J ? for the payment of all of the gener, : ... al fund debts, thus Section 4, as it s now stands, means that the State . can not borrow any money o>r con tract any new debts except to re- ' - fund their existing debt, or in anticipation of the collection of ta"xes due, or to supply a casual deficit, or - for police purposes. This may result | s ! in a serious situation at any time ' v, that the State's revenue failed to! t come up to expectation. I know of e' no serious argument that can be of- , ? fered against this proposal". i * A total of 112 feeder calves were r entered in the recent show and sale i af Wp?t Jpff<?rsnn * THAT'S TMK I f'VERI I I Dixie - Home Choice 1 FRESH, FULL RIPE ^ by experts to please Inatlng shoppers wh PR 0 P I RI BEST" STAYMAN 5 P "oi is*? 10 POUNDS FRESH YOUNG It, 41c 6 IE -4r 2 POUNOS .CANADIAN rer 27c ROTA S POUNDS FANCY RIPE S ES 29c TOMI CAY 2 POUNDS U S NO I Y iS 19c QUI NO 303 CAN SUNSHINE BU 2 for 25c Pets with ?* ^ ^ * a!" ?l- ? Irj ^ ' " ?* - ieners lb. 4J waaMftofe /* uality Tender' [LETS Lb- 89c RIB I R CHOPSlb 79c SHOOI >ER BACON V US! p<,Bnd 49c PAT . SEA F00 sed Pan Trout lb. 19c Rod P n Cattish Lb. 35c Froth 1 raft's Bkhorn Daisy mcxS Flour II rw4 lit 95c WHlTt 5 PfHIKin BOX I MAIN RICE . . 17* STYLI NO 303 CAb MMZ CORN . . Mi :HISTIAEIII.O NO 2 CAN I u4 TOMATOES 2f?r 33c VAUIY TINY NO 2 CAN ? Irish Mitw 2 ftr 1tk ' -t . ' ,v' ". " *9 ?' -. / NINO 3 POUND CARTON 1 ALL SOUT T'S JEWEL 92c|0LE0A Sfif RISING 10 LO SAG FINEST C RAM FLOW 97* SUkeh Friday. October 22,1948 j? j ' Standard Staples Box 5.000 For?SI.25 Bostitch B-8 Staples 8ox 1.000 For?35c Box 5,000 For?SI.25 Herald Publishing House | iEotcr of KEsr Gardes Prodsee, and SELECTED the Most dbcrtah A o KNOW GOOD V ICC. OaN* Self-Service tdece Department OUND MESH BAG 39*i COLLAR? LARGE BUNCH ENS 19c 2 POUNOS BAGAS So! L ICING PC'JiO . ITOES IS# ELLOW J POUNOS ONS 14c KCKEYED NO 2 C VI Pork 2 for 29e Veal Sale MOPS lb 69c LDER CHOPS 49c TRAPPED POUND T I F $ AQf erch Fillets lb. 35c Water Catfish lb 45c Armour's Meats POTTED /.'* CAM MEAT 2 for ISc VIENNA A'/t OZ CAN SAISAGE . 19c >2 OUNCE CAN TREET . 49c M2 OUNCE CAN FRANKS . 53c ? I Mi'llU fSSk ' VCV fttCH * Mli? A meM MIUOW FMIIC rt#?f 45c 40c ?. i ...I* nCHN ' POUND CARTON MR6MHRE 31e ' . .', N. : A. ' ' > HOPPfD NO 2'i CAN ( Krsal 2 for 3?c 'JUBL^h mlj : v . t < 'i '
The Kings Mountain Herald (Kings Mountain, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Oct. 22, 1948, edition 1
16
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