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4 BoctTMENT No. 4, [Session
but a vigorous Revenue Act. The Supreme Court having de-cided
that for the purpose of paying the interest on the public
debt the General Assembly is not restrained by any Constitu-tional
limit of taxation, no supposed legal ditScnlty is in the
way of raising all the funds which may be needed. The
Constitution of the State, as thus interpreted by the Supreme
Court in a late decision, affords the strongest guaranty to the
bond holders that North Carolina will ultimately redeem fully
all her obligations.
If the above suggestion as to the extension of the Funding
Law be adopted, the new bonds to bear date the 1st of July,
1870, and the October 1st, 1870, coupon funded at its value
on 1st July, 1870, the interest maturing on Ist of January,
1871, will be $363,759, excluding the interest on special tax
bonds. If there shall be any deficiency of moneys raised by
special taxes and payments b}^ the Rail Koad Companies, the
above amount will be increased by the amount of such defi-ciency.
SPECIAL TAX BONDS.
The taxes raised by the special levies having been in part
paid into the Treasurj^ and those being by law especially de-voted
to the payment of interest on the particular class of
bonds for which they were imposed and collected, I concluded
to pay the interest accruing on the 1st days of April and Oc-tober
of this year. It will be impossible to tell how much
thcfie special levies will produce, until there shall be a final
settlement on the 15th of December next.
RETURN DAY OF TAXES.
I respectfully recommend that the day for the retui-n of
taxes be changed from the 15th of December to some day in
advance of the meeting of the General Assembly, say 1st of
October, as heretofore, so as to allow judgments to be taken
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| Title | Page 168 |
| Full Text | 4 BoctTMENT No. 4, [Session but a vigorous Revenue Act. The Supreme Court having de-cided that for the purpose of paying the interest on the public debt the General Assembly is not restrained by any Constitu-tional limit of taxation, no supposed legal ditScnlty is in the way of raising all the funds which may be needed. The Constitution of the State, as thus interpreted by the Supreme Court in a late decision, affords the strongest guaranty to the bond holders that North Carolina will ultimately redeem fully all her obligations. If the above suggestion as to the extension of the Funding Law be adopted, the new bonds to bear date the 1st of July, 1870, and the October 1st, 1870, coupon funded at its value on 1st July, 1870, the interest maturing on Ist of January, 1871, will be $363,759, excluding the interest on special tax bonds. If there shall be any deficiency of moneys raised by special taxes and payments b}^ the Rail Koad Companies, the above amount will be increased by the amount of such defi-ciency. SPECIAL TAX BONDS. The taxes raised by the special levies having been in part paid into the Treasurj^ and those being by law especially de-voted to the payment of interest on the particular class of bonds for which they were imposed and collected, I concluded to pay the interest accruing on the 1st days of April and Oc-tober of this year. It will be impossible to tell how much thcfie special levies will produce, until there shall be a final settlement on the 15th of December next. RETURN DAY OF TAXES. I respectfully recommend that the day for the retui-n of taxes be changed from the 15th of December to some day in advance of the meeting of the General Assembly, say 1st of October, as heretofore, so as to allow judgments to be taken |
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