Page 168 |
Previous | 168 of 1078 | Next |
|
small (250x250 max)
medium (500x500 max)
Large
Extra Large
large ( > 500x500)
Full Resolution
All (PDF)
|
This page
All
|
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
Object Description
Description
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 |