550 



NORTH CAROLINA. 



SF.C. 5. That this act shall be enforced from its 

 ratification. 



An act declaring what portion of the debt 

 of North Carolina is valid, and to pay off the 

 same," was introduced and discussed, but not 

 passed. An elaborate revenue law was framed 

 nnd adopted. It provides for a poll-tax of 

 $1.05 for school purposes; a tax of twenty 

 cents on the hundred dollars of real and per- 

 sonal property for general purposes ; a special 

 tax of seven cents on $100 to meet deficien- 

 cies; nine cents on $100 for the Insane A-y- 

 luin, and Institutions for the Deaf, Dumb, and 

 Klind ; and six cents on $100 for the peniten- 

 tiary. There is also a tax of one per cent, on in- 

 comes and profits, and license taxes for a great 

 variety of occupations, varying in amount. 



Among the less important acts passed were 

 several incorporating new railroad companies. 

 The following new towns were also incorpo- 

 ted: Apex, in Wake County: Ashboron-,'!!, in 

 Randolph; Castalia, in Nash; Colerain, in 

 Bertie; Fair Bluff, in Columbus; Huntsville, 

 in Mecklenburg; Jackson, in Northampton; 

 Madison, in Rockingham; Pineville, in Meck- 

 lenburg; Rockingham, in Richmond; Selma, 

 in Johnston ; Stantonsburg, in Wilson ; the vil- 

 lage of Duplin Road, in Dunlin County, and 

 the village of Morresville, in Iredell. The 

 name of the town of Boon Hill, in Johnston 

 County, was changed to Princeton, and that 

 of McDowell, in Edenton, to Old Fort. 



When the Legislature adjourned, on the 3d 

 of March, it met again on November 17th. 



There was no general election in the State 

 this year, except that already mentioned, at 

 which the vote was taken on the constitutional 

 amendments. Tod R. Caldwell was inaugu- 

 rated Governor, in the Supreme Court, during 

 the vacation of the Legislature at the begin- 

 ning of the year, and holds his office four years. 



The financial condition of North Carolina 

 caused considerable anxiety during the year 

 among the officers of the State government 

 and the people, and so threatening had be- 

 come the financial aspect that the subject of 

 repudiation began to be discussed. At the 

 close of the fiscal year, ending September 30, 

 1873, the bonded debt of the State had reached 

 $29,547,045, in addition to $8,471,924, of ac- 

 crued interest, making a total indebtedness of 

 $38,018,969. The classification of this debt 

 was as follows : 



The greater portion of the above bonds were 

 to railroad corporations, and had become in 

 many instances greatly depreciated, or en- 

 tirely worthless. The -purposes for wbieli 

 State bonds have been issued, at various time.-, 

 with the amount and interest due October 1, 

 1873, are shown in the following statement : 



Tola! principal and interest $29.547.045 $8,471.924 85 



The total valuation of real and personal 

 estate in 1872 was $123,500,000. The State 

 Treasurer says: "Omitting special tax bonds 

 altogether, the interest on the rest of our debt, 

 supposing our accrued interest to be funded, 

 would be $1,406,663.99 per annum. To this 

 add the expense of supporting the- State gov- 

 ernment and it will be necessary to raise 

 $1,900,000 per annum, or one and three-lit'ths 

 percent, of the real and personal property. 

 Add an amount for county taxation equal to 

 that for State government expends, and wo 

 have, outside the towns and cities, two and 

 one-tenth per cent, of our property ; and in 

 many of the cities and towns the levies for 

 municipal purposes are as largo, if not larger. 

 Now add, as the holders of special-tax bonds 

 propose, a tax of $855,090, or three-quarters 

 of one per cent, on the property, and we have a 

 jiraiid total oftwoand eight-tenths percent. It 

 is manifest that our people cannot and will not 

 pay such enormous levies. Any attempt to en- 

 enforce it would result in total repudiation.' 1 



