A follow-up to Ratchford's previous articles, \"The North Carolina Public Debt 1870-1878,\" from January 1933, Vol. 10(1), pp. 1-20, and \"The Adjustment of the North Carolina Public Debt, 1879-1883\" from July 1933, Vol. 10(3), pp. 157-167. This installment picks up the topic of bonds and special-tax bonds from the previous article and looks at their impact on the state economy after 1879. The article is divided into sections that focus on construction bonds, the consolidated debt, and the special-tax bonds.