The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-01-20

compensation psidfss he ofbces Of me
Banks. The President and Directors q
The Literary Fund. by he SCI Of he 6e-
neral Assembly oi ls25. will receive ne
Dividends on ne shares II lhsi fund. and
reinsesl them Cor farther increase.
The residue Of The public deposlles.
(which d estimated a nine hundred thou.
sand dollars.l your committee recon
mend 10 Be added 10 he fund Tor internal
Improvements. and be placed under The
control Of the Board n Internal ImpraEe-
mems. That lhey shall proceed IN loan
out the same iron The terms prescribed
in the bill herev IN repnred-shai PR
ference shall hr given IN making such
loans 10 companies engaged IN eonsHue'
ting works far The improvement Of the
means II internal transportation: hui that
no company shall b. allowed Ii borrow
. To an amount greater Than one hall NJ rs
capital stock actually subscribed BY sol
vent subscribers; and that satisfactory Sc
curily. either real or personal. 10 be judg-
ed OF by the said board. shall, in all cas-
Is. b. given by the borrowers. The
President and Directors OF the Board OF
Internal Improvements. are diree1ed.
whenever interest shall be rereived
thereon, 10 make new loans. so a. 10
keep ihe fund in course oi sclise aeeu'
mutation. The President and Directors
Of the Board Of Internal Improvements.
have a corporate existence By The act OF
the General Assembly Of 1919. aud e"n
sisl Of the Governor. Treasurer. and an
agent of public works. appoinlrG by the
Legislature. no one Of whom receives
any compensation for this service, except
The last; who is entitled 10 pay for the
time actually spent by him in public
employment.
Your committee believe that il will
be in the power Of the board greatly IN
facilitate works of internal improvement,
by the adoption ol the plan proposed:
While, az The same ume. The fund Of the
STATE win accumulate for future use. The
regular business Of banking requires
such speedy returns II their loans. that
neither rail road. canal. nor manufaciur-
ing companies can obtain from them the
accommodations necessary for construct
ing their works. Where's, ,hr dlspnsls
ZION of the fund foririernsl improvements
herein recommended by stfording longer
time for payment Than u allowed by le-
gitima,e banking operations. will give 10
them all due encouragement. Your
committee have deemed il advisable that
this whole fund should be placed under
the control of the Board Of Iniersl lIn-
proyemenis, rather than that the loans
should be made ny the Legislature. for
the reason that but few corporations Tor
purposes Of internal improvement are. as
yet, in Operations in this state; aud they
desire that the accommodations which
may be furnished by the bill before men,
toned. shall be extended. whenever liz
terms sre complied with. As the corpo
raiions which NAV be chartered Al this
session, will be Of course unkE0wn IN
Ill afier the adjournment, IL is deemed ID
he lnexpedient for the General Assembly
In designate those 10 which aid shall b
given, or how far il shall extend.
!, Your committee know full well. tina
many of our constituents had expected
bolder measures on the subject Of inter
nal improvement. or Of public education
or nf both, ihaa they have recommended
that loud hopes have been cherIshe,
ny patriots IN every qnarter--,hat tn
STATE would immediately be blessed will
the full lrul,iun OF those advantages fo
which they may nov suppose that but
lardy preparation is about To be made
When, however. IL 10 recollecIed, tina
much as the subject has been aglIaied
even al this day. public npInIon has no
settled down on any great work 1t inter
nal improvement. to which the publi
treasure should tirst be devoted--thaI n,
plan Of common schools has vet been de
vised, which Is capable "f praCtcal exc
culinn in every par Of the state, when
moreover. II is remembered. that il Is a
yet uncertain whelhe. tie policy 81 dis
irlbuiins the excess nf the federal rese
E nue. among the states. vail be repeated
, and If continued. whether u will be b
, wav u loan, or IN absolute property
Your cnmmltIee presume that The pre-
sent Legislature will. in some degree de
. serve The gratitude Of their country.
{ they shall so appropriate the fund conf
ded 10 her, as Ia deepen and widen Ihos
foundations IN which others NAV ereC
the supersHucture of her happiness an
E prosperity. 10 carry into effect III
plans herein proposed; they presen, III
' bills marked No. |. Q. 3. and recommen
!. that they be passed IN" laws:
e Respectfully submitted.
, WILLIAM A. GRAHAM.
Hhnsr1Y,u,, MN yox,,