The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-01-20
North Carolina.
REPORT
Offk Committee n Treaiy>sir. On ths
S.Uplus ReueRas

Ihe JOINT select I0mmltlee o. twenty
six. who sere appointed 70 inquire in.
% The besi investment Of that portion
OF he Surplus Revenue which Will he
received By North Carolina. under The
provisions u The deposile sclof the last
session of Congress. and 10 whom we're
referred various propositions relative 10
such investment b. bolh Houses Of
The General Assembly. have aslenIiErly
considered the same; and report
That the thirteenth section Of lhe act
OF Congress 8 10 regulate the deposiies
Of ihe public money" declares, in sub
stance, that such deposiles. in The irea-
sury Of the different states. shall be BY
way Of loan. and not ss absolute gifts
This provision. your committee believe.
should not be wholly overlooked BY the
General Assembly. in any disposition il
NAV make of that portion Of The pnblie
treasure which 10 allotted N this state.
They are pursuaded. nevertheless. that il
should be considered and treated ~ 4
loan Of q most liberal character. which
The state may never be required 10 repay;
and which. II would he most unreasons
bic ID suppose. will be demanded by any
exlgency Oflhe federal treasury Tor many
wears 20 come. Viewed in this aspect.
Ills talent committed 10 The Legislature.
for the proper use Of which lis members
will Justly be held accountable 10 their
constituents and country. unless in their
hands il shall be made productive Of great
and lasting benefits 10 The people. How
IL can be most adyaniageonsly applied to
The accomplishment of such ends, your
committee have experienced much diff
Guilty in determining. The wisdom Of
statesmen in former times. and 10 other
countries. has been exhibited in deyising
schemes for raising the revenues actual
" necessary for the real or imaginary
wants Of government; and so novel 10 the
spectacle Of people, not only freed
FROM debt. but with an income vastly
exceeding the necessities Of government.
the excess Of which il Is desired 70 in
YES, for public benefit. that but lltlle ligh.
on the subject Of this reference can be
derived from the history Of the past.
Among the numerous plans Of invest
ment referred to them. your committee
first considered the propositions Of certain
banking and canal companies in New
York aud New Jersey. 10 borrow the
fuad due to this state, and are unanimous
in tie opinion. thal these propositions
should mol BE- accepted. The great sd.
vantage 10 the states. which were con-
isnpIs,ed by the passage Of the depOsite
acl. consisted no, in the receipts Of inte-
rest Oh the sums entrusted to them; huI
in The renewed life and vigor which
wnald he impaired To their industry aud
en,erpnze-lheir physical and mental
imp .vemea,, by adding so much To the
acuyr capital wilhIn their limits. Eve
~ lnuussnd dollars ii such deposi,es. il
used - active capital, will furnish EN-
ploymrnl to one thousand dollars worth
of industry in the country where II Il
used The encouragement should be
gwen to the industry of the citizens o.
our nwn state. IN preference To those o
Other states. so far as il can be done witt
tn public funds. under the conlrol OF ths
Legislature: and that this may be done
even without diminsiion Of the annual
profits on such funds # invested abroad
ynar committee suppose. can hardly ad'
M, II question. They take this occs
SION 10 remark, that in their opinion NJ
one cause has INITIATED 80 much against
the prosperity Of North Carolina. as III,
drag upon her capital snd productive la
lahDur, which has been in progress tor
series If years. and which has been &C
celebrated within short time. To sa,
nolaing of our contributions TO the fede
raj government: but pttance OF which
has ever been expended within our Ii
mlts; The large sums Of money which ar
prndIgslly sent TO the north to seek per
rnaneni employment in stocks. merchan
dlze. city property. and otherwise; an
to The south and south west. 10 be lsi
out in lands and slaves. have had allk
Disastrous effect upon her condition
though not 10 the sane ruinous ex,en
with the absen,eeism Of the landed pro
prie,nrs Of ireland. SO much cpmplalne
OF in that country. By judic,ous US
of The means nov in our hands, thl
course Of impoverishment may. in SON
degree. be arrested; and the ardent al
en.erprzlng of our own people. may fin
al home field for their zeal and ener
gy. :, ;.
Another objection to such loans is
tia, the proposed borrowers are not IN
der the control Of our Legislature. no
amenabIe 10 the jurisdiction Of our Court:
y,ar committee believe that the boo
entered by the act Of Congress, wa
poorIy worthy Of our acceptance. il j,
on,y affect shall be 10 make North Ca
rol,na q surety to the federal treasury "a
The hanks of other states. she recelvin
far such insurance only the interest o
N. sun thus secured. while all the ad