The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-08-31

xka, IA the condition. OF the puO'se ntian pt
-. IS Nth Carolina The answer 10 III
az. ,,es,ion sill exhibit a result most graf n,
e., 70 .verv true hearted son ot the State ii
The,a ia no room for dispute on this point.
Tha npblic officers of the State have just pI
,,,hI;shed their accounts, aud these are pro-
ner sources for correct intelligence. leu al
4 10 al the people, therefore, that IN these
hard ,,mes-in this season of pressure and c.
distress for money, the resources OF the Il
State erceed those at any former period % o
our history, aud if her prosperity Is not
hrigh,sned-if her best interests are not ad' {,
xanced and promoted, the fault Will lie al o
the door of those whom the people elect to d
consult for the common good Of the whole il
State. h
The first item in this account Of State b
prosperity is tina, North Carolina o'res nor I
a dollar True, she borrowed s4ooooo '
n nav for bank stock under law oil 1850 $
"a policy which hope she never VIII be 4
induced 10 adopt aeain.) But this debt the 8
LEGISLATURE Of 1886 wisely ordered 10 be
extueuished aud it was done forthwith.
The following is sta,emen, OF her ! rea'
sures, invested for wise purposes, and const'
tuiing a talent which TO be committed to the
stewardship OF future Legislators-May be
profitable servants" of the people
/. The State owns in the Bank Of
the State, Stock S5VO'VVo
! Csn s.1 Fear VS. S,o q ~ $4,000
g. Do. do. Stock in Wilmington
Railroad Company, eVo'VVo
4 The State owns 10 money Loan
ed to individuals, about @ll,OVo
> me r s-'s oT Sock value $500
& The State owns in Roanoke Ma
vigatIon Stock tsalee) 0'ooo
I The 5 ate owns in Buneambe
Turnpike Company Sleek value o,oOO
s. The Safe owns bonds OF luoSi-
duals given for the purchase
of Cherokes lsads amounting
TO al least SU'uVo
An aggregate OF nearly Two Millions Of
Dollars And free Of debs Z!
have pu, down the Wilmington ilai''
road Stock as If il were paid for, because
the Instalmeni yet unpaid do not exceed
the amour, of cash reserved by the ln'er
nal Improvement Beard for that purpose
This sum has been loaned out m the meaf
tune, SO as TO produce inieres, I'll The Ia
s,almenis fall due. Il makes the same re
suit, whether place the stock at the SUN
already paid, and add the cash, or put do~i
the stock, and omit the cash. have tab
en- The latter course.
Let il be observed that IN this sta,emen
say nothing of our Ordinary annual reSe
nues for poll tax and land tax, DC. and tn
cash on hand. These may be required
meet the current expenses Of the State, az
| do not include them in this estimate.
The sequel | hope to prove that they All
Will form an accommodating fund for the a;
grandizemeni OF the State.
Here then is fund well and safely i
vested. and the next step to be taken
our progress is to inquire the probable =
come it will yield. Ii doing this, II We
sssier to assume result. But my ohIe
IS to provoke the people 10 think Of the
matters for themselves; and therefore
viii famillary aud plainly state the groun
If inv conclusion before | lnrns; II up
them. All! but some grumber wsl :
"the Banks pay no dividends; the ~
road may not and perhaps the mdlNd'
debtors will fall and neyer pay their debt;
and he will be wonderfully delighted al q
croqEing, and consider himself triumph,
withou, further trouble. Alas tins Is
much the practice in such matters. 4
ans a paw that this vicious habit
been strengthened By the uncaadd, #
wild speculation Of former Legislators |
people, however, are sensibly and peculs
" shrewd on such subjects. All they
aure is honest dealing, and plain facts
nv hands they sball receive both, aud 4
Judge for themselves.
Isl. Then as 10 The Bank Stocks: (
am not Bank man, nor a Bans adyoc
and, therefore feel no temptation TO !
them. The subjects have undertaken
discuss, may lead me hereafter candidly
investigate the condition Of our Banks
separate essay. For The present 1t is q
necessary should say, that although
Banks have made no dividends for
monlhs, II by 10 means follows, that I
viii not do il hereafter. All wall az
that they do not gire dpoy their profit
As they have not divided them among
Stockholders, and # It - conceded
they will not give them TO others, Il
lows that they are accumulating N
Banks, aad therefore the fact tina, thel
not nor divide them DOT, IS the very q
that i aaable them to make better di
ends L, future. Their statements p
that ths debt due TO them, largely exc
their c. pilsi. This debt bears an int
Of 6 per cent, consequently the profit
the Bank stool; are greater than 9
cent. III 6ey are 80 now II IS prob