The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1843-01-05
/ NJ MBER as.

ed the work after the completion OF the
Tributaries of Alligator, TO see that II was
executed according 10 contract, and only
charged for the time he was employed.
In the Autumn of Sal, the Board had
several hundred sections of this land land
out, marked and staked of in the vicinity
of Pungo, in such way as 10 give to each
section facility TO drain into the Lake, Ca
nal or tributary (as all lands in that region
require farm drains and offered the same
for sale, in December Of that year. But
from some cause, very few persons attend.
ed the sale, and no bids being made, such
as the Board deemed sufficient, no sales
were affected.
The Board have undated confidence IN
the excellence of the land, and the value
Of the improvement, and they believe 1t
only requires few years action Of the at.
nospherc, and Of vegetation upon the soil,
to prove il to be equal 10 any body Of land
for fertility. Land, with a vegetable de-
posite of from three to fifteen inches deep
not yet dccomposed, must become fertile,
after decomposition and there'orcpihe
Board do not deem it prudent to force the
lands into market al THIS time, as delny
will continue to developc lteir fertility.
Maps of these Lands, as laid off into
sections, with the Canals, Tributaries and
Lakes designated thereon, are in the En-
ecuiIye Office, and the Board most respect
fully invite the attention Of the Members
your Honorable body, totheirinspcction.
As the Board have loaned out a greater
part Of the Swamp Fund, they have been
unable, without rcsorting 10 legal coercion,
which they have done N many instances,
to collect the fund as fast as they needed
1t 10 NEE, theIr own contracts. Nor were
they then enabled to collect ii, as fast ls
needed. To meet their own contracts,
,hey we're driven TO the necessity Of using
portion OF the Literary Fund in the
; Treasury, aud replacing it as soon as the
swamp Fund was collected. This &C.
counts for the lotcs belonging to the
Swamp Fand amounting to SO large a sum,
after the expenditure Of 50 large sum in
the Improvements.
These notes are believed to be good,
and the Board are not aware that dollar
has been lost, and the Literary Fund cuns
be reimbursed from the Swamp Fund in
short time The State has been bcueftted
/ by this course. The Literary Fund was
idle IN the Treasury, and the Swamp Fund
was at interest, which has gone to swell
+ the nett amount for distribution.
The Board during the present year,
! have invested the sum Of S24 ,564 "a in
Rail Road Bonds guaranteed by the State,
which they deemed the best security they
could have. These Bonds were purchas.
ed at a discount Of ten per cent. the mar.
ket price at that time. 1t is believed,
they can be bought at this time at dis
/ count OF % per cent. and they are an in,
yestmcnt more suitable for Common
4 Schools, as at that price the amount in.
vested would yield about per cent. the
interest certain in amount and promptly
paid, and their would not be that huctua.
lion that there IS in Bank Dividends.
As by exhibit A, twill be seen that the
sum Of 9lll,745 60-l00 Of the principal
and Capital of the Literary Fund has vet
20 be invested, the Board would respect.
fully solicit Your recommendation as To
The manner Of its investment, particularly
~ they are NOT 60 worry cIp,r ,ba, ,hoIo
lr;sIa,nre con,emnIatci ;nycstmon,s ~ an.
Ib,na else i'm, Rank S,ocl, ,yhnn ,bo,' - Wy
The word rc.,u,,c,, n ,be Alb So use, Is
tho qoid G-tb Cbontor I, = 800 " y.
Ieast. tho J,w should Lo ovnI;n;, anJ !, ~
.ooually nrndont thn, ,bo ;nyo.trao,. '' shI5
no, be confined TO Rank S,orl, e hnt,or
investments can bp fonnd
The Ho9rd Womb draw vo,r attention
to the fact. that most Of the Swo,n Ionds
Of this STATE. were Granted r,,,,,. roano
AFRO, 10 individuals and Comnan;os j., vor,,
/ large surveys, whose object was snccnlo.
tion-that these claimants b,vc for years
abandoned the lands or the titles or have
delrauded the State bv G,iI;,,no lie, ,Ln;~
lands for taxation, for Years tooetbcr-
That these lands are worthless mics 70.
claimed at an enormous cynnnso, ,b,, nc
soon as they sbn; have boep or Shall ho
reclaimed then old ttlos v.;II bo aanon,oI
IN, /, , " 49, 'NN'