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

The President and Directors Of the Lit
erary Fund Of North Carolina, submit the
following
REPORT
From the frequent applications made to
this Board, 10 borrow she funds OF the
Board from the frequent illusions by pol
iticians and political Journals, 10 the large
loans made ont Of the Literary Fund
and from the fact, that the last Legislature
passed this Resolution, VIZ: "'rhat the
proper officers, having charge Of the Lit
erary and Internal Improvement Funds,
be required to collect as much Of the said
Funds as may be necessary 10 meet the
ordinary expenses Of the State. the Board
have come TO the conclusion, that the opin-
ion prevails, that the LITERARY FrND is
the subject Of loan.
If such an opinion does exist. il is be-
lieved to be erroneous, aud the Board be-
Ileye they have no authority to loan the
Literary Fund, except when strictly d.
rceted 20 do so by the legislature, as IN
the case of the WaEc Forest College. b
Resolution Of the last Legislature, the
Boaid was directed to loan THIS Institution,
ten thousand dollars, ont Of the Literary
Fund, which was done accordingly.
Nv reference To the Revised Statutes,
Vol. Chap. Sc, Sec. 3, and Chap. 81,
Sec. i, il viii be seen, that the Fund IS to
be iareS,ea, not loaned. Bat BY the 18Th
Section Of this last Chapter, $780, 600 Is
appropriated to the use Of the President
and Directors, for the purpose Of reclaim
ing the Swamp Lands "and if the same
shall not be Immediately required, the
said Presiden, and Directors shall have
power to loan the same, on short credit
and good security, or TO deposiic II with a
Bank or Banks, al reasonable rate OF IN
terest, as they may sec fit, until II IS re-
qu!red for the work herein provided for. F"
The Fund, out Of which the loans made
by the Board, we're made, vas this $780,
600 commonly called the Swamp Fund.
The greater part Of II was loaned short
~ after the passage Of the act of l-36, and
the Board have not been able to collect il
II, runieet their own contracts, as fast as
it was needed, without pressing their col.
lection by legal coercion, 10 which they
have rcsoricd in many Instances aud even
then, they have not collected as fast as
they were compelled 10 pay out, to comply
with the engagements entered into with
their contractors.
The Board were authorized by an act
Of the last SESSION, to loan that portion of
the distribution Of the nett income of the
Literary Fund, which was allotted TO those
Counties which did not vote for the School
Law This amount is small, and most of
il has been loaned.
These are the two Funds loaned BY the
/ Board.
BY the Common School act Of the last
Session, passed llth January, IS4l, ii is
enacted that the nett annual income Of the
Literary Fund, shall be distributed on or
before the lst Of September in each year,
as therein directed. The BOARD made cy.
cry thing belonging to tie Fund, at the
passage of ihe Act, Principal or Capital,
out Of which the metz income was TO arise.
Exhibit A, shows the amount Of the
Fund at that time and tie sources OF rev.
cnuc.
ENhihit 2, SHOWS the nett income from
toe passage of the act 20 1st September
lS42.
Exhibit c, shows the federal population
of each County, and the several amount;
distributed to each.
Exhibit ID, shows the state Of the Fund
on lst Dcccmbcr 7i2.
Exhibit L, shows the expenditures made
Ia recluiming the Swamp lands and he
COS; If the Canals and their Tributaries.
The Board have completed their opera
upns for the present, SO far as Pong and
Alligator Canals and their tributaries are
concerned. Pungo Canal was completed
in 1910. -Four tributaries to that canal
and Alligator Canal were finished IL le4l,
and three tributaries to this last Canal,
have been completed within the present
year, which completes the system Of i'm.
proycmcnt contemplated at that place
| The Board have come to the conclusion
( 10 undertake no new work, as it will re-
! quiro something to bring the reclaimed
lands into market at fair price and it
/ may become necessary to deepen some OF
these Canals, after the adjacent lands have
! settled.
As this is the first experiment made by
the State, in retaining the Swamp Lands
4 it is important that it should be successful,
and il is believed that the uncxpended bal
ance of the Fund appropriated, will be am.
! ply sufficient TO make any additional i'm.
provement, if lime and experience shall
! point out the necessity of such,
In Juiy ls4l, Mr.. Mumiord, one Of the
Assistant Engineers, resigned, and al the
end Of the year, Mr.. Myers, the other AS.
sstaat Engineer, and Maj, Waller Gwvun
the Principal Engineer, likewise resigned
To all these gentlemen, it is due 10 saw.
that the Board is greatly indebted for the
skill and ability displayed in the planning
of the work, and the energy with which
they superintendent is execution.
The tributaries to Alligator having been
previously located and surte 4, the Board
contracted with ilr.@A. G. Dickinson
himself an Engineer, to sda the work in
1912, and thereby dispensed with the en-