Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1844-11-29
GOTER.EOR'S ..MHSS.4GE,
TO the General assembly Of North Carolina.
Gentlemen Of The Senate
-=s-- and of the House nf Commons:

I our Olennldi return 10 the seat Oh OOFeIu-
ment for the purposes of Legislation, as the re.
representatives. of free and happy people. is al.
ways an occasion of interest to the patriot, and
one of gratitude to Him, whose kind provi-
dence directed our fathers in the paths OF poll
tical wisdom, and cast our lots in this favour
ed and happy land. May we not hope for a
continuance of the same favors, by walking IN
the same paths. and devoutly asking of Him
that guidance ano purity Of purpose which will
lead to wholesome ard wise legislation.
Many subjects of importance will! engage
your attention, but whether you deem this
proper time to act upon all ofthem, is matter
for your deliberate consideration.
PUBLIC FINANCES. .. .
The condition of the public treasury should
especially engage your attention. The appro-
priations made at the session before the last,
to discharge the debt due for building the
CAPITOL. so far exhausted the public fund. that
it was insufficient to meet the current expen-
ses of the governments; and the public Treasu-
rer was directed to borrow Of the Literary and
Internal Improvement Boards what money
might he needed to meet those expenses.
Reference to his report to the last Leglsla-
ture and to his monthly settlements with the
Comptroller, will show the amount ofthe Lite
rary fund used by him. and the amount that
was kept on hand for his nse; as it was deem
ed better that the State should use these funds,
than 90 elsewhere TO borrow. z-=z-
The current expenses of the State and the
long session of the last Legislature, lett the
public treasury. at its rise, nearly or quite ex"
! hausted. except as to the funds belonging to
the boards. - +. --~.-< r. scr
The last Legislature. aware Of the cond-
ton Of the Treasury, and, being called upon
TO make provision TO meet the payment or
$50. 900 Of the bonds Of the Wilmington and
Raleigh Rail Road falling due in JAN, 1913,
and endorsed by the State, directed the Lite
rary Board to redeem those bonds; and finding
it necessary likewise to make provision to
meet the interest falling due on the bonds of
the Raleigh, and CASTOR Rail Road Company,
endorsed by the State, and TO raise funds to
meet the current expenses of the State unit
the taxes of l843 shonl6 he paid into the 1rea-
sury. authorized the Public Treasurer to Dor
row the sum of $50, 900 from one OF the Boards
or of the b nks Of the State; AID, being like
wise DESTROYS do something Tor the relief OF
the people. it directed the Literary Board TO
loan out its funds. At the time these require
ments of the Board were made, it had less
than $4,000 in the Treasury. about 100000
in bonds upon individuals, and the balance OF
The Literary Board. DESTROYS to meet that
high confidence manifested by the Legisla-
ture in their financial skill, pressed collections
and with the cash in hand redeemed the $780,
600 of Rail Road bonds; and by the assistance
ofthe funds ofthe board of Int'I improvement,
and those the Literary Board hak been able to
pay into the Treasury, the Public Treasurer
uas been enabled to meet all demands at the
Treasury, without borrowing elsewhere, not
withstanding $4,000 ofthe bonds of the Will
mington and Raleigh Rail Road. which fell
due in January. 1914, endorsed by the State,
had to he paid by the Treasurer.
The Literary Board did not believe that 1t
was intended by the Legislature that its stocks
ane other securities should be sold to raise a
fund to be loaned to the people, and however
much the Board regretted the disappointment
so many were destined to experience Qor APP
plications for loans were very numerous,) 1t
was unable to avoid it and render the State,
to which the Board owed its first duty, that
aid which it needed.
1t is evident, upon the slightest reflection,
how embarrassing it is to the Boards charged
with the management of the Literary and In
ternal Improvement funds, to be required to
hold these funds subject to the requirements of
the Public Treasury, and to be prevented
from investing them in some profitable and
permanent investment, whereby large a.
mount Of interest is lost
therefore recommend that ample and per-
manent provision be made to supply the Pub
lie Treasury, and that whatever interest ought
Justly ia be due to the two Boards, upon their
funds kept in the Treasury for the public SER
vice, be paid over to the Literary Board, to 90
irto the distribution fund for the use Of Som
mon Schools
RAIL ROADS.
A the embarrasments of the Treasury arise
in part from the connection of the State with
our Rail Roads, it becomes matter of absor-
bling interest to devise the means whereby
their usefulness to the public may be contin-
ued, and the state at the same time sustain no
detriment on account of her liabilities for these
roads.
The difficulties under which these roads la
Dor. arise from their Indebtedness for their
construction. The Wilmington and Raleigh
Kali Road, including the sea route to Charles
ton, cost some two millions of dollars, while
the stock paid in amounted to abount thirteen
hundred and fifty thousand dollars only, leav-
ing the balance Of the cost of construction a
debt against the corporation, the interest CT
which absorbs large portion OF its receipts.
So of the Raleigh and CASTOR Rail Road. IL
cost about one million five hundred thousand
dollars, while its stock paid in was only about
six hundred and fifty thousand dollars, leav-
ing the balance of its cost of construction a
debt against the corporation, the interest Of
which absorbs all its receipts, after defraying
the current expenses.
10 aid these corpor atoms the State. under
acts of the Legislature, passed for the purpose
endorsed for the latter 100000 dollars OF its
bonds, none of which are yet due. and for the
former 100000 dollars of its bonds, hall oil
which Lave fallen due and been paid or re-
deemPd--$50,O0O by the corporation itself
) $50, GOO have been redeemed by the I.itarary