Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1846-11-27
DAVID FULTON ENRON.


tives OF the people, animated with zeal for
the public fare, bringing to the Capital
knowledge of the sentiments, wishes and wants
OF their constituents, as well as of the most
recent experience of the ton of the Govern
ment IN every region of the State, and clothed
with powers more important, than have been
granted to any other of our public agents, is
habitually expected, as an occurrence of inter-
est by every citizen To none does it come
with more welcome satisfaction, than to that
department of our system, which is charged
with the administration of public affairs, and
with watching over the public interest IN the
vacation of the Legislature,
Before presenting to your consideration, the
matters of general concern demanding our joint
counsels and mutual endeavors, for the WELL
being of the State, / deem it meet to remind
you, OF our obligations of gratitude to the Su-
preme Ruler of the Universe, for the preserva-
ton of our Institutions, and the countless bles-
sings OF his Providence, which have been con-
tinued to us through another two years of our
political existence. Though we have been af-
| tlicted by disease, to greater and more fatal
extent than has usually fallen to our lot, have
suffered from drought, and consequently fail
ure OF crops, and from casualties by flood and
| fire, yet, have we abundant reason to rejoice,
than to repine, at what has been suffered OF
denied
The Revenue and Finances of the State, al
ways subject of moment to the people, and
to the Legislature, will derive additional I'M
portance at your present Session from the cir
cumstances which now surround u.s. The
Reports of the Public Treasurer, and Compt-
roller of Public Accounts, will make you ac-
quainted with the transactions at that depart
ment since the last adjournment of the Legs-
lature, and the demands which will fall upon
it, before the next biennial meeting Our
present political arrangement, comprising BIZ
ennial Sessions of the Legislature, and seven
Judges of the Superior Courts, besides the Jul
dIcIal and Executive establishments formerly
existing, has now continued for ten years.
During this period, the average expenditure
for the ordinary support of the Government
| exclusive of disbursements for building the
Capitol, and the interest on a loan effected to
pay the States subscription for Stock IN the
present Bank OF the State, in former years, and
OF payments on account of surety ships for
Ran Road Companies, more recently,l may be
stated with sufficient accuracy at about S67,-
500 per annum: or $4,000 for the o Ill, and
S45,O for the even year of the series-the
difference being obviously occasional by the
Session of the Legislature in each alternate
year. In the same time, the income from Or
binary sources of Revenue has averaged $685.
900, the excess of which, over anu above the
ordinary expenses, has been devo1ei to the
account of building the Capito, interest on
the States debt, as before ment oneI, until il
was discharged, AMI of her Liabilities for the
Rail Road Companies These extraorl nary
deman on the Treasury, by reason of the
Rail Road liabilities, have so accumu ateI
from the failure OF the Legislature, at either OF
the two last sess ons, to make timely PROV
sion to meet them, as to increase the difficulty
of your task But, it is believed, that this
' may be reality overcome by proper AMI ener
gehc acton now, without imposing onerous OF
unjust burthens upon our constituents
For the Wilmington & Raleigh Rail Road
Company, the State became surety by the act
OF $780, for the sum OF $500, 900, payable IN
SIX annual instruments Of $50, 900 each-be-
ginning on the lst OF January, 1912, AMI enl
ing o the LIST of January, 1847. The first OF
these instruments was paid by the Company
The second falling due the lst of January
1913, while the General Assembly was in SEES
sion, ana being apprized that the Company
was unable 10 discharge it, they directet the
Literary Board to invest 200 of its funts
by purchasing the bon Is, which constituted
the evl .ence of this debt These bonds are
still held as part of the funds of that Boar /
But. for the lnsta.ment, payable the 1st OF
January, 1911, no provision was ma lie IN the
event of its falling Oil the State; which con-
tlngency happening. it was taken up by the
Treasurer, with the public funds, AMI that sci
of bonds is now held at the Treasury. BY
the Act of the Legislature, at the last Session
other bonds inIorsel by the State were allow
, ed TO be issued, in lieu of those becoming due
In 1845-1S46, on which ere Its were extended
TO 1848-18 the interest whereof has been
| kept down by the Company, as it has been also
on those held by the Literary Boarl, and the
Public Treasurer. A new mortgage on all
; the property of the Company, was taken tC
: secure the State against this new Endorsement
am not informed whether this Company is
prepared to pay off the remaining instalment
on the 1st of January next, but their income
is undoubtedly sufficient for the payment of al
their interest on loans, and the gradual reduc.
ton of their principal debt. While this con-
tinues to be the case, there can be no objec-
ton to continuing the States credit to them
to the extent of her present liabilities. 1t is
not therefore anticipated, that any demand or
the Treasury will, in future, arise from the al
fairs of the Company.
| Dy oil ACI Oh the OeneEdl Assembly Ill 1oo9
the State became, in like manner, surety tc
, the Raleigh and Castor Rail Road Company
for the sum of $4,000 of which the interes
was to be paid semi-annually as it accrued
f and the principal to be redeemed at the plea
, sure of the Legislature, at any time after the
LIST of January, 1860 A like suretyship fo
100000 was undertaken for this Company
by an Act, passed in 1871, the interest where
of was to be paid as on the former loan, anC
i. the one-tenth of the principal to be repaid or
;. the 1st of January, in each year from 1915 tt
t 1854 inclusive. Of this class of bonds; it i.
e understood that Sl3, 900 was never used BY
the Company, and, therefore, that the State
as an accommodation indorser, is not liable oil
them. This latter Company, having paid NJ
part of its principal debt, and but single in
stalment of interest, its whole liability has
for the present, fallen on the State, which has
thus far, kept down the interest on both de
t scriptions of bonds, and discharged two install
e ments of principal, being $4,000 each. an
: becoming payable in the years 1915 and 184
: respectively To accomplish this, however
: some portion of the Literary Fund has bee
used and $50, 900 have been borrowed from
the Bank of Cape Fear. The State is, there
fore, still bound for the interest semi-annually
on the whole sum remaining, viz. $4,000
: until paid, as also for $4,000 per annum Q
principal, for the next eight years, and tn
4, residue OF $500 900 at such time after the Is
OF January, 1860, as the Legislature sha
= hereafter ann0lnt For hor in jemn;tx arains