Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1848-12-01
GOVGRNOR GRAHAVS MESSAGE.
To the Honorable, the General
n r. NorSk H1.oR:nc.

In00
dence, for the numerous manifestations of his
bunescence, with which we have been favor |
ed With rare exceptions, health has been |
enjoyed among our population in an unusual
degree, the fruits of the earth have been ylel- !
ded in abundance, not merely for the supply
of all our wants, but TO relieve the dlstresSes
Of our furnishing brethren, in other lands, and
our Common Country has been restored TO the
blessing of Peace
The Regiment of Volunteers, required for
the War with Mexico, which was heing le-
We'd at the last adjournment Of the LegIs!a-
ture. was mustered into the service OF the
United States, and embarked for the seat OF
War, as early as practicable, after their arr,
val at SmithvIle Being assigned to inc COZ
umn of the army commanded hy MAJOR zen
eraI TayI,1t and reaching their destination at
fer the memorable defeat of the enemy at
Buena Vista, which overthrow and dispersed
his forces in that quarter, they did not have
,he good fortune 10 partIci pa:e in those vlcto-
Ties which have so signaiIy illustrated our
arms. They bore however their full share of
abe privAtions and hardships incident TO camp
life, and contributed more than their due pro
portion of victims to a climate more dreadful
Than the foe. Had opportunity been afforded
them, to test their prowess in battle, doubt
not, that under the discipline and lead OF their
gallant and able commander, they would have
won laurels for themselves and brought home
honors for heir Country. Under the Resoiu
tons OF the last Session making approprla.
aions to that end, drew from the Treasury,
at sundry times, from January, till May lS47,
Ihe sum of eleven thousand two hundred and
thirty dollars, (SlI.23O) for the use of the
Regiment, for the disbursement of which, YOU
cheers have been deposited in the office of the
Comptroller OF public accounts.
An act having been passed at the recent
Session of Congress, 10 refund 10 the States
any monies advanced for the comfort and
TRANSFORMATION of their Volunteers, prior 10 be-
ing mustered into service, with interest on the
same, transmitted TO the Secretary OF War an
account of the advances just stated. as well
as of the transportation of part of the Reg
iment over the Raleigh and CASTOR Railroad,
on their way to the rendezvous, and desired
ats early adjustment. A strict construction
having been placed on this act BY the War de-
partment and proof being demanded which
requires the vouchers of disbursement 10 be
exhibited before its accounting officers, it was
deemed best to postpone the further prosccu-
ton of the claim until they shall have under
gone the examination of your Committee Of
Finance. -
The above sum is exclusive OF an expendi-
ture of 1893 O3, under a separate Resolution
of the General Assembly, to purchase Flags
for the Regiment, which have been returned
TO the office OF the Adjutant General, and are
subject to your disposition.
The Fiscal affairs Of the Stale still continue
Ia claim the first place in the consideration OF
the Legislature The detailed operations Of
the Treasury, since the last session. will be
found in the Reports of the Public Treasurer
and Comptroller of Public Accounts. White
It's resources have been sufficient to satisfy al
lust demands and to uphold the public credit
1t will be perceived that but little progress ha
been made in extingulshlng the State debt
and in making payments, by means obtained
on loan, we have only exchanged one credito
for another In my first message, to the las
General Assembly, stated in crtenso, the va
rous liabilities of the Treasury, and trace
the history Of those arising from endorse
ments for the Raleigh and CASTOR Rail Roa
Company.
For clear comprehension OF the subject a
present, it may be necessary TO repeat that o
account of her first su1etyship for 'his Con
pany, the State is responsible. for the sum {
100000, Of which, the interest iS TO be pal
semi-annually, and the principal " at sue
time after the lst day of January 1860. as tn
Legislature shall hereafter appoints" that sh
undertook second responsibility for III
Companyto the amount Of 1886, 500. Wit
Interest payable in like manner, and the prir
cipal in annual instruments of 100000 eac
from I845, till 1854 and that four Of these in
RtaIments have been already discharged, S
that there remain Of this class Of bonds, on
standing the sum Of $l66.50O. But to al
the Treasury, in paying these instalments
principal, while sustaining the ordinary e.
penses Of government, and the heavy draf
for interest on the aggregate Of both thpi
classes Of debt there has been borrowed. fro
the Bank ofCape Fear. within the last 70,
years, the sum of 100000, besides the oa
from the Literary Fund, hereinafter mention
ed.
Such are our responsibilities. The ScruE
ulous regard for the public honor. which
Justly The pride Of the State requires them
be promptly met. To provide for this in tt
mode least bnrdensome 10 the people. Ia II
appropriate duties Of their Representatives,
Unless and until something may be realize
from a resale Of the Railroad or a recover
against it's stockholders and bondsmen, O.
only reliance is upon some measure for an /
crease of Ihe Revenue, which shall furni'
the means of gradually curtaiing the primo
principal Of the debt Of 100000 does n
press with any imrnedi tie force as We ha
already seen, and requires nothing at prese
but provision for its interest. The Bank
Cape Fear is also bound by its Charter
lend to the State, at any time " hen called f
an amount not exceeding $l5O.O00 and
stipulation is made as to the time Of paymeI
The residue therefore Of &lG6, 500, is the on
portion OF the liability, having fixed a
early day, for its liquidation.
70 meet the interest on the three desert
tions of debt, and the principal as it. may
come due, of that last referred to, recor
mend, that when the means in the Treasu
are insufficient for these ends, the Treasul
DE authorized to issue State Bonds redeemat
in ten years, to an amount equal TO the de
cheney. 1t is also worthy of your attenti
inquiry, whether like bonds should not
once be issued in lieu of the debt of $50, 0(
due the Bank OF Cape Fear To the State
is matter of indifference. whether she sh
have the loan from the Bank, or from OH
capitalists. But in community where Ban
ing capital is limited, and with the freest Il
of their means, the Banks can afford no gre
ter accommodation, than is required for ,
demands OF business, it is serious private
to commercial men to be without the facll;tl
which would be furnished BY the loan OF I