The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1849-01-19
MESSAGE
from ms Ercelieney the Gorernor. ReIatre 10
NE Siate's Rail Road Liabilities
10 the Senate of North Carolina

H. He oidtes RdI Road Liabilities
i. 10 the Senate of North Carolina.
in compliance with series Of Resolu
lions from the Senate, making various in.
qulries concerning the States liabilities on
account of the Wilmington and Raleigh,
. and Raleigh and CASTOR Railroad Gonna.
MES, and the payments from The Treasury
on the same, as well as The loan contracted
TO repair the loss 10 the Road last named,
, from destructive fire, since il has been
tho property Of the State, and the suits
pending for the States indemnify against
the Stockholders and bondsmen Of the la,.
ter Conpany,-l have 10 repor! as fol.
lows:
l. From the Report of the President
and Directors Of the Literary Fund, trans.
united TO The Legislature on the 30th uli.,
II appears that SHE amount of stock held
by the Stale in the Wilmnglonand Raleigh
Railroad Company" is 5000 shares Of
uncertain value, cost 5000 900.
In my Message 10 the last Gen. Assem-.
bly,, transmitted on the Eth of December,
ls46, the States responsibility for this
Company is stated thus g For the Viii.
mingion and Raleigh Rail Road Company
the Stale became surety by The acl of 1910,
for the sum of 100000 payable 10 six
annual instruments Of S5O,cOo each, be-
ginning on the Isl of January ls42 and
ending the lst of January lsd7. The
first Of these instalments was paid by the
Company. The second falling due the LIST
January 1913, while the General Assem-.
bly, was in session, and being apprised that
the Company was unable to discharge il,
they directed the Literary Board 10 invest
$4,000 Of its funds by purchasing the
bonds, which constituted the evidence Of
this debt. These bonds are still held as
part Of the funds of the Board. But for
the instalment, payable the Isl Of january
lS44, no provision was made, in the event
of its falling on the State; which coniin.
gency happening, i, was taken up by the
Treasurer with the public funds, aud that
set Of bonds is now held at The Treasury"
Of the remaining instalmenis, becoming
due in 1886 and 7, no part of the prin.
cipal debt has been discharged. But by
acts Of the General Assembly pissed at
the Two last sessions, other Bonds Of like
amounts, payable on the Is, Of January in
lS49-5O and 81, respectively, have been
substituted in their slead. The company
has regularly paid the interest on these
bonds, both those held by the State, and
individuals. and on all its other debts, and
has now an application before the LegisIa.
lure for q continuance TO il of the States
credit, by an Endorsement of bonds PAYABLE
IT more. distant day, in lieu Of those just
2. lnmy message heretofore transmitted.
you were informed that on accoun, of her
'ure'yship for the Raleigh and CASTOR Il.
Road Company, the State is responsible for
he sum Of 100000, on which the inter.
'st is TO be paid annually, and the
principal at such time after the lst day of
January 1850, as the Legislature shall an.
Joint and for the further sum OF $780,.
800, falling due in instalments of $780,.
700 each, on the LIST day Of January in each
rear, from the present time until 1854.
The amounts heretofore paid for this
company, as furnished from the Treasury,
md that which will become due on the LIST
II January next, are stated thus:
Principal paid, $4,000 90
interest paid, 263,9s2 SO