Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1849-01-05
$4,000 S263,982 so
10000
$383,982 SO
S1Q Qq5

The resolutions also request a statement tsOf
the whole amount, the State may hereafter
have to pay, AS a stakeholder and security for
the said Railroad Companies" specifying the
time said debts become due, and the interest
likely to accrue thereon. With perfect defer
ence to so enlightened an assembly, this is an
enquiry, which the Senate itself, and it alone
is competent 10 answer. 1t is stated in the
message above mentioned, and has been SO
frequently reiterated in our public documents,
as to have become a matter of general notori-
ETY., that by far the largest part of the Rail-
road liabilities, that is TO say, the debt of
$500, 900, has no fixed day for its liquidation,
but its redeemable sat such time after the
first day of January 1860, as the Legislature
shall appoint" until therefore your honora-
BILE body shall determine the time for the pay
ment of this debt and follow up this determi-
nation by such measures of Revenue and FL
nance as will render it effectual, it is manifest
ly impossible for any other department of the
Government, to ascertain what snm will be
therefore, is respectfully returned, TO the end,
that basis may be furnished by the Senate,
for the estimates required. After it shall have
public liabilities shall be extinguished, and
end in view, the Executive will cheerfully
prepare the statement desired, if requested.
In the mean time, it is perfectly obvious to
all, that the longer the final day of payment
is deferred, the greater will be the amount
needed to effect it. 1t is necessary therefore,
to address the attention of the Legislature to
this important subject with earnestness, and
without delay. For if it was an error OF
| 81 ~ 70 ~
Liabilities, it will be even worse than that in
US, to suffer the public faith to be furnished
by reputation. or the debt to be magnifed by
an unnecessary accumulation of interest, in
consequence of any failure to meet them, as
becomes the character and interest of the
State. An intelligent people, whilst they
will examine with care the past pecuniary
transactions of the State, are looking with per.
haps even deeper interest to the General
Assembly, for measures which shall at once
sustain the public credit, gradually diminish
our debt, and so improve their condition, as
to enable them 10 bear the increased demands
of the Treasury with the least burden or in.
convenience.
3. The authority under which the Raleigt
& CASTOR Railroad was conveyed in trust, tc
procure loan of $25 900, in order to repair
the damage OF the flre IN February last, anc
to save the Road from total ruin, is so plainly
set forth in my former message. that am a
some loss how to construe the inquiry pro-
pounded on that subject. Presuming that i
may be intended as call for the proceeding:
of the Governor and Council in the matter re-
ferred to, send herewith printed copy o.
my message to that body, and of their resolu
ton in response thereto, marked A. The con
siderations involved in the proceeding are two.
fold, namely:
1st. Whether power to sell absolutely in.
cludes power TO make a conditional sale to
raise means for the preservation of the prop.
erty.
2nd. Whether it is the duty of the Execu.
tive, by all the means committed TO his hands,