The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1849-01-03
$4,000 2s3.9s2 50
le0, 1000
s49,995

The resolutions also request Statement;
!. of The whoe amounlthe State may here.
after have 10 pay, As siockhnller and
security for The said railroad companies, !"
specif, ing The time said debts become due.
and the interest likely 10 accrue thereon.
With perfect Difference 10 so enlightened
an assembly, This is an. inquiry which the
Senate itself, and il alone, is competent to
answer. Il il stated IN The message above
mentioned. and has heen so frequently re.
i,erated incur pnblic'locuments. as To have
become matter Of gencfal.noloriety, that
by far The largest part Of the railroad liza
bili,ies. that is 10 say, the dehi Of $500,
400, has no liked day for its liquidation,
hut is redeemable Eat such time after the
first day of January 1860. as The Legisla
lure shall appoint until, therefore, yonr
honorable body shall determine The time
for the payment of this debt. and follow
up this determination BY snch measure.
of revenue and finance as will render 1t
elleetnal, il isnmanifesily impossible Tor
my other department of the government
In ascertain what sum will be aecessary
Tor its discharge. This inquiry, therefore.
is respectfully returned. 10 the end. that
a basis may be furnished by the Senate
for the estimates required. After il shall
have been decided a, what period or PERI
ods these public liabilities shall be extin.
guished. and means shall have been pro-
vided equal 10 the end in view, The Exc
cutive will cheerfully prepare the stale.
men, desired, il requested.
In the mean time, il i. perfectly obvious
TO all, that the longer the final day ufpay.
menl is deferred. the greater will be the
amount needed 10 effect il. Ii necessary
therefore,. 90 address tie attention of .he
Legislature TO this important subject with
earnestness. and without delay. For If il
was an error ofjudgmeni in our prederes.
sors To contract these liabilities, il will be
even worse than that in US, TO suffer the
public faith 10 be furnished by repudiation,
or the debt TO be magniiied by an unneces.
sary accumulation Of interest. in c0nse-
quence Of any failure 10 meet them as he.
r0mes the character and interest of the
State. An intelligent people, whilst they
wlll.examine with care The past pecuniary
transactions of the State, are locking viii,
perhaps even deeper interest 10 the Ge.
neral Assembly. for measures which shall
al once sustain the public credit, gradually
diminish our debt. aud so improve then
condition. as Il. enable them to bear the
increased demands of the Treasury with
the lpas, burden or Inconvenience.
3. The authority under which The Ra.
leigh and CASTOR Railroad was conveyed
in trust, 10 procure loan Of SO 900. in
order 10 repair the damage of The fire in
February last. and to save the road from
total ruin, is so plainly SGT forth in my
former message, that | am al some lass
how to construe the inquiry proponnicl
on that subject. Presumiug thu, il nav
be intended as rall inr the proceedings
of the Governor and Council in the mat
ter referred to. send herewith a printed
copy Of my message to that body. aud of
their resolution, in response thereto, mark
ell A. The considerations involved in the
proceeding are iwo.fnld. namely:
1t. Whether power 10 sell absolute
~, includes power 10 make condition.
al sale - raise means for the preservation
Of the properly.
2nd.. " neither il is the da,v Of the Ex-
ecnive. by all The means'committed 10 his
hands, 10 take care Of lhe'publir properly,
and prevent lis destruction.
4. The amount. which NAV be realized
from The suilsllnow pending al The instance
of the State, against The stockholders and
honds-men, OF the Raleigh and Castor
Railroad Company, will depend. in the
first place. upon the decision of tile Cour,
~ favor Of the States recovery against The
defendants; and il 81. how far sus,a recov-
cry shall extend; and in The second, on the
ability OF the parties 10 a,isly such re-