The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1850-11-27

al amount. used by the Public Treasurer
rom time TO time interest payable annual
:. principal at the pleasure Of the Gov ll8,loa
4 Bonds Of the Public Treasurer, given
II, the President and Directors OF The Liisr-
~ Fund for ike amount transferred 10
lie Public Treasury interest payable an
,aliy. principal al the pleasure OF the
Snte Bonds. issued BY Public Trea-
-sf 10 pay the Banks &c by resolution
t' o,I nrs nrneiSal after 10 years 200 900
i By endorsement of Wilmington and
!sleigh Railroad Bonds by act of ISIS
teres, payable semi. annually, principaley
s,alnents of $50 900 on lst Jan'yr 1882
1900 1861, 1862, 1863, -o'Voo
4 Stock in Fayetteville and Western
Plank Road interest payable semi annual va ooo
y principal after 20 years, l-o'o0O
s. Stock in Deep River and Cape Fear
Navigation Company; interest semi annu' On oo
a.lv principal 10 be provided Tor 0V'oo0
Q For amt appropriated by act of lSiS
for improving Neuse and Tar RveF inter
5, payable semi annually, principal to be
provided for, oo'eo'
10. For Stock in the " North Carolina
Rail Road by act OF loie; one fourth OF
which is 10 be paid when the work shall be
commenced, and the remaining thres
flurths in equal instruments, at intervals OF
tx months thereafter interest payable ~,
semi. annually, principal after 81 years, @uVo'oVo
IL -. sG F money 00'O"'- ''''' - 10000
Thus it appears that the liabilities OF tbs
y ssatr, already existing or authorised a
mount, in principal money, TO s3,52O,oo-.
tud there will be required 10 pay the inter-
cs, on this sum- with one nstaImsut OF pTin'
cipa before stated for the year lc5l, the sum
Of Sl49O And in like manner Tor
the wear 1852, S207 900. Ia this cal
c.,la;ion Of interest, the States liability
m the Wilmington and Raleigh RaIl
R,ad bonds is not included 70. as that
company have heretofore paid prompt.
~ the interest on their bonds, their impro
we'd condition is safe guaranty tina, they
Vin continue to do so. This calculation IS
predicted upon the assumption, that the State
will be called upon for the first instalment OF
her stock. subscti ption TO the North Caro-,
ina Rail Road in the beginning OF the en-
suing year, and for the other nslalmen's al
intervals Of six months, as allowed by the
charter. And upon the further assumption
also tina, the residue of the States subscrlp-
lion for stock in the Fayetteville and NesI
crn Plank Road Company, in the Cape Fear
and Deep River Navigation Company, and
The appropriations for Neuse and Tar Rivers
vi.l be called for at an early day.
Bn, we have seen that the Surplus IN the
Treasury, after the payment 0! the regular
demands, will be $50 600 while the increased
demand upon il FOR the year l>3l, VII be
$40 600; and for the year lsJ2, s2Ol,,
GOO and, of course, that the Safe VIII re
quire for the year 1901, over aud above The
whole amount that may be raised by lhs
present revenue bass, the SUN Of $50 ,00o
and for ls52, the sum Of SllI 900.
Or, il NAV be stated thus:
Amoun, required to pay States liabilities
and interest for 1871, ~ iJ'"e
A5J o,J;nary e1pspses for ISL, 1899
s22l GU
Deduct probable receipts at the Treasury
Isl. 1880
Deficit 10 be provided for io5l, e9,Ve
. 5 ~ ''t fot 50 NH IN ), sl47 o.
These results vi he changed 10 some e.
tent, in favor Of the Treasury balances, /
he. coming in Of the deferred taxes imp
aeI on sundry articles in the 7th section
the revenue &C, Of the las, session.
Blu, no provision has yet been made T
RAISING The money 70. the payment Of 4
resdusof the States stock subscription
tie Deep River and Cape Fear Navgait
Company, Of $50, GOO, aud this amount MI
BE added to The wants Of the Treasury.
10 nee, these demands, which can NJ
be neither avoided n1r post poned wi:he
public oishonor, provision must be made
the General Assembly now IN session.
addition to this reqaisiilon for inteFe
prompt steps should be taken for The est
fishing Of sinking fund for the gradual
tnguishmeBt Of the principal Of the Sla
debt, TO avoid the insupportabe pressure
on tho people, If il be postponed tall the p
cipal shall fall due The mos, urgent lnf
nv, however, al present, is how are the Sc
annual nsta lments Of interest TO be met
By creating new loans and borrowing n
ey-lhus increasing the debt by compo'
ing principal and interest every SIX mon'
If tho demand upon the Treasury were
tuitous and not likely to be repeated, SUI
plan might, with some, be allowable
here is a sum which must be raised for N
consecutive years, and until some re
shall be yielded from the profits Of our pa
works. Il is too PLAIN for comment,
The temporlzlng policy Of borrowing m'
to nav interest will be- disastrous to the S
vii impair her credit, and may reduce
sooEer or later, to the lgnomnous and
honest condition Of reputation
An absorbing crisis mas arrived IN Il
nancial sf4irs Of the Stale, which req
the energetic exercise Of all the cat
wisdom and patriotism Of the RePfes
lives Of the people.
| have fell it to be ny Indispensable
to lay this important subject thus P'ain
fore you. On you, aud you alone, res