The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1850-11-27

ally. principal 70 f< ptosid~d Coz. ct.eo0
10. Fer ssn<k N he Moth Csrolins
Rail Rosd. b. scf of is&s. car fourth
d whsrh sto hs paid xh<n the Nsak
sbsu h< eonnencsd. and Tie nmsin-
ing thfs< to0sshs IN sepai insssl
{ m<ntz. q intervals a ia monlLs
therezhr; inierr-s Esystis sin.i-sn-
nssslly. psineipi sfasf dirty wears. ..ecooO0
n. Far MONEY borrowed fronl he Bsnk
ofcsps Fsar. 10000
Thus il appears that the liabilltiss az
the STATE. airrndy rris,ing OF orfhoriz-
ed. amount. in principal money, 10 s;3,-
520052. And ihrrr will be required 10
Ipsy the interest On this sum. with cne
insialmcns II principal before stated fnr
the year 1851. the sum OF 8I4g,O00.-
And an like manner Cor lhe rear 1852,
S207 900. In this calculation AZ inter
est, the States liability on the WiImlng-
Ton and Raleigh Rail Road bonds is NOT
sncluded for as that company have here
iofore paid promptly the interest on their
bonds, their improved condition is safe
guaranty that they will continue 10 do SO.
This calculation is predicaied upon The
assumption, that the State viii be called
upon for the FIRST insialnenl Of her stock 5
subscription 10 the "Norih Caroline Rail
Road" in the beginning Of the ensuing
year. and for the other insialmenl at in
iervals Of six months. rs allowed By the
charter. And upon the further assump-
!. tion. also, thai the residue of the States
subscription Tor stock IN the Fayetteville
and Western Plank Read Company, in
. the Cape Fear and Deep River Nayiea-
ton Company, and the appropriations Tor
Ncuse and Tar Rivers will be called Cor
at any early day.
But we have seen that the surplus in
the Treasury, after the payment Of the
regular demands, will be s60. 900; while
the increased demand upon il Cor tho
year 1851, will be $4,000; and for
the year 1852, s207 900 and, Of course,
that the State will require for the year
1851. over and above the whoIe amount
that may be raised by the present reve-
nue. basis. the sum of S69, 900 and for
1862, the sum Of Sl47.000:
Or, Il may be stated thus:
= Amount required to pay States Iisbili-
ties and interest for 1851, sI4e,ooe
Add ordinary expenses for 1851, $4,000
l. s 2240oo
4 Deduct proIa able receipts al the Treasu.
a y,nccording to presen, revenue laws,
for 1881, $4,000
I, Deficit 10 he provided Cor 1851, 5000
h 10 like manner il may be shown thstih
A flofrsf lYxo ...sIl A.. 80 noa
These results will be changed. TO some
, extent, 10 favor Of the Treasury balances,
: BY the coming 10 Of the deferred nxes
{ imposed on sundry articles in the 9Th
{ section Of the revenue act Of the last ses-
II sion.
But no provision has yet been made for
! raising the money for the payment Of the
! residue OF the States stock Subscription
$ TO The Deep River and Cape Fear Navi-
Q gaiion Company, Of 100000, and this
{ amodnt must be added 10 the wants Of
Q OF the Treasury.
To meet these demands, which can
now be neither avoided nor postponed
. without public dishonor, provision must
be made BY the General Assembly now
: in session. In addition TO this rcquisi-
ton for interest, prompt steps should be
taken for the establishing Of sinking
; fund for the gradual exlineu'shment Of
J the principal Of the States debt, TO avoid
the insupportable pressure upon the peo.
! pie, If il be poslpored I'LL the principal
shall fall due. The most urgent inqui>
ry, however, al present, is, how are the
semi-annual insialmenis Of interest to be
. met BY creating new loans and bor-
rowing money--thus increasing the debt
by compounding principal and interest
, every six months 1.-THE demand upon
the Treasury were fortuitous and not
likely TO be repeated, such plan might,
with some, be allowable. But here is a
sum which must be raised for many con-
secuiive years, and until some return
shall be yielded from the profits of our
public works. II is too PLAIN for COM
ment, that the temporlzing policy of bor-
rowing money 10 pey interest will be dis
asirous TO the State, will impair her cred.
it. and may reduce her, sooner or later,
10 the ignominious and dishonest condi,
tion vf reputation.
81 An absorbing crisis has arrived in the
financial affairs of the State. which re-
qulres the energetic exercise Of all the
caution, wisdom and patriotism Of the
Representatives Of the people.
o ! have felt i % be my indispensable duty
to lay this important subject thus plainly
before you. On you, and you alone, rest
the TASK and responsibility of providing
q the ways and means Cor paying the debts,
sustaining the faith and credit Of the
State, and for preserving untarnished her
character for plain dealing and honesty.
COMMON SCHOOLS.
oil In this age Of intellectual advancement,
in the middle Of the l9h century, and 10
this enlightened body. il would be waste
OF words 10 press upon your attention. or
10 offer arguments to prove the value ola