Semi-weekly North-Carolina standard. [volume] (Raleigh, N.C.) 1852-1853, 1852-12-08

hume Market they constitute so serious an objection
TO persons distance, that many dealers in State
stocks will not bid for them at all. respectfully
recommend therefore, thai the form be changed as
to make them payable to - or bearer, with Coupons
attached.
The bond being thus payable, be transferred
land converted into cash once, without the roab
lesoms and ardy process through which The parties
have 10 go every sale OF our bonds now issued
while each coupon, which expresses the semi-annnal
interest the bond to which it attached, is easily
clipped off as the interest becomes due, and may be
passed from hand to hand in any part of the world
easily bank bill. And this dispenses with the
services of agent to collect receipt for and trans
NIT, at the time avoiding all risk of loss by
transmission or the faithlessness of agents.
Hence. such bonds are more sought after by those
wanting to make permanent investments, than any
other public securities.
Il Finally, what seems to be conclusive in favor of
the change is, that bonds like these bring the
ket a much better price than those of present
form, issued by the State, bring But, after ALL
IT we would have OUT bonds enter into fair COMPETE
| ton with those of other States of the Union,
should not only adopt this form, as they have done,
but should, like the most of them, make ours paya
Bile where the parties purchasing prefer it, at
well known hank in the city of New York-the great
monIed mart of this continent, and with which Eu
ropeans have free and direct intercourse. 1t is be-
lieved that most of the bonds of other States are
purchased by Europeans, through their agents in this
country. BY this means, the holders of our bonds
would find difficulty in collecting either the inter-
est or principal. l submit whether it would not be
!
to those holding our present bonds, to have them
changed into this form, upon their surrenderng The
old ones, and paying certain per cent. for H. These
changes, if carried out by tbs Assembly, will in
crease for time, very much, the labors of this Office
but will. think, in the end greatly simplify this
branch of it.
1t is to be borne in mind that these estimates are
OF course, confined to the two fiscal years common
cling first November. 1859, and ending 3lst October.
1854 and yet it is important that this Legislature
should be able to FORM far as practicable, far
advance, correct opinion of the receipts and dis
oursements Tor the fiscal year commencing the lst
November, 1854, and ending the 3 LIST October 1855
because If the calls upon the Treasury for that year
are expected 10 exceed its this Legislature can,
1t they prefer to do make provision by increased
taxation, to aid the Treasury in that year; whereas,
If this duty is devoved upon the next Assembly, no
tax bill passed by them, under system of laying
the tax one year, and collecting it the next, take
effect soon enough to increase the revenue of that
year. 1t is therefore proper 10 remark, that there
will have to be paid in that year. $45, 900 more. by
way OF interest on the State bonds, for the Worth |
Carolina Railroad, than there will be for that purpose
in 1854. While the only probable increase of the
revenue of that year, that OF 1854, would seem
to be promised by public works. What that in |
crease will be- it is. in the present incomplete state
oil most OF them, difficult to estimate with any rella
BILE approach to accuracy. In any additional ap-
preparations made by this General Assembly, l
hope shall be pardoned for Recommending that pro-
vision be made 20 meet them by an increase of the
revenue of the State, account of the important
bearing II may have upon the credit OF the State |
bonds TO be soId capitalists, especially those resi-
ding out Of the State, will examine with scrutiny
into the States resources, and will not fail to enquire
whether the policy of the State to be 10 bor
row money TO pay interest, which is the mere ex-
change of creditor for another, or TO prevent, by
taxation, the accumulation, from to of that
description of debt. Still, suppose you will deem
1t advisable, in order to provide tor every contingent
cy, and4o preserve, in any event, the credit of the
State, to give the Treasurer the usual authority to
raise money, either by issuing bonds, or otherwise,
not exceeding certain amount, to meet any lawful
demands upon the Treasury.
have not included, in the list of estimated dis
bursements, the interest $3.50, 900 of Wilmington
and Raleigh Railroad bonds, endorsed by the State,
because OF the promptness with which that company
meets the payment of this interest. From this list,
you will perceive that the debt OF The State on which
she is paying interest, was, on the lst OF Nov.
1852, ST. 1928 235 Id. And, from the same list, you
will discover that the additional amount of debt auth
orized 10 be contracted under existing laws, is 3d.
100000.
1t will be seen, that have sold since came into
the office in January 1851 $50 900 of State bonds 10
pay off the balance of the States subscription to the
Fayetteville and Western Plank Road Company.
And. also, $4,000 meet the liabilities of the
State generally. And on the other hand, ii will al
so be from the tabular statement, that, besides
dscharging the ordinary expenses of the State, in
GLIDING the interest upon her debt, the sum of $lOl,
900 OF the principal of her debt has been paid off, in
GLIDING $4,000 to the bank of Cape Fear, while
large amount has also been advanced in aid of some
81 the works in which she IS engaged, to-wlt The
navigation OF the cape Fear and Deep River, the
of the w eldon and CASTOR Railroad the
Geological survey of the State, turnpike roads, the
navigation of the Neuse River, &c. These bonds
were all advertised, inviting sealed proposals, and
after the time for advertising had expired, the bids
were opened in the presence of the Comptroller OF
The State and other gentlemen, and record made OF
The whole proceeding, which the attention of the
Committee of Finance is invited On each OF the S
bonds sold, premium was obtained, amounting In
The aggregate, to 81, l2l 10. In
discovered upon my first sale OF some bonds for l.
The construction of the Plank Road in April, 1851,
hat the authorizing their issue, unlike the other
authorizing the issuing OF State Bonds. was ST.
ent as to the transferable quality of these bonds.
recommend, therefore, that this act be amended as
be made conform the other acts in this parti
;uar for if the privilege be given to the present hol
lers of these bonds. change them recommended
former part of this report, some OF them may not
hink proper avail themselves OF it, h
deem it my duty TO bring to the attention OF the
LEGISLATURE the fact tina; the law in rel aiion TO land
entries is liable to abuse as it exists. -
The law allows any one to take up the vacant land
this State, FIVE cents acre. provided he does
lot take u more than hundred acres in any one
ear but if he takes up than that quantity, in
my one year, then he is required to pay ten cents
YER acre into the treasury This latter provision, il
believed is often evaded to the injury of the treas
ry BY the party, who wishes to appropriate TO him
elf more than hundred acres in one year, by his
sing the names of other persons. most generally
hose of his own family. In this way. much of the
acant land of the State is taken up al five cents per