Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1854-12-20

awarded, and for my own protection, announc-
ed, in each advertisement the names Of certain gen
temen Of high character, who would superintend
the breaking the seals and awarding of the bids.
In the advertisement of the first sale in New
York, the names announced were G. B. Lamar, Pre-
sdent of the Bank of the Republic, j. Potts Brown,
and David S. Freeman, Esqs., Of New York. Find
ing, on the day of sale, Messrs. f. B. Freeman and
R. w. Hyman, of this State, in the city, they were
associated by me with the other three gentlemen.
The three first named gentlemen superintended the
second sale in New York. The third sale, which
was in Raleigh, was superintended by the Governor,
Secretary and Comptroller of State, and G. W. Nor
decai Esq. And the last sale by the three last
med gentlemen.
a record of the proceedings in each case, signed
by the gentlemen selected, will be exhibited to the
Committee Of Finane. The remaining slll, 900 not
sold on the goth October, are now advertised to be
sold on the 20th December inst.
A small portion of the amount under head Of pre-
MUM, obtained on the Northern exchange re-
ceved on the sale of State Bonds. For when have
been able to obtain premium after such sales, on
such funds, have felt it my duty to do So
Hence Il charged the North Carolina Railroad
company premium on part of these funds furnish
ed that company, and as there has been some doubt
about the propriety of such charge against the
company, will state, that took the ground that,
as these funds belonged to the State exclusively, and
she was only part not sole owner of the road, it was
proper to charge much could get from others,
and especially from the Banks in this city, in which
the State is also interested.
Under the act appropropriating onehalf the sum
that should be found necessary to effect connec-
ton between the Raleigh and CASTOR and the Sea-
board and Roanoke Railroads, there has been paid
out of the Treasury SS7 800; but concluded to sell
only 600 bonds for that purpose, as an act of
the last Assembly requires bonds sold to be less
than $1,000, and plates were procured in conformity
with that act.
1t will be that besides meeting the ordinary
calls upon the Treasury, there has been advanced
from it, in the last two years. SAG, 500 to take up
the Raleigh and Castor bonds endorsed by .he State
5000 for Deep River; and much larger amount
for the Weldon and CASTOR Road, and the Ncuse and
Tar rivers than has yet been returned to it by sales
of bonds for these latter purposes.
few works in explanation of some of the items
contained in the estimates of receipts and disburse
mcnts, for the fiscal years 1856 and 1856, may be
necessary.
Ny reason for estimating larger amount Of the
revenue collected BY SherfS, for the year 1876,
than has yet been realized in any one year, is the
fact that have found that description of revenue,
to have increased every year since the present
nue. law went Ito operation, and anticipate still
larger amount in 1886, i'll consequence OF the re-as-
sessment Of real estate that is to take place in 1855
as that description of property has evidently been
much enhanced in value since the last assessment,
in every portion of the State, but especially in
tain localities. This law, | think, should be amen
ded, 10 insure, if possible, greater uniformity
Of valuation. AS it now stands, the different boards
OF Commissioners act separately not only lin differ
ent counties, but in different portions of the same
| county, without concert or consultation with each
other hence there is necessarily often, great inequa
ity of valuation Of land in the vicinity and of
| the same value. have placed in the column Of
estimated receipts in 1856, the amount Of those bonds
sold on the Goth October last, but not paid for on
the first instant have also, those to be sold on
the Goth December next; and have accordingly
placed in the column of disbursements, the small
amount that has yet to be paid out to two OF the
| objects for which these bonds are sold.
1t is scarcely necessary to remark that these esti
mates are based upon the laws as they now exist,
as cannot anticipate what the action of the Legs-
lature may be in relation to appropriations &c. And
/ | may mention in this connection, that as l could
not torcsee the appropriation by the last Assembly,
Of $4,000 out of the Treasury for the benefit OF the
Deep River Improvement, it formed necessarily no
part of my estimates submitted 10 that body in the
early part of the session.
After 1856, the present sources Of revenue will
certainly be insufficient to supply the wants of the
Treasury Whether the North Carolina Railroad
will be completed time enough and if completed,
will be able to declare sufficient profits to supply
this deficiency the Legislature will be better enabled
to Judge, when a report shall be presented from
those having charge of that Road.
Should this be deemed doubtful, [ respectfully
recommend that provision be made for an adequate
increase of the revenue; for l remarked in my
last report it is important that the public and espec
tally those who deal in State securities, should see
a determination on the part OF the Legislature, to
provide revenue for the payment OF interest, and
not to borrow money from year to year, to do so,
which is the mere exchange OF one creditor for an.
other.
The estimates arc Of course confined to the Public
Fund, and have no reference to the receipts into,
or disbursements from, the Literary Fund. But by
an examination of them, and of the Tabular State
ment pretty good idea, think, may be formed
of the prosperous Public Works that we have com.
pleted and also of the extent to which others have
been pressed forward towards completion. And
while several of our sister States present more
imposing array of such enterprises, few of them,
fancy, in pointing to many, can, at the same time
point to as small State debt ours But, as we
shall have other bonds to SELL and capitalists al
distance, in looking to the purchase of State
tiles, may say that this state of things may exist
and vet that our debt may have been kept down by
heavy annual contributions by people to our
State Treasury and that therefore, it furnishes but
little evidence Of the extent of our resources,-fou
their information it may be stated that it exists un
der system of taxation the true character OF which
is at indicated by the fact that it levies for the
State Treasury but 90 cents per annum upon the
poll, and cents on the hundred dollars valuation
of real estate and that too, under an assessment
fixed several years since, and now, conessedly, by
far too low. .-.. . ... ..-
1t is worthy of remark, also, in this connection
that as will be seen by the Tabular Statement,
f considerable portion Of our State bonds sold wa
purchased by two gentlemen acting as the agent
of their respective States And am not awar'
that more than these two States were in the mar
ket purchasing bonds at the time while much lar
ger number were selling them. Both these gentle
, mep were natives of North Carolina, reared ant
educated in the State and may therefore be suppos
cd to be we'll acquainted with her resources and he