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


recently submitted to the Legislature, that the re-
ceipts into the Treasury of North Carolina, for the
two last fiscal years-that is from the 31st October,
1852, to the 1st November, 1854, were, for 1853,
sl,76o,l27 70, and for 1854, 81 1921 1888 ss-mak-
ing for the two years the sum of g 9sl ,466 81.
This includes one million and half dollars for
State bonds sold, and also large sums borrowed from
Banks under authority of the General Assembly.
The disbursements for 1853 amounted to 81 1854,
474 81, and for 1854 to 81 6O5, ,4os 5l-making Ss,
169,sS4 So. Add to the above amount of receipts,
S2,9s1 ,466 81, the of $780, ,2s6 49, the balance
in hand November lst, 1852, and the balance of ex-
pcndtures or disbursements over receipts will ap-
pear, 1852, 1s1 This balance is due the Liter
ary Fund by the State Treasury.
The Treasurer estimates the receipts into the Pub
lie Treasury for 1866 at $3.50, ,643 H. and for 1856
at $25l,643 ll-making $646,2s II for the two
years; and he estimates the disbursements for 1866
at $685., ,276 r. and for 1856, at $685. 376 72-mak-
ing $620,653 a.
We give the concluding portion of the Treasurer's
Report as follows:
''The debt of the State for the better understand
ing of which, reference may be had to the list of es
timated disbursements, may be set down now at
s., ,92S, ,663 go
This debt has undergone some changes since the
close of the last fiscal year, the 3lst of October
last by the payment of the debt of S42 600 to the
Bank of the Republic, and the creation of one of
$4,000 with Robert L. Maitland Il Co., of New
York. And also by the delivery of State Bonds sold
on the Goth October last.
have not included the $3.50, 900 of the Bonds of
the Wilmington and Raleigh Railroad Co Epany, en-
dorsed by the State because of the promptness with
which the Company meets this interest, besides pay
ing off portion of its debt, from time to time.
This debt will be increased TO S3 400 663 80,
by the sale Of $ll ZOO Bonds to be sold under the
Act for the benefit of the Weldon and Castor Rail-
road and the Neusc and Tar Rivers, and of $780,,
600 Bonds for the North Carolina Railroad.
In u few days after the adjournment of the last
Legislature it became necessary for Inc, in order to
carry out fully certain provisions of an act passed
just before its close, in relation to the sale of our
State Bonds, and Of the act for the construction of
the North Carolina Railroad, 20 visit the City of New
! York. Under the first named act, it made my
! duty to contract with some suitable Bank in that
city, to pay off the interest," and finally the principal
of State bonds, thereafter to be sold the State
! placing in said Bank the funds necessary to do SO !;
and 1t was also necessary to procure suitable plates
| on which to have the bonds engraved Besides, the
| individual stockholders in the North Carolina Rail
road Company, had just placed themselves in a sit
uaton to call upon the State for 4 portion of her
subscription and therefore arrangements had be
made at once, for borrowing a larger sum of money
than our Banks were willing at the time to furnish
in advance of the sale of the first $5OU00O Of our
bonds for the benefit of said road it npor-
tant to the interests Of the State that the sale for
| such amount, should be advertised for several
weeks before it took place.
Accordingly made u contract for the above pur-
pose, with the Bank of the Republic in that city,
and also arrangements with it, for the advancement
Of such sum of money should be required for tho
Railroad before it could be raised by the State from
sale of her bonds
The contract is on file in the TreaSurcrs Office
for the inspection of the Committee of Finance. 1t
is of course, temporary, lasting only until the close
of this Assembly, and it will therefore, be necessa
ry for the Assembly to make permanent contract
with this Bank, OF some other lii the city OF New
York.
The Committee of Finance will, Of course, inquire
into the fitness Of the Bank selected and hattei
myself that it will be found, upon such enquiry
that better selection could not under the circun
stant es, have been made.
Before leaving New York, concluded after ma
ture reflection that would be better for the State c
have the tst sale of $5OO,OOO of the bonds if mo-
the second also in that City, rather than in Raeigt
"a discretion given in the Act prescribing such
sales it designates particular place. The State
had not offered for sale before at any tme any
thing Ike $500,000 State Bonds, while this was t.
be succeeded by other sales of similar amount.
| believed that, by advertising and selling at tha
point the attention of the Capitalists, both at the
North and in Europe, would be more attracted tc
stocks, and the resources Of the State become
more generally known. For have found that tht
latter very much underrated by many person:
at distance, who judge Of the means of the STATE
by the meagre lists of exports from North Carolina
because of the want, as yet, of facilities for thu
transport alton of our products to our own ports.
Accordingly invited, in January, 1854, in vari
Gus newspapers, sealed proposals till the 3lst o
March, to be addressed to at New York, directed
to the care of Mcssrs Brown & DeIaossett of tha
city, for the purchase of $500, ,00j North Carolin;
bonds, dated January 1st, 1858, and running thirty
years.
The result of this, as we'll as of subsequent sales
is shown by thq Tabular Statement.
So after taking the same steps, sold in Septem
bcr, 1858, at the same place, another $500 900 NOR
bonds of the same description, except that the.
were dated 1st July, 1858.
l made the next sale of $500, 600 last Spring, il
this City. These were dated January 1st, 1854.
Last October, after due advertisement, [ sol
$4,000 bonds, dated July 1st, 1854, and running
thirty years.
These bonds were all sold under resolutions G
the Board of Internal Improvement to enable tn
State to pay her subscription to the North Carolin
Railroad.
At the last sale, the individual stockholders pai
in on their part only 5000. Hence the sale c
only $3.50, 900 bonds by the State.
At the same time advertised $l53, 900 bondsrunr
ing ten years. and dated July lst 1854 under the Ac
for the construction of the Weldon ane CASTOR Raj
the Neuse and Tar Rivers Of these sold onl
900. The Treasury, however, was in a cond
ton not to be embarrassed by the failure to dispos
!. of the whole amount, as nearly all of the. who
amount advertised were to remain in the Treasury
on account of advancements already made for til
> above objects
e For as remarked in my last report, exercise