The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1856-12-02
E3327 ,27O % S3gI, ,9OI "

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To the item for public taxes received for
the last fiscal year should be added the sum
of Sl0,2ll "a, for defaults by Shcrfls, the
larger portion of which has been since paid
and the residue will be collected.
1t will appear also that the sum of $4,000,
interest on tEe bond of the Wilmington and
Weldon Railroad company is not credited,
the last fiscal year. Properly speaking, it
should have been, but was omitted by
mere oversight, and will be found a. u
credit in the present fiscal year. 1nclu-
ding these sums the amount of revenue for
the last fiscal year. may be set down at
$IOj,II3 81.
I regret to say that this amount will be
less i'll thcprcScnt fiscal year, in all proba-
blity, by the dividends received heretofore
from Raleigh and CASTOR Railroad stock,
and partially, if not entirely. on stock in
the FdycttcN :lIo and Western pInnkroad.
No dividend was made at II late III, citing of
the stockholders Of the former company,
owing to the fact that tha earnings of Tie
Company were chiefly expended in heavy
and extensive repairs to that portion Of the
road extending from Castor t" Weldon,
which, though lately built, was so defect
lively constructed as to render these repairs
Indispensable.
The bridge over the Roanoke river, at
Gaston, is also undergoing thorough re-
pairs, aud large sums will be required du-
ring the ensuing year for both purposes.
Il is expected after these repairs are made,
that the stock owned by the State in this
company viii again be rcmuncrating.
No dividend has been made during the
present year on the Fayetteville and Yves
tern Plankroad stock. The construction
Of the North Carolina Railroad has, it is
said. impaired to IA considerable extent the
business Of the Planiroad, and ii cannot
now be safely looked to for paving the
handsome dividends which it formerly
Welded.
1t is confidently expected that the North
Carolina Railroad will ultimately pay good
dividends. 1t is hoped that it may pay
some dividend at an early day, ard thus
mcasurably relieve the public treasury.
But | am not sufficiently informed upon
the subject at this time to form a reliable
opinion as to how soon such may be the
case. You will, however, probably have
such information laid before you during
the session, as to enable you to determine
whether any aid may be reasonably expect
ed from that source in making provision to
meet the liabilities, present and prospective,
of the State.
The ordinary expenses Of the State gov
crnmcnt for the two fiscal years ending the
3l>t Of October, IcJS, viii not, think. OK
coed Si7O.OOO, or an average Of $Sj,0NO
per year. They will he more this year on
account Of your session, and less he next.
From the statcmcnts given it VIII appear
that the interest payable annually, on the
present bonded debt Of the
State is 1902 32@ -
And upon bonds t. be issued
under existing laws, the
greater part III tie present
f-ccl year, 70,3:D 90
And unless provision j. made
for rai~ingi it otherwise there
must be paid ont of the
Treasury, in all probability,
for the Ya1kn < New Riv-
cr Nav. Co.'S, the sum Of $4,000 90
twill be seen. therefore, that the present
revenue Of the State viii fall short Of meet
ing these liabilities. and that further pro-
vision should be made for that purpose.
deem il matter, too. Of the first iLmyor-
tancr, that provision shoG!d be made for
the ultimate payment Of the principal Of The
debt Of the State. present and prospective,
bv creating sinking fund sufficient 10 meet
the several liabilities a. they fall due.
Prudence and a wise forecast, as wrii ;ta
the experience of other State. and govern
mcntS. would seem to dictate such course,
and the dcbt can be more easily met and
distinguished in this way. Looking 10 the
present only, j'oijcy would seem to require
it, if for M other reason than that Of Rlaiu-
taiming our credit unitnpurcd, and thus en-
abline us 10 use it readily and ;ip"a the best
terms, for extending our public works, or
for other purposes. The effect of such
system would surely be TO keep our State
bonds at j2ar "a very important considera-
ton and in all probability to put them at
4 premium.
! submit to your better judgment as the
best means to be adopted for raising such
a fund, advising, however, if one be pro-
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