Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1856-11-28

Prudence and wise forecast, we'll a. the expert
ence Of other States and governments would seem to
dictate such course, and the debt be more easily
met and extugushed In this Looking to the pres
ent only policy would to require it, if for ohsi
reason than that of maintaining credits unimpaired
and thus enabling to it readily and the bsst
terms for extending public woks for other pur
poses This effect of such system would surely DO to
keep State bonds at very important CONSIDER
atom I'd in all probability TO put them at premise"
submit your better Judgment TO the best means
to be adopted for raising such afund advising however
if one be provided that its management shsl be sntrus
ted to competent board, with Secretary the Pnoiie
Treasurer to be made the Of the board but the
funds be kept separate and distinct all times from
the other funds Of the State. -.
It has been already stated that II appears from the
books of the Public Treasurer that there due on
account TO the Literary Fund the Of Sl404l2 SO
the ls November 1856 and that the State was furt-
indebted that Fund for interest sundry bonds,
in the of $50 632 80, or thereabous making the
whole amount due Sill ,O45 49,
A considerable portion of the balance appearing on
the books is principal money and ought to be invested
how much does appear from the account but may
be ascertaned This balance has been accommodating
for years. large portion of the interest men
toned above carried into the account is due up
two bonds of the State constituting the item OF 04o
$50 S. in the statement given of the bonded debt OF
the State These bonds were executed by the Pubhc
Treasurer In the years 848 Ond 1919 by virtue OF res
outOn OF the General Assembly, in lieu OF other funds
belonging to the Literary Fund which transferred
to the State Treasury No interest has been paid upon
these bonds Calculated to the last niannua day
|
Under the circumstance presented and in the present
state of the public treasury respectfully recommend
that this amount be converted into principal and that
the public treasurer be required to execure the bond O
the State for the to the President and Directors Of
the Literary Fund bearing six per cent interest paya
bic semi-annually
the State payable bearer aDd endorsement by an
holder required for their transfer The holder
collect the principal money when due Asa general rule
this provision is best nd thus transferable are more
1La hRah nen SIZED
to BY some OF citizens who have made pema
investments In these bonds purchased either of the
ser it, the Treasurer of the State should be
requ. ed the number date and amount Of tho bond
also endorse upon the bond that it transferable
only at his Office by writing the bsnd witnessed by him
1t generally the that holders of these bonds anSng
citizens have safe place keep them They are
liable be lost stolen destroyed by accident The con-
who not them. 1t to such a
provision should be and nducemcnt held out to
our citizens to make investment in these securities
gives pleasure to inform that by means OF the
liberal aid extended by the last Genera" Assembly
west as rapidly circumstances will allow On the 18th of
September 1851, subscription on behalf Of the State of
81 066 600, TO the stock of the AaRc and n T.
Railroad ompany Of which the sum of 1888 900 has been
paid by sale OF State bonds
ards Point, Beaufort harbor is under contract large
portion of it graded and another portion extending
miles west from tho town of Nswbern has been laid with
On the Goth September 1855, subscription Of $500 ooo
.
G. Railroad Company Of which the sum Of $500 oo4 has
lately been paid sale of bonds The greater part of the
from Salisbury to point near Statesve and the
west bank of the Catawba river has been located aud let
out contractors and considerable portion of has been
graded. Fuller information these works will doubt
be laid before by the respective during your
session
have been promised full report to the operations or
Deep rv and regret that have not an opportunity to lay
the river damaged to extent ting the present
by high war but not TO the extent that was vt hrt
supposed was invited during the present fall by the d.
If tho company upon the line Of the works and
see the extent md progress OF TIE improvement hut my
sented to by of the State directors that the ultimate
practicsby Of the work be, ond doubt and that safe
steamboat navigation has been obtained to Loekyc on
Deep riVcr that above Thu point heavy stone lock has
advisable by the Engineer charge and when
that completed that the navigation will be opened the
coal fields But that some of the older works mast be re-
placed a considerable. extent by of sub
stantia and that complete all the work
temp"ed and relieve the company of outstanding debt
about 100000, which has greatly embarrassed the
Pany in s operations further sum ofabout vii
o be requisite only add that when definite inf"r
j., nation this important work is received shall b
r. promptly laid before espscted frCu
IS river, which, when received, will be laid before you
from p G%er Companies including one from the
superntend tho construction of the Western Turnpike
He inform, me that all Of the road from H'hvs to tn
completed excepting about two hundred yards near Wayncs
vle in the county Of Haywood in relation 20 which sui
h at law is now pending.
what calls may be made upon you at the pres
further works OF internal
heretofore expressed the opinion that the State
furnish liberal aid works of the kind, extending them
rapidly she can, consistently With Rer means of doing
acted, and such believe will be the future policy OF tn
State Whether further appropriations should be made
this session. and if so, to what extent is more especiIl
province determine and submitted your wisdol
and better judgment
During the present year, the State Geoogis Dr. Emmou
made Known to me his readiness to prepare report OF
survey of the State far completed and the matte
having been brought the attention the Literary BOAr
under whose supervision the law required the report to
published Dr. EMmOns requested to for put
M LEGATION and the Board determined to have 1000 cOp
printed ami bound in boards with suitable plates and
VI planatory maps.
sheethas all been printed and now in the hands of tt
binder and will be ready in short time to b0 laid hefp
s. you.
It was deemed advisable publish the report the
N stated it will be doubt found worthy of place
abroad and supposed that tho number ordered to
published would furnish sufficient supply for distribution
leaving copos enough to reimburse the State for the
publication should the Legislature order them to be sol
statement of the costs OF publication will be seut in wit
al the report There pended and in the Treasury
the appropriated for making the survey
than sufficient to defray ali the of publication
For already stated have not been able to
the report ut have to believe that it will be four
of much interest," not only to he of science but tt
caly, will be fully made known and it will be seen tina
in this respect State is second to only the
er In other respects the report incomplete and
n tins and further examinations are necessary
g. ills due to Dr. Emmons to state that for the past yea
90 nally plated during year
erabc portion Of his time has been necessarily devoted
preparation of his report In comp with the resolution
the last General Assembly he has ase collected and arranged
cabinet o" rare and beautiful minerals which be seen
the west wing of the Capitol and which will be found
e. worthy of your examination
completed respectfully recommend that
OK act for the purpose by your be
belief perhaps do believe that benefit will result
farther