The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1856-12-03

and will be found as credit in the present fis-
cal year. Including these sums the amount of
revenue for the last fiscal year may be sci down
at S405, 1851.
regret to say that this amount will be less
in the presen! fiscal year, in all probability, by
the dividends received heretofore from Raleigh
and CASTOR Railroad stock, and partially, if not
entirely, on stock in the Fayetteville and Wes>
tern Plankroad. No dividend was made at a
late meeting of the s,ockholders Of the former
company, owing TO the facl that the earnings
Of the company were chiefly expended in heavy
and extensive repairs 10 that portion Of the Road
extending from CASTOR to Weldon, which,
lhough lately built, was so defccvely construct
ed as 10 render these repairs indispensable.
The bridge over The Roanoke river, al Cas-
Ton, is also undergoing thorough repairs, and
large sums will be requireG.during the ensuing
year FOR both purposes. |, is expected after
these repairs are made, that the stock owned
by the State in this company will again be
remuneratng.
j No dividend has been made during the pres
ent year on the Fayetteville anG Western Plank
road stock. The construction OF the North
Carolina Railroad has, il is said, impaired TO
considerable extent the business Of the Plank>
road, and il cannot now be safely looked 10 for
paying the handsome dividends which il former
ly yielded.
II is confidently expected that The North
Carolina Railroad will ultimately pay good
dividends. Il is hoped that il may pay some
dividend al an early day, and thus measurably
relieve the public treasury. But am not sui-
6cienlly informed upon the subject al this time
10 form a reliable opinion as 10 how soon such
may be the case. You will, however, probably
J have such information laid before you during
: the session, as will enable you TO determine
: whether any aid may be reasonably expected
from that source in making provision 10 meet
the liabilities, present and prospective, Of the
State.
The ordinary expenses Of The State govern
menl for the two fiscal years ending The list
October, 1858, will not, think, exceed Sl70,
|, l000, or. an average Of S85, 900 per year. They
will be more this year on account OF your ses-
D sion, and less the next.
: From the statements given il will appear that the
interest payable annually on the present bonded
debt of the State is S3O2,32s 10
D And upon bonds to be issued under exist
fiscal year, s7O,sa6 90
Q And unless provision is made for raising il
0 otherwise, there must be paid out Of the
o Treasury, in all probability, for the Yad-
kin and New River Navigation Campa-
0 MES, the sum Of S25,000 90
nwm Do sOSn, a..rsr---, Az. ,i,a rrAsaat<e-
venue Of the Stale will fall short Of meeting these
liabilities, and that further provision should be
Q made for that purpose.
deem il matter, TOO, OF The first Importance,
that provision should be made for The uti-
mate paymen, Of the principal Of the debt Of
4 the State, present and prospective, by creating
. sinking fund sufficient TO meet the several
IS liabilities as they fall due.
Il Prudence and wise forecast, as well as the
' experience OF other States and governments,
1 would seem 10 dictate such course, and the
y debt can be more easily met and exlinguished
= in this way. Looking 10 the present only,
a policy would seem TO require il, il Tor no other
y reason Than that Of maniaining our credit un-
impaired, aud thus enabling US 10 use il readily
II and upon the best terms, for extending our
! public works, or for other purposes. The ef-
= feet Of such system would surely be 20 keep
. our State bonds al par IA very important con-
Of sideraton and in all probability iopul them at
a premium.
10 submit 10 your better judgment as to the
y best means 10 be adopted for raising such fund,
10 advising, however, II one be provided, that u;
:. management shall be entrusted 10 competent
ts board, with Secretary The Public Treasurer
!. TO be made The treasurer Of The board, but The
funds TO be kept separate and distinct, al al
a times. from The other funds Of the State.
!. il has been already stated that iappcars from
e the books Of The Public Treasurer iha, there wal
!. due, on account, 10 The Literary Fund the sun
re Of SlIO,4l2 SO, on the Isl Of November, 1856
Is and ,ha, The State was further indebted 10 lha
"a Fund for interest on suniry bonds, in the sum o
: s3063a So, or ihcreabouts; making the whole
- smcun, due sl7l,045 Is.
i, A considerable portion Of The balance sp
+. lpearing on the books is principal money, an'
ought 10 be invcs,ed-how much does not ap
IA pear from the account, but may be ascerained
: This balance has been accunula,ng for som'
=, years. 4 large portion Of The interest mention
" ed above. as moi carried into the account, is du
- upon two bonds Of the State, constituting ~,
T., item Of sI0,360 55, 10 the statement given o
i The bounded debt Of lie State. These bond
=. were executed by the Public Treasurer in ID,
- years 1913 and lS49, by virtue ola resolution
Lo Of The General Assembly, in lieu Of other lunI
- belonging 10 the Literary Fund, which wer
Transferred 10 the State Treasury. NJ inieres
e has been paid upon these bouds. Calculates
" to the last semi. annual pay day on same, ih
90 interest amounts 10 the sum Of S21,95j so. Un
der the circumstances presented, and 10 the pre-
90 sent state Of the public treasury, ! respecIu
:" y, recommend. that this amount be converted int
principal, aud that the public treasurer be &c
quiicJ 10 execute The bond Of the State Cor III
90 same 10 The President and Directors Of lh
~ Literary Fund, bearing SIX pei cent. Interest
- PAYABLE stmi.snHuslly.
g7 py t.e ssi.,ing ls,s an the sybise, lie con