The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1856-12-02
so PER ANN u NJ
In Advance.

separate and distinct, at all times, from the
other funds of the State.
II has been already stated that il appears
from the books of the Public Treasurer that
there was due, on account, 70 the Literary
Fund the sum of $1l0,ll2 so, on the lst
November, 1856. and that the State was
further indebted 10 that Fund ft,r interest
on sundry bonds in the sum of S3u,6:2 -,
or thcreabountS making the whole amount
/ due Sl7l,OlJ Il.
/ \ considerable portion of the balance ap-
/ pcuring on the books is principal money,
and ought Ia be invcstcd-how much does
! not appear from the account, but may ne
aSccrtuuCd. This balance has been ac-
! cumulating for some wears. n large por-
! tipm of the interest mentioned above, aS not
| carried into tho account, is due upon two
/ bonds of the State, constituting the item of
S4U.3GU 81, in the statement given of the
/ bonded debt of the State. These bonds
/ were executed by the Public Treasurer ina
! the wear ISlS and 1919, by virtue of II rcso-
luton of the General Assembly, in lieu u
other funds belonging to the Literary Fund.
which were transferred to the State Treas
urv. No interest has been paid upon these
bonds. Calculated to the last scTi- annual
pay day on same, the interest amountS to
the sum of $Sl2 .955 50. Under the cirCum-
stances presented, and in the present state
of the public treasury, respectfully recon-
mend, that this amount be converted into
principal, and that the public treasurer be
required to execute the bond of the State
for the same to the President and Directors
of the Literary Fund, bearing six per cent.
interest, payable semi annually.
BY the existing law on the subject the
coupon bonds of the State are payable to
bearer and no endorsement by an owner nr
L. -. F,,. fbn;, hn
holder for the time being collects the
coupons for interest, and may collect the
principal money when due. AS Il general
rule this provision is best, for bonds thus
an~ferlblu are more Salcablc i'll the North
crn market. But it has been suggested tu
me by some of our own citizens, who have
made permanent investments i'll these bonds,
purchased either of the Public Treasurer
or others, that where holder or purcha-
ser of bond desires it, the Treasurer OF
the State should be required to note the
number, date and amount of the bond ia
book to be kept for that purpose, and t0
whom it belongs, and also to endorse upon
the bond that it is transferable only at his
office by writing on tho bond, witncS cSscd by
kim.
1t is generally the case the holders of
these bonds, among our own citizons, have
no safe place to keep them. They are
liable to be lost, stolen, or destroyed by
accident. The consequence is that Of
those who hold them feel insecure, and
those who do not, fear to invest III
them. 1t seems to me such provisions
should be made, and every induCcmcnt held
out to our own citizens to make investments
in these securities.
II gives me pleasure to inform you that
by means OF the liberal aid extended by the
i.,,.f Z l. -
Railroad Improvement, are being extended
east and west us rapidly as circumstances
will allow. On the 18th of September, 1855,
"a subscription, on behalf of the State, Of
Sl,OG6.GOO, was made to the stock Of tho
Atlantic and y. &. Railroad Company, of
which the sum of SJ:}3, 900 has been paid
hy sale Of State bonds.
The whole road from GoldSborO' to tho
terminus at Shcpard's Point, on Bcufurt
harbor, is under contract, n large portion
of it is graded, and another portion extend
ing-milcs west from the town of Newborn
has been laid with iron, and is now in use.
On the 2Oth Scmptcmb"r, 1855, u sub
scription Of SSOO,0OO was also made by the
State to the stock Of the Weston y. &.
Railroad Company, Of which tho sum of
$500, 900 has lately been paid by sale of
bonds. The greater part of the line of this
road has been surveyed and the portion of
it from Salisbury to point near StatesvilIo
and thence to the west bank of the catawbu
river has been located, and let out 10 con-
tractors, and n considerable portion of it
has been graded. Fuller information us 30
these works will no doubt be laid before
you by the respective companies during
your session.
| have been promised full report as T.,
the operations on Deep river, and regret
that have not an opportunity to lay the
same before you ut this time. Some Of the
works on the river were damaged to some
extent during the present year by high
water, but not to the extent that was at first
supposed. was invited during the present
tall by the directors of the company, to 20
upon the line Of the works and sec the cx-
tent and progress Of the Improvement, but
my engagements were such that | could
not do 80. 1t is represented to me by one
of the States directors that the ultimate
PrnctibiIlty of the work is beyond q dOnbt,
and that safe steamboat navigation has been
obtained to Lockyiilc, on Deep river that
above this point "a heavy stone lock has
been deemed advisable by the Engineer ia
char@c. aaId when that is completed. that
the navigation will be open to tho coal
fields. But that some of the older works
must hc replaced, To It considerable extent,
~ I'N ''tatS oI ~ more substantial cIllrHc
ter; and that to complete all the work CON
t"mplatcd and relieve the company Of an
outstanding debt Of about SlOO,OO0, which
has greatly embarrassed the company ia its
operations, "A further sum of about S:IDO.OOD
viii be requisite. cnh only add thGt when
more definite Information as TO this impDr-
tent work is received, it shall be promptly
laid before y"a. i report is soon expected
from the commissioners appointed tO super
intend the work on Tar river, which, when
received, will be laid before you.
1t is my purpose also in short time, to
submit u you reports from other compa-
nIrs, including one from the agent to super
intend the construction of tho Western
Turnpike. lie informs me that all of the
road from Aaheyille to- the Tennessee line
near the Duck Town Copper Mine has been
completed, excepting about two hundred
yards near Wayncsylle, in the county of
t.txv r,l-,4 oh, To-.