The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1858-11-23

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ing facilities to the community, and to furnish also
the means of making a safe and profitable invest
ment of that portion of the literary fund now III
vested in stock of the Bank of the State. Bat it is
uncertain whether the Bank of Cnre Fear would ac-
cept of such proposition and if that difficulty
removed, it seems to me that such an arrangement
would be objectionable. So long as we have banks
~of discount and deposit it would, in my opinion. be
highly impolitic To build up one orergrown nstitu-
ton which would have the power, in great degree
to control the monetary affairs of the State. The
same amount of capital divided between two bank
ing institutions, with branches in different sections
of the State. would be better and safer as each will
act as check upon the other. have no particular
! recommendations to- make to the amount of cap
ital of what it shall consist to the details "f
any charter To he granted Many schemes Will
doubtless be submitted to you. and Il shall only ex-
press the hope that you will be able to select
which, while it will hold out to stockholders rea-
sOnable hope of fair profits upon their capital, will at
the time afford ample facilities TO the public
Nor should it be forgotten that such an institutions
properly conducted, will be able to render impor-
tant aid to the State in the management of her fnan-
ces and the payment of her debts.
Our existing laws regulating tho rate of interest
money lent. and attaching penalties to their vo-
lation, have lately, some extent, become a topic
of discussion. The pnlicy of such laws has been
| rously questioned. We live in a highly commercial
age and it cannot he denied that in most of the great
commercial centres Of the world. the value of money
in other words the rate of interest paid for its
|
risk incurred ny the lender. and that all attempts
by law. to confne the rate of interest within certain
fixed and prescribed limits have proved futile. Such
being the ease, it has been deemed wiser policy to
remove the restrictions to the amount to be paid
fer the loan forbearance of money over and above
a certain fixed rate, where special agreement is
made, and thus to allow money ike property to seek
| its value.
1t is said. how truly am not sufficiently informed
to say. that large amounts of capital owned by
citizens have gone from state to seek for
profitable investment in other States where the rates
of interest not restricted lay law, and that
| such will continue o be the case our serious de-
triment. 1t may be doubted whether at this time
capital employed in most business enterprises in this
State, paying greater rate of interest than that
fixed by law, can be reasonably expected to remu-
! nerate the employer. But however this may be. it
may still be well questioned whether the State should
step in and undertake to say what contracts may
may not be entered into by her citizens, upon
what terms they may engage in any business enter
prise Without expressing decided opinion as to
the policy of existing laws, the subject is of
! Importance, and such, | recommend it to your
careful consideration.
transmit herewith reports made to me by re-
que st. by the Presidents of the Atlantic and North
| Carolina Railroad Company. the Western North
| Carolina Railroad Company. the Chesapeake and
Albemarle Canal Company. and the Cape Fear and
Deep River Navigation Company. the on y works in
which the State is interested Il Stockholders which
| now, or have been, iii Il course of construction
since the adjournment of the last Legislature
These reports are not as full as they would have
been. had more time been allowed in their prepara
tion but they may to show the present con-
dtion of these works and of the companies.
In a short time hope to be able to present to you
| additional reports from these companies. and also
reports from other companies in which tho State is
stakeholder. / forbear to comment these
ports you will have ample opportunity to exam
inc them when printed and laid before you.
have often expressed my opinions t. the Leg
iSlature the subject of internal improvements
that deem it unnecessary to repeat them here.
Though we have incurred heavy debt in the
struction Of works of the kind it is not one by any
means, beyond our ability to pay.
Whether additional appropriations shall be made
at this session and for what purposes, is matter
which properly belongs to you to determine, and
with you shall leave it.
During last summer Board If Commissioners
appointed by the Secretary of the Navy, under
resolution of the Senate of the United States, visited
the Deep River country with view nf aScrrtaining
its suitability as location for government machine
shops for the manufacture of machinery for the
United States Navy. At the head of this commits
sion Capt. Charles Wilkes of the Navy. n gen
temaM distinguished not only in the line of his pro
fession. but as II scientific explorer. felt it nv
duty. i'll connection with many of citizens, TO
extend to these gentlemen such cives l could
offer.
A report will he made by them to the next Con-
gresS of the United States, and have every reason
believe that it will be of the most satisfactory
churacter far the existence, in that reginn in
the greatest abundance, of iron. coal and other
ces<arirs for government establishment of the kind,
is concerned. Indeed, the examinations made dur
ing the present year, only by scientific men, but
by those having il practical knowledge of such mat
tiers, have tended more and to bring to light
the immense mineral resources of that remarkable
region.
Some of these gentlemen | have seen and con-
Versed with, and all concur in these opinions, and
especially to the existence there of Immense
quantities of the most valuable kinds of iron ORE
To develop this wealth, however, there was but one
opinion also to the necessity of proper for
its transportation. With adequate Railroad and
water fucts doubt entertained bv any of
them. to the rapid development "f the coal and
iron interest, and that would be speedily followed
by others almost important. ..
| deem it my duty % call your attention to tile
condition of our militia system. l regret to say
that we have how scarcely amy military organiza-
ton i'll the State. except what is to be found in few
Volunteer companies. Bat few Regiments exist that
have officers. that called out at any time to
perform military duty. Should emergency arise /
requiring the employ meHt of any considerable mill
tary force we should. for a time, be almost power |
less for want of any organization. If a well rrpu-
lated militia be of the first Importance in our sy>-
tenn of government, (and such has been the opinion
of ouI w>est men, both civil and military,D tlelr
something should be done to nfuSe vitality into that
of our State, to place in condition. if not of
positive efficiency military body at least in one
ID which it mil ht be made available, and its eff
cheney improved as occasion may require. | have |
no expectation that under our present laws or ary
amendments thereto likely to be adopted any hioj