Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1858-12-31


increase of three cents the hundred dollars vaua
ton of land, and five cents the poll He conclude
his report as follows:
Since your last adjournment the country has passed
through monetary crisis which for seyeritv has co+o
y had few if any, equals in this country It so ham
pened that the storm about at its highest when +
became necessary for me to place funds in New YorI
to meet large amount of interest accruing unon o
bonds at that point 1t was of course difficult at such
time to procure such funds would be taken in n4
city in payment of our liabilities but by proper exor
ton succeeded In placing there the required anot
before it became due; the result was am hannv 70
that we placed our credit on even rmer basis than =
was before. But compelled on that occoS;o =. ~
pay unusually high premium for Northern eTcbono
and that has strengthened in the minds of Uonoo f.
objection which they have always urged aoo;nat az
policy of making our State bonds payable in New vow
instead of Raleigh, hope shall be pardoned tor
adopting it. Soon after coming into office in 1881
advertised for sale some of old form of bonds in
New York. and received in response to this advertise
ment letters from sundy capitalists in that CITY, maxim,
enquiries about the form OF bonds where payabe
&C., and proposing to bid them if the bonds suited
item in these particulars. Upon informing them that
they were known in the market registered bonds were
payable IN Raleigh, and in every case of transfer the
old bond had to be cancelled at this Office and a new
one delivered to the purchaser and the necessity of pass
ing receipts for interest every six months they all de-
clined to bid for them found too that they met with
but little favor at other distant points.
Looking, then, to the act of the Legislature of l949
10 incorporate the North Carolina Railroad Com
pany" and seeing that it required as soon as the work
was commenced, sale of half million of this descrn
ton of our State bonds, every six months until two
millions were sod besides the requirement under the
act of the sale of $152OOO for the extension If
the Raleigh and Castor Railroad to Weldon and for
the Neuse and Tar Rivers and as it was apparent tbet
the work on the North Carolina Railroad would be
commenced soon after the adjournment of the next AS
semby and that the call for the appropriation for the
other three Objects would be made about the same time
confess felt alarmed at the gloomy prospect of raising
this large amount of money in so short time by offer
ing to the public form of bond which became salts
he'd was suited to domestic market only and which
II relied upon, would result p immense pecuniary loss
to the State, besides its most eeterous effect upon her
credit at home and abroad. l. therefore, under solemn
sense OF my duty to the State and in view of the heavy
responsibility and greatly increased labor that would be
thrown at once upon this department, if the form of
BOND was about to recommend should be adopted re-
commended to the Assembly of 1852, to direct the
Treasurer to change the form Of State bonds and to
issue coupon bonds payable not in Raleigh an interior
point with which the world has comparatively but little
communication but the city of New York, the great
moned centres OF the continent, and connecting us
above any other point with Europe, and to make them
payable to -- or bearer, that they might be
transferable by delivery only In fact it has now become
the custom of most of the States to make their bonds
payable in New York.
What difficulties we should have had to encounter in
raising with old form of bonds the millions of money
which we have had to raise to construct the i'm
provements in which have embarked purchasing the
iron, engines &c which had to be sought after in
Europe and the North, are think well understood by
those who have had, and those who now have
charge of these works And 1 think 1 may confidently
refer to all those who have control of banks but who
do not WELD altogether active Banking capital equal
to present State debt to show the utter impractical
biy of raising here at home the money have been
compelled to have for our improvements. 1t is obvious
that banking circulation is not equal to the wants
of our citizens without their being compelled to
ter the overshadowing competition of the State for halt
million at time, with bond of such form would
conhne her mainly to of supply. Moreover
it is the true policy of the State to invite capital from
abroad while she is engaged in constructing works for
the development of her resources. will remark in this
connection that any party who desires it. can have bis
State bonds registered this Office free of charge At
the time, however, of this recommendation the State
had been engaged for four years effort to deve
the resources OF the valley of Deep River. believed
then do now, that these resources of immense
value. cherished the hope then, and still cling to it,
that before the bulk of even present debt falls DUE
that region will be made to yield up its rich treasures
and that they will be found floating through own
ports to New York and other portions of the world, and
that in this way shall have such supply of North
exchange to make the point at which debt to
be met whetherin New York Raleigh, matter Ofsma
moment with u.s. whatever may think of its amount
hope shall not be misunderstood in making these
marks, attempting to influence the Legislature in IA
vor OF making appropriation for this any Other
enterprise, as that is not my province, but simply
indicate the policy adopted by the Legislature of 1922
in relation to our State bonds. In fact after such
volume of testimony has been furnished by both scien
tic and practical men, favor of the rich treasures
which lie buried on Deep River cannot resist the
vction that the cupidty of capitalists WILL with or
without the aid of the State force to completion all the
n works that have been projected in that region.
: You will receive, suppose, report from the Com
missoners of the Sinking Fund under the act of thc
last Legislature upon that subject with suitable sug
gestons for the increase of that fund for the ultimate
demption of our public debt
have heretofore called the attention of the Legsa
ture to the present mode of assessing the lands of thu
> State Complaints continue to be made of the irregu
arty of its operation upon different persons similarly
situated which think will continue to be made long
as the present system exists. AS the law now stands
different parties the value of land not only of thu
several counties, but of the different neghborhoods
each county, without any concert with each other by
which it often happens that adjoining tracts of land
ntrlnslcaly OF the value have very unequal vaua
; tons placed upon them. have taken the trouble t
procure from Sister States their respective systems
of assessment, which will lay before the Committee
: Finance, with view of improving l find tina
while most of the other States have tribuna
for each county, whose duty it is to meet at the cour
house and equaize the valuation for the whole county
of them have also for the whole State to
at the seat of government and equaze the valuation
/ throughout the State"
l. Jefferson to say that kings of his time were fools
and the London Times says if cast eyes over con
nental Europe shall find in the royal mind an ute
inapttude for such an occupation the management
Iaooo H. LIZ 4ocl aF I