Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1858-11-13

Mr. Busbee states that 6 in the endorsements, for
public roads, &c. the States is protected by mortga
cages and until the fiscal year ending LIST October
1857, haid paid nothing account thereof The
Cape Fear and Deep River Navi cation Company
having failed to pay the last years interest due
the bonds endorsed the Public Treasurer had to
meet the same; and it is highly probable that that Off
will have to provide for the payment of the prn
cipal or at least the first nstalment of 100000,
due in january 1865. The friends of this improve
ment however, sanguine that the
navigation to the Coal Fields is partially open
ed the Company will be able to meet promptly all
its liabilities. The State has paid nothing on &C
count of the Wilmington and Weldon Railroad
Company, and from the punctuaity with which the
interest on the endorsed bonds has been met, and
from the prosperous condition of that Company, it
is believed that they will make ample provisions for
the payment of the principal as it falls due"
Over and above the funded debt of the State, as
above detailed the Treasury is also indebted to the
various Banks for sums borrowed at different times
to meet pressing exgencies to the amount OF about
$500, 600 These loans were negotiated in anticipa-
ton of the public revenue soon to come in and will
be paid off at early day. This floating debt will
absorb half of the receipts of the public fund,
leaving the other half (say about S3oO,oOOO to be
applied to the payment of the interest of the State
debt and the current demands upon the Treasury.
1t from the Reports of the Treasurer and the
Comptroller, that if the Treasury relieved from
this floating debt, by having its payment provided
public fund would be amply sufficient to meet the
current interest and charges against it. Of course,
other provisions will have to be made to pay the
principal of the State debt failing due in 1859 and
1860. The prompt payment of these Bonds as they
fall due, will greatly strengthen public faith, at
home and abroad in the credit of North Carolina
and we convinced, from the general tone of pub
lie sentiment, that the importance of meeting these
payments promptly and checrfuy, will be fully felt
by the next General Assembly, and will have much
weight in their legislation.
1t is impossible to calculate with any degree of
accuracy, or to make any reliable estimates of the
probable amount of the prospective debt of the State
depending as it does upon contingencies which may
may not happen for considerable period. The
public faith is pledged for the completion of the
Western North Carolina railroad, provided one-third
of the amount necessary therefor is subscribed and
paid in by individuals. This Company was incor-
poratcd in February, 1855 and as yet the State has
been called upon for but $3.50 900. The first divis-
ion of the road from Salisbury to Morganton, must
be completed equipped, and in full operation before
the State can be called upon for any further sub
scrption. The faith of the State is likewise pledged
to ndorsc the Bonds of the Wilmington Charlotte,
and Rutherford Railroad Company for the sum of
100000 upon the completion of every section of
twenty-five miles In communication addressed
by the President of that road to the public Treasur
er, during the last General Assembly, he says
"Our purpose is to prepare the entire roadbed, if
possible, before We commence laying the crack, so
that we shall be enabled to finish road to the
Cotton Country before the interest upon our first
bonds shall have become DUE" &C., and that neces-
sarily no bonds will be called for before the meet
ing of the next Legislature, nor probably in some
time thereafter. These statements present a true
account of the present and prospective indebted
OF the State, derived from official sources
Ne,o York Courier md Enquirer.