The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1858-11-24

lulcEeotOu HUuef itilts diu Attaching pcudls
ties to their violation. have lately, to some
extent. become topic of discussion. The
policy Of such laws has been seriously ques.
toned. We live ina highly commercial age.
and il cannot be denied that in most of the
great commercial centres of the world, the
value of money, or in other words the rate
Of interest paid for its use, depends upon the
supply and the demand, and the risk incur
red by the lender, and that all attempts, by
law, to confne the rate Of interest within
certain fixed and prescribed limits have prov
ed futile. Such being the case. il has been
deemed wiser policy to remove the restruc-
tons as to the amount to be paid for the loan
or forbearance of money over and above a
certain fixed rate, where no special agree
ment is made, and thus to allow money like
property to seek its own value.
1t is said, how truly am not sufficiently
informed to say, that large amounts OF CAPT.
tai owned by our citizens have gone from our
State to seek for more profitable investment
in other States, where the rates Of interest
are not restricted as by our law, and that
such will continue to be the case to our seri-
Gus detriment. II may be doubted whether
at this time capital employed in most BUSH
ness enterprises in this State, paying grea-
ter rate of interests than that now fixed by
law, can be reasonably expected to remuner.
ate the employer. But however this may
be, 1t may still be well questioned whether
the State should step in and undertake to
say what contracts may or may not be enter
ed into BY her citizens, or upon what terms
they may engage in any business enterprise.
Without expressing decided opinion as to
the policy Of our existing laws the subject
Is one of Importance, and as such ! recon-
mend it to your careful consideration.
] transmit herewith reports made to me
BY my request. by the Presidents Of the At
!antc and North Carolina Railroad Company,
the Western North Carolina Railroad Com
pany. the Chesapeake and Albemarle Canal
Company. and the Cape Fear and Deep River
Navigation Company, the only works in
which the State is interested as stockhol-
der, which are now, or have been, in a 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 preparation; but they may serve to
show the present condition Of these works
/ anu OF the companies.
10 short time hope to be able to present
to you additional reports from these com
panies, and also reports from other companies
in which the State is stakeholder. / for
bear to comment on these reports, as You will
have ample opportunity to examine them
when printed and laid before you.
! have SO often expressed my opinions to
the Legislature on the subject of internal
/ Improvements, that I deem it unnecessary
to repeat them here. Though We have in
cured heavy debt in the construction Of
works of the kind, it is not one, by any
means, beyond our ability to pay.
wheather additional appropriations shall
be made at this session and for what purposes
is matter which belongs to you to deter
mine. and with you shall leave it.
| During last summer Board Of Commits.
sioners appointed BY the Secretary Of tbs
Navy, under resolution Of the Senate ol
\ the Unied States, visited the Deep River
country with view Of ascertaining its suita-
bility as location for government machine
shops for the manufacture Of machinery for
the United States Navy. At the head Of
this commission was Capt. Charles Wilke:
Of the Navy, gentleman distinguished not
only in the line of his profession, but as a
scientific explorer. ! felt it my duty, in
connection with many of our citizens. TO ex
tend to these gentlemen such ciyilities a:
could offer.
+ A report will be made by them TO tbs
next Congress Of thel United States, and
have every reason to believe that it will be
Of the most satisfactory character, so far 4,
the existence, in that region. in the greatest
abundance, Of iron, coal and other necessarie.
tor government establishment Of the kind
is concerned. Indeed, the examination.
made during the present year, not only b.
scientific men, but By those having practi.
cal knowledge Of such matters, have tended
more and more TO bring to light the inEnens,
mineral resources Of that remarkable region
Some Of these gentlemen have seen an,
conyersed with, and all concurin these opin
ions, and especially as to the existence there
Of immense quantities Of the most vnluabl,
kinds Of iron ore. TO develop this wealth
however, there was but one opinion also as {,
the necessity Of proper means Tor its trans
portation. With adequate Railroad an,
water facilities, no doubt was entertained b,
any Of them, a. to the rapid development 81 III,
coal and iron interest, and that il would b,
speedily followed BY Others almost as i'm
portant.
Il deem il nv duty to call your attention
20 the condition Of our militia system.
regret to say that we have now hardly an,
military organization in the State, excep
, what is to be found in few volunteer com
panies. But few Regiments exist that hay,
|. officers, or that are called out at any time (,
perform military duty. Should an emergen.
ey arise requiring the employment Of an,
considerable military force, we should, for
. time, be almost powerless for want Of am
organization. ia well regulated militia b
, 81 the first importance in our system Of 20
serntnent, and such has been the opinion D
our wisest men, both civil and military, y ther
something should be done 10 infuse yitalit,
. INTO that Of our State, 50 az to place IN con
dItion, il not Of positive efficiency as mill