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

present mode oil assessing Janus lor taXhtiop.l
Every one who has given any attention to the |
snbject, must have become satisfied how i'm
perfect II is. and how unequally such assess
ments are made, not only in different coun-
,sies whose lands are known to be OF the.same
value. but that sueh assessments are quite as
unequal and out Of proportion to any fair
standard Of value, in the several districts OF
which couHty is composed,
IL the present system ofyaluation is retain
ed, think this last evil may be remedied in
4 great degree BY requiring the assessors for
the several districts comprising county to-
meet together as a Board, after the assess
ments have been made and before they have
been returned to court, and that the Board so
composed, shall examine and compare all
the lists, aud have power to INCREASE or d.
minish any assessment, as to majority OF
them may seem right and proper, The list
so corrected to be returned te court as now
required by law.
In nv regular message to the last General
Assembly, urged upon them the policy Of
creating sinking fund for the ultimate dis
charge of our State debt. | take occasion to
renew the recommendation then made. The
bin passed At the last session, inadequate as
he fund provided, was step in the right d.
reetlon. The fund, though small, affords a
nucleus around which larger one may be
built up. A Board Of very able aud expert
eueed gentlemen were appointed to manage
il, who have heartily undertaken the imPor.
tant trust con6ded to them, AID who will
doubtless lay before you valuable information
and suggestions as TO its increase, what
amount will be required from year to year TO
meet our debts as they fall due, and as TO the
best means to be adopted for the preserva-
lion Of the public credit.
The Railroad stocks belonging 10 the State
and not before appropriated 70 other pur-
poses, constitute the chief part OF the sink
ing fund. The receipts so far have been
mainly, ifnot entirely, from dividends de-
clared on stock in the Raleigh and CASTOR
Railroad Company. II was hoped, and,
believe, generally expected that, after your
last session, dividends would be made BY the
North Carolina Railroad Company, at least
on the preferred stock held by the State, for
her last subscription OF one million of dollars.
In relation to this aquestion has arisen OF some
importance to the State as well as TO the in
diyidual stockholders, and 10 which deem
This preferred stock was taken By virtue
Of an act, Oh. 50, Laws 1855, entitled
san act for the completion Of the North
Carolina Railroad II aud BY which il was,
among other things, provided that the State
shall be entitled to sir per cent per Gnnapl,
payable semi-annually thereon, ont OF any
dividends Of profits made By said company,
before any dividends shall be paid on any
other stock in the same"
In the two last annual meetings of the
stockholders 10 the Company, II was insisted
by Judge Ruffin, the State proxy, that out Of
the receipts, over and above the necessary
expenses of operating the Road, the State
was entitled to have dividend on her pre-
ferred stock-and that such receipts we're
not properly applicable to the payment Of
debts ii the Company, contracted antecedent
10 the passage OF the said act. or TO new
works to be constructed. Or if 10 the latter,
thew were only applicable to such as we're
Indispensable necessary 10 operate the Road,
Whereas, the reports Of the officers OF the
Company showed that these receipts we're
sufficient to pay dividend to the State, in
each Of these years, but that they had been
applied by the officers Of the Company to
the discharge Of existing debts, and to the
construction account. The officers and
stockholders in the Company took different
y.eW Of the matter, and insisted hat the
fund had been properly and legally applied,
and that the State had no Just clam to have
any dividend. under the circumstances.
Tie proxy Of the state reported these facts
70 me, to the end that might take such &C.
ton ID tie premises as in my opinion the in
-. s.tR Ia We
conflict q opinion did not deem j advisa.
bic to take any steps to assert the claim OF
the state, but concluded to submit the whole
matter 10 the General Assembly for such
directions, i any, as they may think pro.
per 70 give.
At yeur last session bill was passed, ten-
dering TO the Bank d the State renewal Of
its charter. Al a general meeting Of the
stockholders in the City Of Raleigh, the mat
ter Nas taken into consideration, and ] was
informed that they declined 10 accept re.
neNal u the character upon the terms con.
tanned il tie bill. A. Tie charter under
which the Bank il now dong business will
expire On tie first Of January, 1850, although
brlaWi II II allowed fhree wears after that time
IL Wind j II. affairs, il VII, ii ms opinion be
highly expedleag for the Legislature, az this
session, u charter some institution Of the
kind, 70 take Inc place u the Bank Of the
State. should il 70 INTO liquidation. IL hs.
been sometimes suggested that the capital oi
the Bank Of Cape Fear might be increased e
an amount sufficient 10 supply banking laeili.
ties to the community. and TO furnish also the
means Of making Z safe and profitable invest
ment Of that portion 81 the liteary funds nov
invested 10 stock II The Bank q the State
Bstitisuncersaln whether the bank 81 Cape
Fear would accept IT sath proposition, and
II that uificultY we're removed, il seems 4
me that ssth Al arrangement would ~ nb
lsciionaJle. - long a Ne haze banks q
discount and deposit, il would, u ny Opin
ion, bs highly impyliiic to build Up Ont
o,ergfown Institution which would have u,