Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1858-11-16
$5,l47,sO2 55

6,SI9, 0U5 90
Making the bonded debt of the State upon which
she is primarily liable, at this time, six millions
eight hundred and seventy nine thousand five hun
dred and five dollars Of this amount, the payment
of the principal and interest of the sum of S400.
600, loaned in State Bonds to the Atlantic and
North Carolina Railroad Company, is secured by a
deed in trust the Road and other property of the
Company, in conformity to the act of last session
authorizing the loan. So far, the Company has
failed to pay the interest on the bonds 1t is hoped
however, that when fairly in operation, it will be
able to do So and relieve the State to that extent.
will state also that for two years last past the
State has been compelled to pay the interest upon
bonds of the Cape Fear and Deep River Navigation
Company for $300,000, by reason of her endorse
ment thereof and that she is liable in like manner
for the ultimate payment of the principal it falls
due, onethrd in the year 1866, the like amount in
1875, and the residue in 1885.
Under existing laws, State Bonds are to be issued
rs follows:
For balance of first subscription to
Western North-Carolina Railroad 100000 90
For subscription to same, made 10th
August last, under act of last SEES
sion, to complete the first section of
the Road to Morganton 100000 90
Making, Si4O. 900 90
These bonds in all probability, will be called for
and issued before the meeting of the next General
Assembly.
1t is proper for me to state also, that there has
been for some years. floating debt due by the State
kept on foot from year to year. by resolutions passed
from time to time by the Legislature, authorizing
the Public Treasurer to make temporary loans to pay
the liabilities of the State and which loans have been
annually paid off upon the coming in of the public
taxes. The amount Of this debt has been gradually
increased by the payment of interest these loans
and the excess of appropriations the receipts
from revenue, until it reached near the end of the
last fiscal year, about the sum of 1902, 41S.
This debt has been serious inconvenience I NAV
say in fact, an incubus upon the Treasury, and will
continue to be so, unless permanent provision
is made for its relief
coming revenue at the end Of the last fiscal year. but
it has left rdcuum in the Treasury to that extent
which must be supplied by loans, or in some
other manner, before the incoming of the revenue
for the present fiscal year. In fact, it is the opinion
Of the Public Treasurer, you will from his es-
Inmates, that, temporary loans resorted to the
amount of the floating debt this fiscal year will ex-
coed that of the last and that about the sum of $780,
900 will be required. This amount taken from the
revenue to be paid at the end of this fiscal year,
would neatly empty the Treasury and leave it with
out means for the next twelve months
The monetary difficulties experienced throughout
the country in the fall of last year and for several
successive months thereafter, fully proved the i'm.
policy of trusting to the resource Of such loans to
preserve the credit and homer of the State gives
Inc pleasure to say that, IN this emergency Oul
lanks with some two or three exceptions came tc
the aid of the State, and thus enabled the Public
Treasurer to meet all her engagements
1t seems to me to be matter of the first impor
lance to relieve the Treasury from this burthen ant
TO place it upon such footing for the future that
Ike hazard may not be second time incurred.
Of the bonded debt of the State, of which hav,
given statement, there win fall due of principal
from time to time, in the year 1859 100000, ant
Oh LIST January, 1860, $500, 000. Provision must b,
made by you at this session to meet these debts ant
hold it almost as imperative that you should ais
provide for the floating debt, as estimated by tn
rublic Treasurer making together about Eleve
Hundred Thousand Dollars. How it is to be don
is q matter well worthy the consideration of ever
one who has at heart the best interests of the Stat
We cannot raise the amount by taxation in the sho,
time we have to do il, without imposing bdrthe
taat would fall heavily upon the people, Nor, u,
M exlsting circumstances is it at all probable thu
we amount could be obtained by loan upon sue
T ana for such time as would make it desirabl
t,, le nme was, but think it has now passed. WHIT
'ae holders of these bonds would readily have e