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

I'm
81 tho State would be better md safer, as each will
act Is check upon the other have no particular
reconlmendationst mike as to the amount of cap
ital or of what it shall consist to the details of
any charter to be granted Many schemes will doubt
less be submitted to YOU and / shall only express
the hope that you will be able to select one which,
while It will hold out to stockholders reasonable
hope of fair profits upon their capital will ut the
same time afford ample facilities to the public Nor
should it be forgotten that such an institution pro-
perly conducted will be able to render important
aid to the State in the management of her finances
and the payment of her debts.
Our existing laws regulating the rate of interest
money lent and attaching penalties to their VIC
lation have lately to some extent, become topic
of discussion The policy of such laws has been
riously questioned. We live in highly commercial
age and it 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 se
depends upon the supply and the demand and the
risk incurred by the lender, and that all attempts,
by law to conne the rate of interest within certain
fixed and prescribed limits have proved futile. Such
being the case it has been deemed wise} policy to
remove the restrictions as to the amount to be paid
for the loan forbearance of money over and above
certain fixed rate, where no special agreement is
made and thus to allow money like property to seek
its own value. h.
1t is said, how truly am not suffciep& a6nformed
to saw that large amounts of capital owned by our
citizens have gone from our State to seek for more
profitable investment in other States where the rates
of interest not restricted by law, and that
such will continue to be the to serious de-
trimcnt 1t may be doubted whether at this time
capital employed in most business enterprises in this
State, paying greater rate of interest than that now
fixed by law, can be reasonably expected to rcmu-
nerate the employer. But however this may be, it
may still be we'll questioned whether the State should
step in and undertake to say what contracts may
may not be entered into by her citizens, or upon
what terms they may engage in any business enter
prise. Without expressing decided opinion as to
the policy of existing laws the subject is of
importance, and as such, I recommend it to your
careful consideration.
transmit herewith reports made to me by my
quest by the Presidents of the Atlantic and North
Carolina Railroad Company, the Western North
Carolina Railroad Company, the Chesapeake and
Albemare Canal Company, and the Cape Fear and
Deep River Navig CATION Company the only works in
which the State is Interested as stakeholder, which
arc now, or have been, in course of construction
since the adjournment of the last Legislature.
These reports not full as they would have
been had more time been allowed in their prepare
ton; but they may serve to show the present
dtion of these works and Of the companies
In short time hope to he able to present to you
additional reports from these companies and also
reports from other companies in which the State is
stakeholder. | forbcar to comment on these
ports You will have ample opportunity to exam
inc them when printed and laid before you.
have so often expressed my opinions to the Leg
iSlature on the subject of internal improvements
that. | deem it unnecessary to repeat them here
Though we have incurred heavy debt in the con-
structon of works of the kEd it is not one by anv
means, beyond our ability to pay.
Whether additional appropriations shall be made
at this session and for what purposes, is matter
which properly belongs to you to determine, and
with You shall leave it.
During last summer Board of Commissioners
appointed by the Secretary of the Navy, under
resolution of the Senate of the United States visited
the Deep River country with view of ascertainng
its suitability location for government machine
shops for the manufacture of machinery for the
United States Navy. At the head of this commits
sion was Capt Charles Wilkes of the Navy, gen.
teman distinguished not only in the line of his pro-
fesSion. but as scientific explorer. / felt it my
duty. in connection with many of citizens, to
extend to these gentlemen such cvilities I could
offer
report will he made by them to the next Con-
greSS of the United States. and have every reason
to believe that it will lie Of the most satisfactory
character. so far the existence, in that region in
the greatest abundance. of iron. coal and other ne
ceSsarieS for government establishment of the kind
is concerned. Indeed, the examinations made du-
ing the present year. not only by scientific men, hut
by those having practical knowledge of such mat
tcrs have tended more and more to bring to light
the immense mineral resources of that remarkable
region.
Some of these gentlemen | have and con-
especially as to the existence there of immense
quantities of the most valuable kinds of iron ore
To develop this wealth, however. there but one
opinion also to the necessity of proper for
its transportation With adequate Railroad and
water facilities 10 doubt was entertained bv any of
thc,n as to the rapid development of the coal and
iron interest and that it would be speedily followed
by others almost as important.
I deem it my duty to call your attention to the
condition of our militia system. regret to say
that we have scarcely any military organiza-
ton in the State, except what is to he found in few
| volunteer companies But few Regiments exist that
, have officers that arc called out at any time to
perform military duty Should an emergency arise,
requiring the employment Of any considerable mill
tary force, we should for time, be almost power
/ less for want of any organization. If we'll rcgu-
! lated militia be of the first Importance in sys-
| tenn of government, (and such has been the opinion
of our wiscst men, both civil and military then
something should be done to nfuse vitality into that
of State to place in condition, if not of
positive efficiency a military body, at least in one
in which it might be made available, and its eff
! cheney improved as occasion may require have
no expectation that under present laws any
amendments thereto likely to be adopted, any high
degree Of military discipline or skill in the drill OF
the soldier can be attained Nevertheless, enter
tain little doubt that if present laws with
some notifications were enforced the system might
be placed upon respectable and useful footing
Our present system has been, practically speaking
without head; and assume it as a fact which
believe cannot be successfully controverted, that
military organization can be maintained without
an active and efficient head. Nominally, the Gov
ernor of the State is the Commander in Chief Of
the militia, and the organization of the system
seems to have been designed by our laws to be main
tanned through and by means of an Adjutant Gen
eral appointed by him. But the pay of that officer
two hundred dollars per annum) is small, thai
no one expect him, under existing circumstances
devote but small portion of his time to his militia
ry duties. To give efficiency to the Office the pa,
should be such to enable him to devote the whole