The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1858-11-23


sirable The time was, hut think it has now pass
ed when the heldprs of these bonds would readily
have exchanged them for State coupon bonds at
long date. 1t seems to me, therefore, that with our
present resources almost the only alternative left us
is to make coupon bonds of the State at long date
with provision in the bill authorizing their issre
to create q special sinking fund sufficient to pay,
and nvialaby pledged to pay, these bonds at ma
tury and that the bonds should then be solo III the
market As the money may be wanted at the Treas
ury. Judging from the present prices OF our bonds
in market | believe that such bonds with fund
pledged for their ultimate payment. would sell for
par if not for premium. | shall be much pleased
if more feasible scheme for relief than the one suS
ecstcd, can, in the circumstances i'll which we are
placed. be devised by the Legislature.
The books in the Treasury Department show that
the revenue of the State from all sources, except
from the sale nf State bonds for the TIVE fiscal years
ending the Goth of September last was for the wear
1867. $5I2.2O5 U2, and for the year 1875,
$500, 45O 35.
1t should be stated, however that about the sum
of 81 600 part of the sum first named, properly be-
longed to the year 1856 not having been actually
paid into the Treasury. il should have been. be-
fore the end of that fiscal year, while about the
of $1,000 should be added to the second sum named,
for defaults by Sherfs, which will probably be col
lectcd during the present fiscal year These amounts
of revenue compare favorably with these reported
to the last General Assembly for the years 1915
and 1856.
Should tho revenue continue tho for the
present and next fiscal year, and bonds t" the
amount of the floating debt be disposed o.! the Treas
ury for the two years would realize about the sum
of ST. 400 900, an amount in all probability, suf-
cpnt to pay the interest upon the existing State
debt, and also the current expenses OF tie State
Government. But to this | do not wish to be
considered speaking with absolute certainty, the
estimates at the time of preparing this statement
not having been completed by the Public Treas
By an act of the last General Assembly it was
made his duty Ito furnish estimates of the expenses
of the State for years next succeeding the close
of the last fiscal year, and with scheme i'll the
form of bill to sustain such estimates"
This will be laid before you at an early day in
the session.
Should the form of the present revenue bill be re-
tanned. | would again. as did in my last regular
message, most respectfully remind the Legislature
that there many difficulties in the construction
of parts of that act which have from time to time
been presented by the collecting officers of the State
and others to the Treasurer and Comptroller, and
which should be rendered plain by new or explain
atnry act
1t would be out of place to attempt to detail them
here. but they be pointed out by those officers
to your finance committee.
repeat what before stated, that, in of
doubt the State is generally the lnser, collecting
officers will not in such cases, enforce the collection
of the tax, at the hazard of suit, should they mis-
take the law.
desire also to call your attention to the present
mode of assessing lands for taxation. Every one
who has given any attention Ia the subject, must
have become satisfied how imperfect it is, and how
unpquallv such assessments are made, not only i'll
different counties whose lands are known to be near
y of the same value, but that such assessments are
quite unequal and out of proportion to amy fair
standard of value in the several districts of which
a county is composed.
If the present system of valuation is retained,
think this last evil may be remedied in great de-
gree by requiring the assessors for the several dis
tricts composing county to meet together as a
Board after the assessme nts have been made and
before they have been returned to court, and that
the Board, so composed. shall examine and compare
all the lists and have power tn increase diminish
any assessment : t" majority of them may seem
right and proper. The list $" corrected to be re-
turned to court rs now required by law.
In my regular message to the last General Assem-
bly,. urged upon them the policy of creating sink
ing fund for the ultimate discharge of our State debt.
| take occasion to- renew the recommendation then
made. The bill passed at the last session. made
quate rs it was from the smaneSs and uncertainty
Of the fund provided nevertheless a step ia the
right direction. The fund. though small, affords
nucleus around which larger one may be built up.
A Board of very able and experienced gentlemen
We're appointed to manage it. who have heartily
dertaken the important trust cunided to them, and
who will doubtless lay before you valuable informa-
ton and suggestions to its increase, what amount
will be required from year t" year 30 meet our debts
they fall due, and - to the best means % be-
adopted for the preservation of the public credit.
The Railroad stocks belonging to the State and
not before appropriated to other purposes constitute
the chief part of The sinking fund The receipts
far have oePn mainly, if entirely. from dividends
declared OH stock i'll the Raleigh and Castor Rail
road Company. 1t was hoped, and, believe gen
orally expected that, after your last session, div-
dends would be made by the North Carolina RAJ!
road Company, at least the preferred stock held
by the State, for her last subscription of million
of dollars. In relation to this question has arisen
of some Importance to the State well to the in
dvidual Stockholders and to which deem it my
duty to call your attention.
This preferred stock taken by virtue of an
act, Oh. b. Laws 1878, entitled IAN act for the
completion of the North Carolina Railroad;' and by
which it was, among other things. provided, that
1.-THE State shall be entitled to six per per an
mum, payable seni-unnually thereon, out of any
dividends of profits made by said company, before
any dividend shall be paid any other stock in the
same
In the two last annual meetings of the stockhold-
in the Company it was insisted by Judge Ruffn,
the State proxy. that out of the receipts. and
above the necessary expenses of operating the Road
the State entitled to have dividend on her
preferred stock-and that such receipts were not
properly applicable to the payment of debts of the
Company, contracted antecedent to the passage of
said act, to works to be constructed. Or if
TO the latter, they were only applicable to such as
were indispensahly necessary to operate the Road.
Whereas, the reports of the officers of the Company
showed that these receipts sufficient to pay
dividend te the State, in each of these years, but
that they had been applied by the officers of the
Company t" the discharge of existing debts and to
the construction account. The officers and stock
holders in the Company took different view of the