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

sources almost the only alternative % 10 make
coupon bonds of the State at : long es With 9
provision in the bill authorizing Their sto GRE
ate special sinking fund sufficient to pay, and m
yiolably pledged to pay, these bonds at maturity;
and that the bonds should then be sold in the mar
ket as the money may be wanted at the treasury
Judging from the present prices OF our bonds IN
market believe that such bonds with fund pledg-
ed for 4heir ultimate payment would sell ior par -
more feasible scheme for relief than the one sugges-
ted can in the circumstances in 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 of State bonds for the two fiscal years
ending the 3Oth of September last for the year
1861 S512, 2O5.O2 and for the year 1878, S5o7,
400. 30.
It should be stated, however, that about the sum
of ST. OOO part of the first named properly be-
lonecd to the year 1885, not having been actually
Maid into the Treasury, as it should have been, be-
fore the end of that fiscal year; while about the sum
of A. 900 should be added to the second sum named
for defaults by Sheris which will probably be col
lected during the present fiscal year. These amounts
of compare avorably with those reported TO
the last General Assembly for the years 1915 and
1866
Should the revenue continue the same for the pres
ent and next fiscal year, and bonds to the amount
of the floating debt be disposed Of the Treasury for
the two years would realize about the sum OF ST.
400 OOO an amount, in all probability sufficient to
pay the interest upon the existing State debt and
also the current expenses of the State Government
But as to this do not wish to be considered speak
ing with absolute certainty the estimates at the time
of preparing this statement not having been compile
ted by the Public Treasurer.
By an act of the last General Assembly it was
made his duty to furnish estimates of the expenses
of the State for two years next succeeding the close
of the last fiscal year, and with scheme in 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
retained would again, as l did in my last regular
message, most respectfully remind the Legislature
that there are 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
atory act.
It would be out of place to attempt to detail them
here but they can be pointed out by those officers
to your finance committee.
i repeat what I before stated that, in of
doubt the State is generally the loser collecting
officers will not i'll 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 to the subject, must
have become satisfied how imperfect it is and how
unequally such assessments are made, not only in
different counties whose lands are known to be
nearly of the value, but that such assessments
quite unequal and out of proportion to any
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 remetlicd i'll great de-
gree by requiring the assessors for the several dis
tricts composing county to meet together
Board after the assessments have been made and
before they have been returned to court, and that
shall np,Io
pare all the lists, and have power to increase di
minish any assessment as to majority of them
may seem right and proper. The list so corrected
to be returned to court as now required by law.
In nv regular message to the last General As
sembly, urged upon them the policy of creating
sinking fund for the ultimate discharge of State
debt. | take occasion to renew the recommended
ton then made The bill passed at the last session,
inadequate it from the smallnesS and uncer-
tainty of the fund provided nevertheless step
in the right direction. The fund, though small af
tOrds nucleus around which larger one may be
built up. A Board of very able and experienced
gentlemen were appointed to manage it, who have
heartily undertaken the important trust cOnfided to
Them and who will doubtless lay before you val,1a-
BILE information and suggestions to its increase.
what amount will he required from year to year to
meet debts they fall due, and to the best
means to be adopted for the preservation of the
public credit.
The Railroad stocks belonging to the State and
not before appropriated to other purposes con>ti-
tute the chief part of the sinking fund. The re-
ceipts so far have been mainly, if not entirely. from
dividends declared stock in the Raleigh and Gas
ton Railroad Company 1t was hoped, and, be-
leve. generally expected that, after Your last ses-
sion dividends would be made by the North Caro-
lima Railroad Company, at least OH the preferred
stock held by the State for her last subscription of
one million of dollars. In relation to this ques-
ton has arisen of Importance to the State as
well to the individual stockholders, and to which
deem it my duty to call your attention.
This preferred stock was taken by virtue of an
act, Oh. 80, Laws 1919, entitled ian act for the
completion of the North Carolina Railroad;' and
by which it was, among other things provided that
'he State shall be entitled to six per cent per ar
num, payable semi-annually thereon, out of any
dividends of profits made by said company before
any dividends shall he paid any other stock in
the same"
In the two last annual meetings of the stockhold-
ers in the Company, it was insisted by Judge Ruff
tin the State proxy, that out of the receipts over
and above the necessary expenses of operating the
/ Road, the State entitled to have dividend on
her preferred stockand that such receipts were not
properly applicable to the payment of debts of the
! Company, contracted anteccdent to the passage of
the said act, to works to be constructed. Or
if to the latter they only applicable to such as
were indispensably necessary to operate the Road.
Whereas, the reports of the officers of the Company
showed that these receipts 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 stock
holders in the Company took different view of the
matter and insisted that the fund had been proper
ly and legally applied and that the State had nc
just claim to have any dividend, under the circum
stances. The proxy of the State reported these
facts to me, to the end that might take such &C
ton in the premises in my opinion the interest
the State might require In the conflict of opinion
did not deem it advisable to take any steps to as
sert the claim of the State, but concluded to sub
init the whole matter to the General Assembly fo
such directions, if any, they may think proper t.