Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1858-11-19

The first subject to which invite your attention is the
very important one Of the State debt and finances A..
Public Treasurer reported the bonded debt of the State to
be, on the 18th December, 1856, $5,l53,S02 55
tees Of the University Of North Carolina 5000 90
s5147,sO2 So
This debt has been since increas-
ed by the amounts and for the pur'
consolidating interest with princi-
pal ON bonds to Literary Board,
by resolution of the last General
Bond to bank OF Cape Fear for
Bonds for Fayetteville and Abe
marie Plank Road, 20.O00 w
Fayetteville and Warsaw Plank
Road, 5000 90
Lunatic Asylum, 2l00O 90
Atlantic and North Carolina Rail-
road for balance of subscription, j33,500 90
IMnatic Asylum, under act OF last
Session for enclosing grounds,
Subscription to Chesapeake and
Abemare Canal Company 100000 90
l'T Rai iU COMPANY. 100000 90
Western North Carolina Railroad 100000 90
"''''''' - l,73l, 7O2 As
| s6,s79,5o5 90
Making the bonded debt Of the State upon which she
primarily liable at this time, six millions eight hundred and
seventy thousand five hundred and five dollars OF this
amount the payment of the principal and interest OF the
North Carolina Railroad Company, is secured by deed in
trust the Road and other property of the Company in
So far Company has failed to pay the interest the
bonds 1t hoped however, that when fairly in operation
it will able to do and relieve the State to that extent
will state also that for two years last past the State
has been compelled to the interest upon bonds Of the
Cape Fear and Deep River Navigation Company TO $780,,
OO6 by of her endorsement thereof and that she
liable in like for the ultimate payment OF the prnci
amount in 1875, and the residue i'll 1855.
Under existing laws State Bonds to be issued as fol
lows:
For balance of first subscription to Western North
For Subscription to same made 10th August last
under act OF last session, to complete the hrst
section of the Road to Morganton 100000 90
Making, ACKNOWLEDGEMENTS 4OO 300 90
These bonds, in all probability will be called for, and is
sued before the meeting of the next General Assembly
1t proper to state ALSO that there has been for
some years floating debt due by the State, kept foot
from year year, by resolutions passed from time to time
by the Legislature authorizing the Public Treasurer make
temporary to pay the liabilities OF the State, and
of the cubic taxes The amount Of this debt has been
gradually increased by the payment of interest these
until it reached near the end of the last fiscal
year, about the sum of S3O2, 4l8.
This debt has been lOuS inconvenience,
fact incubus upon the Treasury, and will continue 10 be
So unless permanent provision made for its relief
1t true the debt discharged out of the incoming
revenue the end of the last fiscal year, bat it has left
in the Treasury to that extent whh must be sup
piled by loans OF IN some other manner before Inc III
coming of the revenue for the present fiscal year In fact
it is the opinion of the Public Treasurer as you will see from
his estimates, that if temporary loans are resored TO the
amount floating debt this fiscal will exceed that
of the about the of 100000 will be requ
ed This amount taken from the revenue to be paid at the
of this fiscal would nearly empty the Treasury and
The monetary difficulties experienced throughout the
country the fall of last year and for several successive
the of such loans to preserve the credit and honor
Of the State 1t gives pleasure to say that in this emer
gency banks with two or three EXCEPTIONS
to the aid State and thus enabled the Public Treasu
er to meet all her engagements.
1t to to be matter of the first importance to
relieve the treasury from this burden and to place it upon
such footing for the future tat like hazard may rot be
second time incurred.
OF the bonded debt OF State which have given
statement there will fall due of principal from time TO time
in the year 1859 100000 and on LIST January 1860
Provision must be made by at session to meet these
debts, and hold almost imperative that you should
lie Treasurer making together about Eleven Hundred Thou
sand Dollars. How it is to be done is matter we'll worthy
eress Of the state cannot raise the by taxa
ton in the short time have to do it, without imposing
existing circumstances probable that the amount
be obtained by loan upon such terms and for such time
passed. when the holders of these bonds would readily
exchanged them for State coupon bonds at long date 1t
the only alternative left to make coupon bonds of the
State long date, with provision in the bill authorizing
their ISSUE to create special sinking fund sufficient to pay,
invioaby pledged pay these bonds at maturity and
that the bonds should then be sold in the market the
present prices of our bonds in market believe that such
bonds with fund pledged for their ultimate payment would
sell for par not for PREMIUM shall be much pleased
if feasible scheme relief than the suggested
the circumstances in which placed be devils
ed by the Legislature.
The books in the Treasury Department show that the
the State from all except from the sale
September last was for the year 1857 $5l2 2O5 o. and
. for the year ls57-,c 500: $50 35
IS 1t should be stated, however that about the OF
O00 part of the first named properly belonged to
the year lS5j6 not having been actually paid into the
fiscal year while sum Of $1,000 should be added
the second named for defaults of sheri which
probably be collected during the present fiscal year These
amounts revenue compare avoraby with those reported
the last General Assembly the years 1854
Should tie the for the present 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 of 900, amount proba
bity 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 speaking
with absolute certainty the estimates at the pre-
pairing this statement not having been completed by the
Public Treasurer.
BY of the last General Assembly it was made his
duty TO furnish estimates of the expenses the State
two years succeeding the close fiscal year
and with scheme in the form of bill to sustain such est
mates.
This will be laid before at early day in the session
Should the form of the present bill be retained
would again did in my last regular message,
pectfuly remind the Legislature that there many diff
cutes in the construction of parts of that act which hav
from time to time been presented by the collecting officers
of the State and others the Treasurer Comptroller
and which should be rendered plain by eXplanato
Il ry act.
but they be pointed out by those officers your
is committee.
Ircpeat what before stated that in cases of doubt thu
State generally the loser, collecting officers will not
cases. enforce the collection of the tax the
, of suit should they mistake the law.
Re desire also to call your attention to the mode
assessing taxation Every one who has given an
attention to the subject have become satisfied
imperfect it is and how unequaly such assessments
to be nearly of the value but that such assessment
are quite as unequal and out OF proportion fair stan
dard of value the several districts which county
II composed.
the present system of valuation retained think thi
IL last evil may be remedied great degree Dy requiring
the for the several districts composing count
to meet together Board after the assessments hav
been made and before they have been returned to
and that the Board composed shall examine and com