Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1858-12-31
$45O,99O 80
$4O2,978 80

| respectfully submit therefore, that authority be
given to sell at long period, say thirty years. $780,
900 of State bonds and the placing of this amount
in the Treasury so that the Department may be free
of debt when the Sheris pay in the annual revenue.
One for this recommendation is, that bonds
are now commanding higher price in New York than
they have for time, owing mainly to the great
emulation OF money at this time, at that and other
points. Temporary loans no doubt be made as
usual while steps being taken for this permanent
loan.
Though [ presented in special report of the 18th
December 1856 to the last Legislature the debt of the
State showing when it created, for what purpose
and when due, [ have concluded to show in this the
whole debt of the State coming down to the present
time
From this it will be seen that the following State
bonds have been issued since the date of that report
For Fayetteville and Centre Plank Road $20,OOO Fay
etteville and Warsaw Plank Road, $4,000; Insane
Asylum, $4,000; Atlantic and n G. Railroad, 1888,
500 Western n. c. Railroad, 100000; and Able
marie and Chesapeake Canal, $250,000.
OF the bonds for the Western n. G. Railroad, fifty
have not been delivered, the day of sale not having
rived They entered above because they bear date
lst October, 1858. You will discover that 100000 Of
State bonds will fall due in the next year, and $500,
600 in 1860. portion Of the 100000 will fall due
in March, and the others in April, May June and July
These last issued under an act passed 18th Janu
ary l849, the exgences OF the Treasury demanded
and bear date different days of these several months
unlIke coupon DOnQS WHICH Uale Odnu
ary April, July or October. think provision should
be made for the payment of this amount of 100000 by
sales of other State bonds and these latter to be secured
by sinking fund absolutely pledged for their redemp
ton =; unless arrangement which will answer the
purpose of the State can be made with some of oul
banks. I hope shall be pardoned for remarkng, thai
think the credit OF the State likely to be much
affected by the action of this Legislature, than any
that has preceded It. If it SHALL besides making suita
BILE arrangements for taking up that portion of the Pub
lie Debt that falls due in the next two years, make
abundant provision by revenue bill to meet current
expenses and shall increase the sinking fund that il
shall in the end be sufficient to extinguish Public
Debt, it will have the effect of eevatng stocks in
the market but failure to do these, will, fear, i'm
pair credit Our taxes regarded by of
people high, and they appear to be so when we com
pare them with what we paying before entered
upon general system of Internal Improvement; but
examination of the taxes paid by the people Of most
of sister States will show that ours are compare
lively light. [ make this remark with view of re-
commencing increase Of State debt for any pur
pose, but in the hope that it may encourage the max
ing OF adequate provision for meeting that which has
been already created We shall be compelled to issue
State bonds these will at last of course have tc
be paid, and it is certainly important that should
alze for them as much possible. The shrewd CAPT
talst seeking to make investments in State stocks
amines nd into matters of this kind with great scru
tiny he wants to not only promise to pay but al
so evidence of preparation to pay This question ad
dresses itself to not parzans it is not one as tt
which party projected or which opposed the works thai
gave rise to this Indebtedness which section Of TIKI
State is most least benefited by Them but it comes
to US as great North Carolina question: invoking all
| OF US to protect her credit"
The Treasurer then proceeds in compliance with law
to report revenue bill for the next two years to thu