The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1858-11-24

| may say, in fact, an incubus upon the
Treasury, and will continue to be so, un.
less some permanent provision is made for it's
relief.
1t is true. the debt was discharged out Of
the incoming revenue at the end Of the last
fiscal year, but it has left vacuum in the
Treasury to that extent, which must be sup
piled by new loans, or in some other manner,
before the incoming Of the revenue for the
present fiscal year. In fact, it is the opin-
ION OF the Public Treasurer, as you will see
from his estimates, that, if temporary loans
are resorted to, the amount of the floating
debt this fiscal year will exceed that Of last,
and that about the sum Of 100000 will be
required. This amount taken from the reye-
nue. to be paid at the end of this fiscal year,
would nearly empty the Treasury and leave
it without means for the next twelve months.
The monetary difficulties experienced
throughout the country in the fall of last year
and for several successive months thereafter,
folly proved the mpolicy Of trusting to the
resource OF such loans to preserve the cred-
It and honor Of the State. 1t gives me pleas
ure to say that, in this emergency, our banks,
with some two or three exceptions, came to
the aid OF the State, and thus enabled the
Public Treasurer to meet all her engage
ments.
1t seems to me to be matter Of the FIRST
Importance to relieve the Treasury from this
burthen. and to place it upon such footing for
the future that like hazard may not be a
second time incurred.
Of the bonded debt Of the State, of which
! have given statement, there will fall due
OF principal from time to time, in year 1889
5000, 200, and on the 1st January, 1860, $500,
600. Provision must be made by you at this
session to meet these debts, and | hold it
almost as imperative that you should also
provide for the floating debt, as estimated by
the Public Treasurer. making together about
eleven hundred thousand. dollars. How it is
to be done is matter we'll worthy the con-
sideration OF every one who has at heart the
best interests Of the State. We cannot raise
the amount by taxation in the short time we
have TO do it, without imposing burthen
| that would fall heavily upon the people.
Nor, under existing circumstances, is it at
all probable that the amout could be obtain
ed BY loan, upon such terms and for such
time as would make il desirable. The time
was, but | think it now passed, when the hol-
ders of these bonds would readily have eI-
changed them for State coupon bonds at a
long date. II seems to me, therefore,
that, with our present resources, almost
the only alternative left is to make coupon
bonds Of the State at long date, with
a provision in the bill authorizing their issue.
to erect special sinking fund sufficient to
pay. and inyiolably pledged to pay, these
bonds at maturity; and that the bonds should
then be sold in the market 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 their ultimate payment, would sell
for par il not for premium. shall be
much pleased il more feasible scheme for
relief than the one suggested, 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 year. ending the 30th Of
September last, was for the year 1867.
s5ls.a05.Os. and for the year 1878, s507.
450.s5.
Il should be stated, however, that about
the sum of 81 ,0O8. part of th esum first nam
ed, probably belonged 70 the year 1856,
not having been actually paid into the Trea-
sury. as it should have been, before the end
! Of that fiscal year; while about the sum OF
1000 should be added to the second sum
be probably collected during the present fis-
cal year. These amounts Of revenue COM
pare fayorably with those reported to the last
General Assembly Tor the years 1885 and
1856.
Should the revenue continue the same Tor
the present and next fiscal year, and bonds to
the amount ofthe floating debt be disposed Of.
the Treasury for the two years would realize
about the sum Of sI. .400,O 900, 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 70 this do not wish to be considered
as speaking with absolute certainty, esti-
mates at the time Of preparing this state
ment not having been completed BY the Pub
lie Treasurer.
By an act Of the last General Assembly Il
was made his duty "to furnish estimates Of the
expenses Of the State for two years next sue.
ceeding 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 sgain. as | 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 pre-
! scnted by the collecting officers Of the State
and others TO the Treasurer and Comptroller.
and which should be rendered plain by new
or explanatory act.
ltwould be out Of place to attempt 70 detail
them here. but they can bo pointed out BY
those officers to your finance committee.
repeat what before stated that, in cases
of doubt. the State is generally The loser. as
collecting officers will not. 10 such cases,