Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1858-12-23

Internal Improvement; but an examination of the
taxes paid by the people of most of sister States
will SHOW that ours are comparatively light
make this remark with no view of recommending an
increa OF our State Debt for any purpose, but in
the hope that it may encourage the making of ade-
quate provision for meeting that which has been al
ready created We shall be compelled to issue more
State bonds these WILL at last of course have to be
paid, and it is certainly important that we should
realize for them as much as possible. The shrewd
capitalist seeking to make investments in State
stocks, examines, find into matters of this kind
with great scrutiny; he wants to not only
promise to pay, but also evidence of preparation
to pay This question addresses itself to u.s. not as
partizans; it is not to which party projected
or which opposed the works that gave rise to this
Indebtedness or which section of the State is most
or least benefited by them, but it comes to
great North-Carolina question, invoking all Of us
to protect her credit"
The Treasurer then proceeds, in compliance with
law, to report bill for the next two years
to the General Assembly. Among other things he
recommends an increase of three cents on the hun
dred dollars valuation of land and five cents on the
poll. He concludes his report as follows:
''Since your last adjournment the country has
passed through monetary crisis which for severity
has certainly had few if any, equals in this country
1t happened that the storm about at its high
est when became necessary for me to place funds
in New York to meet large amount of interest &C.
cruing upon our bonds at that point. 1t was, of
course, difficult at such time to procure such funds
would be taken in that city in payment of our IL
abilities; but by proper exertion l succeeded in
placing there the required amount before it became
due; the result was am happy to say that we
placed our credit on even frmer basis than it
before But l was compelled on that occasion to
pay unusually high premium for Northern ex-
change, and as that has strengthened in the minds
of some the objection which they have always urg-
ed against the policy of making our State bonds
payable in New York, instead of Raleigh, I hope l
shall be pardoned for referring to the origin of this
policy, and the reasons for adopting it. Soon after
coming into Office in 1851. advertised for sale
of our old form of bonds in New York. and re-
ceived in response to this advertisement letters
from sundry capitalists in that city, making
quiries about the form of our bonds where PAYABLE
&C., and proposing to bid for them if the bonds
suited them in these particulars. Upon informing,
them, that they were known in the market regis
terrell bonds, payable in Raleigh, and in every
of transfer the old bond had to be cancelled at
this office, and delivered to the purchas-
er, and the necessity of passing receipts for interest
every six months, they all declined to bid for them
| found too, that they met with but little favor at
other distant points.
Looking then to the act of the Legislature of
1913, TO incorporate the North Coralina Railroad
Company and seeing that it required as soon as
the work commenced, sale of half million
Of this description of our State bonds, every six
months, until two millions were sold, besides the
requirement under the act, of the sale of
1852 00O for the extension of the Raleigh and Gas
ton Railroad to Weldon, and for the Neuse and Tar
Rivers and as was apparent that the work on the
North Carolina Railroad would be commenced soon
after the adjournment of the next Assembly, and
that the call for the appropriation for the other three
objects, would be made about the same time, con-
TESS felt alarmed at the gloomy prospect of raising
this large amount of money in short time, by
offering to the public form of bond which 1 be-
came satisfied suited to our domestic market
only and which, if relied upon would result in i'm
mense pecuniary loss to the State, besides its most
deeterous effect upon her credit at home and abroad
/, therefore, under solemn of my duty to the
State and in view of the heavy responsibility and
greatly increased labor that would be thrown at once
upon this department, if the form of bond was
| about to recommend should be adopted recommend
ed to the Assembly of 1852 to direct the Treasurer
to change the form of State bonds, and to issue
point with which the world has comparatively but lit
| tie communication, but the city of New York. the
great monied centree of the continent and conncc-
ting us above any other point with Europe, and to
| make them payable to --- or bearer, so that
they might be transferable by delivery only. In
| fact it has become the custom uf most of the
| States to make their bonds payable in New York.
| What difficulties we should have had to encoun-
ter in raising with old form of bonds the mil
lions of money which we have had to raise to con-
struct the improvements in which we have embark
| ed, purchasing the iron, engines cars, &c. which
| had to be sought after in Europe and the North,
| are, l think, well understood by those who have
had and those who now have charge Of these works.
| And think may confidently refer to all those who
have control of our banks, but who do not WELD
altogether an active Banking capital, equal to our
present State debt to show the utter mpractcabili
ty of raising here at home the money we have been
| compelled to have for our improvements. It OBJ
! vious that banking circulation is not equal to
| the wants of our citizens, without their being
compelled to encounter the overshadowing competi-
ton of the State for halfa million at time, with
| bond of such form would confine her mainly to
the same source of supply Moreover 1t is the true
| policy of the State to invite capital from abroad
while she is engaged in constructing works for the
| development of her resources. l will remark in
this connection that any party who desires it,
have his State bonds registered at this office without
charge. At the time, however, of this recommended
tion the State had been engaged for four years in
effort to develope the of the valley of Deep
River believed then, as do low, that these re
sources were of immense value. / cherished the
hope then, and still cling to it. that before the
bulk of our present debt falls due that region
will be made to yield up its rich treasures, and that
they will be found floating through our oacn ports
to New York and other portions of the world, and
/ that in this way we shall have such a supply of
| Northern exchange as to make the point at which
our debt is to be met whether in New York or Raj
eigh, matter of small moment with us. whatever
some may think of its amount. I hope shall not
be understood in making these remarks as attemp-
ting to influence the Legislature in favor of making
appropriation for this, any other enterprise
that is not my province but simply to yindcate the
policy adopted by the Legislature of 1922, in re-
lation to our State bonds In fact after such
volume of testimony has been furnished by both
scientific and practical men, in favor of the rich
treasures which lie buried on Deep River, I can
not resist the conviction that the cupidty of CAPT
talists will, with or without the aid Of the State
! force to completion all the works that have been
projected in that region.
You will receive, I suppose, Report from the
Commissioners of the Sinking Fund, under the act
Of the last Legislature upon that subject with suit