The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1858-11-23

hundred and seventy nine thousand five hundred
and five dollars. OF this amount. the payment Of
the principal and interest of the sum of S4OO.OOO,
loaned in State Bonds to the Atlantic and North
Carolina Railroad Company. is secured by a deed
in trust the Road and other property of the Com
paRy, i'll conformity to the net of last session
thOrzing the loan. So far, the Company has failed
to pay the interest the bonds. 1t is hoped, how
ever, that, when fairly in operation, it will be able
to do So. and relieve the State to- that extent
/ will state also that, for two years last past.
the State has been compelled to pay the interest
upon bonds of the Cape Fear and Deep River Navi-
Cation Company for S300OOO, by reason of her
dorscnent thereof, and that she is liable in like
manner for the ultimate payment of the principal as
it falls due, third in the year 1865, the like amt
in 1875, aud the residue in 1885.
Under existing laws, State Bonds are to be issued
follows:
For balance Of first subscription to
Western North Carolina Rail
road. 100000 90
For subscription to same, made
10th August last, under act of last
session. tn complete the first sec
ton of the Road to Morganon, 100000 90
Making, S6lG.OOO co
These bonds. in all probability, will he called for
and issued before tbs meeting of the next General
Assembly.
1t is proper for me to state also. that there has
been, for some years, floating debt due by the
State, kept foot from year tn year. by resolutions
paSSeQ from llIne I'd tlne Dy the Legislature author
izng The Public Treasurer to make temporary loans
{" pay the liabilities of the State. and which loans
have been annually paid off upon the coming in of
the public taxes. The amount of this del has been
gradually increased by the payment of interest OH
these loans and the excess of appropriations over
the receipts from revenue, until it reached the
end of the last fiscal year, about the sum of
$92,4lS
This debt has been a serious Inconvenience. | NAV
cay, la fact, an incubus on the Treasury aud will
o,
is made for its relief.
1t is true, the debt was discharged out of the in
coming revenue at the end of tho last fiscal year,
bat il has left vacuum in the Treasury to that ex-
tent, which must be supplied by new loans or in
some other manner. before the incoming of the reve-
nue. for the present fiscal year. Ia fact it is the
opinion eft the public Treasurer, you will see
from his estimates. that, if temporary loans are re-
sorted 10, the amount of the floating debt this fiscal
yenr will exceed that of the last and that about the
sum of 100000 will be required. This amount
taken from the revenue tn be paid 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 throu ghsut
the country in the fall eff last year and for several
successive months thereafter fully proved the i'm
policy of trusting to such loans to preserve the
credit and honor of the State. 1t gives pleasure
TO say that, in this emergency, banks with SEINE
tive ar three exceptions, to the aid of the State
and thus enubled the public Treasurer to meet all
her engagements.
1t seems 60 me to be a matter of the first impor-
tancc to relieve the Treasury from this burthen and
10 place it upon such feuting for the future that
like hazard may not be second time incurred
Of the bonded debt of the State of which have
given statement, there will fall due Of PRINCIPAL
from tiHlo to time, in the year 1859 S2OOOOO and
LIST January. 1860. $5OO,OOO. Provision must be
made by you at this session these debts and
hold it almost imperative that you should also
provide for the floating debt, as estimated nv the
public Treasurer, making together about Eleven
Hundred Thousand Dollars. How it is to be done
is matter well worthy the consideration of every
who has at heart the best interests of tho State
We cannot raise the amount by taxation i'm the
short time we have to do it, without imposing bur-
then that would fnli heavily upon the people. Nor,
under existing circumstances, is it at all probable
that tho amount could be obtained by loap, upon