The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1860-11-28

Carolina Railroad Company, which Will not
be required, because Of, the fact, that their
road will be completed to the French Broad
River, its present terminus, for sum less
by that amonnt, than was originally contem-
plated. The State is also liable, by endorse
ment, for the Wilmington and Weldon Rail-
road Company, in the sum of Sl50,000. A
loss on account of which, however, need not
be apprehended, as the Company has ample
means to discharge their debt at maturity.
The precise time at which the MONIES be-
coming due the foregoing Railroad Compa-
nies, will be applied for, is by no means
certain il is not at all probable, however,
that more than 500, 900 will be required du-
ring the present and ensuing financial years.
This sum would swell the amount ofindebt-
edness to SIC, ,629, sos the annual interest
on which, together with the average annual
expenditures of the government. $4,000
will give the sum of s728, ,424 76, as an an
nual charge upon the Public Treasury for
the present and coming years. This, twill
be observed, embraces the interest on the
maximum amount of debt for that period,
which will not, however, have been contrac-
ted until some time in the next year, for
which reason, deduction of several thous-
and dollars should be made, from the sum
stated as necessary for the one year, and
the same amount added to that required for
the other.
The receipts into the Treasury, from the
ordinary sources of revenue, were, for the
past two years, as follows:
Receipts ior ls5s-5s, sglsa0i y
Receipts lor 1859 90 OBSERVATION-DISCLOSURES. 6si,9i9 "A
Total receipts for the last two years, 3l0S4 o.
TO this sum should be added sl4,279,72,
due from two defaulting Sheriffs, and for
which judgments have been obtained against
the suretics on their official bond.
The estimated receipts for the present
and ensuing fiscal year, are, as am inform
ed by the Public Treasurer, as follows:
Estimated receipts for lsG0-'6l, . ssg6GO2 80
Estimated receipts for lsGl-62, Ss9ss2 "
Total estimated receipts for next two years 81 o Of
1t thus appears that the liabilities of
the State can be met without any increase
Of the taxes at your present session; and, in
deed, that they may be reduced without de-
triInent to the public service.
This statement, however, is predicated on
be charged with the payment Of $780, 900 Of
the public debt falling due prior to the lst
October, 1863. The present condition and
prospective receipts Of that Fund, as will
hereafter more fully appear, will justify such
a course, and therefore recommend that it
be directed by the Legislature.
To meet the principal Of the present LA
bilities, the State has the following stocks
and effects
Raleigh & CASTOR Railroad stock, par valuc.. sS7O0
North Carolina Railroad stock. par value.... 2OO0OOO
Moth Carolina Railroad preferred six y cent
Atlantic 4 Yar,b .feina Raitoad stoe mar
vaine i066 COO
Western n Carolina Railroad stock par value lls0oOo
Abemarie \ Chesapeake Canal $4,000
Bonds ol Wilmington, Charlotte x Rutherford
Railroad Company, par value, 4OO,UN
Bonds of Fayettefiir 4 Western Railroad
Company, par value. 5uO,VW
Debt due from Atlantic q North Carolina Rail.
rad Company, par value,. -. ............ 4OOOO
Interest un debt due from Atlantic * North
Carolina Railroad Company. TOO
Principal Of Sinking Fund, nd,................. f5'.OH
sI.ea,i4
A reliable provision has been made for
the PAYMENT Of the public debt, as il fulls
due, by the creation Of a Sinking Fund.
The receipts Of this Fund consist Of the diyi.
dends Of all the railroad stocks owned BY
the State, aud such balances as may remain
in the Public Treasury, from time TO time,
after paving all current demands upon it.
The whole amount of the Fund at this time
is s457 ,040. The following are its receipts
for the two past fiscal years, together with
the sources from whence derived:
Receipt. ~ dividends on North Carolina Rail. - :,
road SssO,VN
Receipts Is digi1ends on Raleigh \ tasion =,
kalruld stock ,ss
Receipts by surplus fevcnue,, ......s......s. VoNs
Receipts by interesi on bonds. 2l,S
Total receipts for last two years, si9S't
The rapidly increasing business Of OUT
railroads, gives the highest assurance that
this Fund will prove fully equal 70 the great
purpose for which ii was established. After
the present year, It's annual receipts will
probably, not Call short Of half a million Of
dollars, aud may possibly exceed that
amount.
An obvious reason why our railroads may
be relied upon for reasonable dividends,
when prudcntly managed, as at the present
time, Is to be found in the fact that they are
constructed mainly by slave labor which,
for all purposes not requiring mechanical
skill. is undoubtedly the cheapest that can
be employed.
No more conclusive evidence Of this fact
could be desired than that furnished by a
comparison Of the cost Of ours with the cost
Of roads constructed with different Kind oI
labor.
Our great line d road. from Beaufort
IIarbor 10 Cowana, duck Town. on The
Tennessee line, distance &C $50 Omiles, will,
when completed. cost sl2.6lO.000. 0fthis
line Of road, Sls miles have been actually
completed so miles more let TO contract,
and the remainder. i62 miles, has been sur
yeycd aud careful estimates made Of the
cost, so that the entire cost u The road when
finished, NAV be stated with almost exaci
certainty. On The other hand, we fnd that
the Erie road. iu the State Of New York
some 400 miles in length, cost 52,00O.OO0
Or difercotIx stated the cost Ot our road