Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1860-11-29


which the State originally liable, endorser for the
Cape Fear River Navigation Company and for which she
became responsible as principal upon the purchase OF The
In addition the foregoing actual Indebtedness, the pub
lie faith is pledged to the following Railroad Companies in
the amounts named upon ColnPlhhce WIN coIul
on forth in their respective charters and in balance
Of the appropriation to the Cape Fear and Deep River Nav
igaou works:
To vii Char and Ruth. R.R. Co.'s ,7O9,9OO
To Western n. C. r. r. Co........., 2S70,OOO
To Fayette and Western r. R. Co.. 100000
To C. F. and D. r. Nav. Works. 10000
These companies have so far complied with the provisions
their charters emitting them to the aid OF the State
leave doubt that the whole OF the above sum Will be
called for by them within very few years, with the eXcep
ton of 600 O0O the amount guaranteed to the Western
North Carolina Railroad Company, which will not be
CURED because of the fact that their road VIII be compile
ted to the French Broad River, present terminus, for
less by that amount than originally contemplated
The state also liable by endorsement, for the Whining
and Weldon Railroad Company, in the cum OF $l5OOOO
loss of which, however, need not be appre-
hended as the Company has ample means to discharge
their debt at maturity. The precise time at which the
monies becoming due the foregoing Railroad Companies
will he annled for 10 bv no means certain; it is all
probable however that more than $l,500000 will be re-
CURED during the present and ensuing financial year
This would swell the amount OF Indebtedness 10 SlO
G9jOj the annual interest which, together with the
average annual expenditures of the government S95CUO
will give the sum of $7284 76, annual charge upon
This will be observed embraces the interest on the
maximum amount of debt for that period which will not
however have contracted until some time IN the next
year. for which reason, deduction Of several thousand
dollars should be made, from the stated as necessary
Ot The and amount aQQeu 10 ludG IeIue
for the other. The receipts into the treasury from the
ordinary Of were for the past two years.
as follows:
Receipts for l857-58. $6lS 964 49
Receipts for 1859 80 69l9l9 "a
Total receipts for last two years. 884 o.
To this should be added $4 279 r. due from two de-
autng Shers and for which judgments have been obtain
ed against the sureties their official bond.
The receipts for the and ensuing fiscal
are informed by the Public Treasurer, as fol-
lows:
Estimated receipts for 1860 $500, 6O2 80
Total estimated receipts for next two years AS DC
thus appears that the Liabilities OF the state can De et
without any increase of the taxes at your present session
and indeed that they be reduced without oeuehIt u
The public service. 80
This statement however predicated on the supposltlon
That the Sinking Fund will be charged with the payment OF
$4,000 of the public debt falling due prior to the LIST Octo
Der 1863 The present condition and prospective receipts
OF that Fund will hereafter more fully appear, VIII JUST
y such and therefore recommend thaG IL pe Ill
IeGted by the Legislature. -
10 meet the principal of the present Haotes tne otaIe
las The following stocks and effects:
NNegh Castor Railroad stock par valus' 40o 6O(
4" Preferred per ct $ ..... l,OOOOoC
A. IN. c. r. r. 6 s. " ..... O66,6Ol
Western N q - .... 1870 00C
Albemarle and Che Ike Canal g " $50 COO
Bonds Of Will, Char. & Rutherford R. R. Co 40O 400 OOt
~ Fayette q Western ...'... oOoOOe
I Ieot due from A l. N. c. ...... 49000 0C
interest s. " IZUUt
Principal of Sinking Fund ............... 457,04(
81 1858 Ia
A reliable provision las been made for the payment o.
NE public debt falls DUE by the creation OF SINKING
In The receipts Of this Fund consist of the dividends
oil The railroad stocks owned by the State and such baan
s ds may remain in the Public treasury from TIME u
une after paying all current demands upon it. The whole
Llount U the Fund this S457O40 Inc FOLLOWING