The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1866-01-30

always willing to give his note. As we cannot
pay oCr bonds and the coupons now due and
falling due this year, we ought to sell our bonds
at par, 1t We can, to raise the means Of payment;
or allow our creditors to accept them at par, or
make such other arrangements with them as
shall seem most beneficial to them, and least
detrimental to u.s.
Our only resource, other than taxation, to
meet our debt is stock in our Rail Roads to
the amount of sc, 6,5l6, 500, and bonds on certain
other Rail Roads (secured by mort sage) with
which the State has exchanged her bonds, to
the amount of about 3.000,0OO., 1t is supposed
that many of the holders of our State bonds
would exchange them for like amount of these
stocks Far the larger portion of our State
debt IS due to non-residents of the State. If
such exchange were made to the extent of giving
! the control of our Roads to non residents, it
might result in oppressive rates of freight or
other regulations detrimental to the State
Properly guarded, favor such exchange
Another plan suggested, supposed to be ac-
ceptable to the holders of our bonds, looking to
the furnishing Of a currency veil as the
making Of our State debt manageable, is the
issue Of small bonds, payable to bearer and bear
ing low rate OF interest, say one per cent. and
receivable in payment of all dues to Or from the
State. AS the credit of these bonds would rest
on the faith of the State, as that of the present
national currency depends on the faith of the
nation; and as there would be much demand for
them to pay taxes, and in view of the uncer-
tainty when the State may be able to resume the
payment of interest on her present bonds, the
advocates Of this scheme believe that the holders
OF the large bonds would deem it their interest
and would exchange for these smaller bonds,
especially, if allowed to take part of the amount
in Rail Road stocks
1t is objected to this scheme, that it would
violate the provision. in the Constitution of the
United States, which forbids State to emit
bills Of credit The advocates of this plan in
sist that 1t has always been conceded that States
| might consttutionally issue bonds payable to,
bearer, and transferable by delivery, with re-
strlctlon as to the amount of the bond or the
rate of interest | give the outlines of this plan,
as l understand it, to call attention to it
The pressure of other duties has not allowed
me time to give to this and other plans which
have been presented, in relation to the payment
of the State debt and supply of currency, suf
ticent consideration to conduct me to a satisfac
tory conclusion, and l. therefore, abstain from
submitting any distinct recommendation as to
either
In presenting the fore going views Of our af-
fairs, | must not be understood as despondent.
To overcome our difficulties, it is necessary to
! face thein and not to shut our eyes on them -
We still have large resources. we must rely
chiefly our virtue, persevering industry and
frugahty, which are the true sources Of national
prosperity. We mist attract capital by calling
attention to our fertile lards, rich mines Of coal,
iron, gold, silver and copper, and water power
for manufacturing. We must protect and en-
courage the laborcr. Honest Industry must be
held in esteem, and Incidence regarded as dis
at, \ S1ol n
means our Rail Road stocks will be made pro-
ductive, and taxation thus reduced need not
warn this generation to avoid war.
Educafion
Our University and Public Schools, which
the Constitution wisely enjoins it on us to sus-
tain, have felt the blishting effects of war l
herewith submit the report of the able, inde-
fatigabfe Superintendent Of Public Schools.
He has discussed the subject SO fully, that
need only to commend it to your careful con-
sideration. During the past FIVE years educa-
ton has been sadly neglected. Whatever may
be our pecuniary distresses, our youth must be
educated. We must sustain our institutions Of
learning | deem the Swamp Lands the most
valuable resonrcc now left to the Board Of Lit
erature. They are empowered to sell any part
of these lands which may be reclaimed. Large
amounts have been expended in their drainage.
BY the report of Gov. Morehead, as President
of the Board of Literature, dated 4th December,
1871, there had been expended prior to that
date as follows:
For Alligator Canal, s63,799 50
Puugo " .-. 35,3l6 55
" Tributaries to Pungo Canal, 23,576 90
& +" Alligator Canal, 29,68S IT
Total, l52,3s0 81
Little if any of these lands have been sold
! The report of surveys made by the Literary
Board, more than twenty years ago, show that
there is million of acres of these lands capable
of being reclaimed at small expense. From the
report of Prof. Emmons and others, many Of
them Sre equal in fertility to any lands in the
world. 1t is unaccountable why they have been
so long neglected. I recommend az inquiry
whether any other legislation be necessary to
enable the Literary Board to make them avail
able. From the tasty examination [ have been
able to give to the subject, think the Board
cannot sell them before being reclaimed; re-
commend that they be empowered to sell them
before reclaiming.
! Restordttoa Of tie Courts.
1t is believed that all the Judges of the Sn-
preme and Superior Courts, elected at your late
session, have qualified, and when you shall have
appointed Justices Of the Peace, and the County
Courts are restored, the machinery of civil gov
ernment will be about complete. 1t is bigh
time. Crime particularly lareeny-is too com
mon, and-the long want Of any power to etforce
the performance of any species of contract, has
had most pernicious effect on the public morals
and the welfare of the State.
As our laws make the testimony OF negro
competent in all pleas of the State where the
defendant may be negro, | am informed by