Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-01-03
Extracts from tho First Report OF the Pub
lie Treasurer to the Legislature of North

| lie Treasurer to the Legislature of NORTH
| Carolina.
To the General Assembly Of North Carolina
I have the honor to submit the accompa.
nying report of the operations OF this de-
partment since the Inauguration of the
permanent State government, January LIST,
1866.
Table A exhibits the public accounts
The large aggregates of the debts and
credits result from the requirement of the
Funding Act of March 10th, 1866, that I
shall sell the new bonds, and with the pro-
ceeds discharge the past due bonds and
coupons, in consequence of which the en-
tries are made on the fiction of an actual
sale and payment, instead of mere ex-
change of securities.
The small amount of public taxes paid
in, arises from the postponement by the Gen
eral Assembly of the return day, from the
1st of October to 1st November, subse-
quently by the Convention to 1st January,
1867.
CONVENTION TAXES.
Table b exhibits the returns of the taxes
under the Revenue Ordinance of the Con
vention. Total 1921, 123 %. This sum will
be hereafter to some extent increased. In
several counties, /. e., PasquOtank, Burke,
and jackson, no person was qualified as
collector of taxes under the Ordinance and
by Act of Assembly the present Sheriffs
were charged with the duty, with directions
to make returns when the other State taxes
are payable into the Treasury
Again, sundry persons have refused to
answer as to their liability to taxes under
said ordinance, on the ground, that for bu-
siness done, while martial law prevailed,
they could not legally be taxed under au-
thority of the State. Cases of indictment
under the ordinance are now pending in
our Supreme Court, and involve important
questions as to the powers of the Conven-
ton in enforcing the Revenue Laws during
the year 1865.
Table C contains the accounts of the Lit
erary Fund.
PUBLIC DEBT.
There is a very great interest manifested
at home and abroad in the financial cOndi-
ton OF North Carolina. At the same time
| am convinced from the numerous letters
to my department for information, that the
absorbing events Of the last SIX years have
LETT in the minds Of but few of our people
an 5accurate remembrance of the public
debt, and OF the public assets. [ think it
proper, therefore, to enter more into detail
on these subjects than has heretofore been
usual, that it may be known precisely where
we stand.
Table ID contains a descriptive list of the
bonds outstanding against the State, dated
prior to May Goth, 1861, and since 1S65.-
Total amount, $11 ,433, 900; the amount Of
annual interest on which is $685., $50 Add
ing the estimated amount Of interest due
on said debt, still unfunded, say 81, Co.,
900, up to and inclusive of October LIST,
1866, we have the total anti-war and post
war debt, on the LIST October, 1866, S13,-
OBJ, 900. The exact amount of interest I'M
funded cannot be ascertained, because cou-
pons of old bonds and of those issued dur
ing the war, were paid during the war,
without q separate record being kept of the
amounts Of each, but the above estimate is
believed to be accurate
Here follows statisti cs of the public debt
Ill detail, which we omit:
While on this subject, [ will state that
many OF the old bonds, for various reasons,
have endorsements on them which njuri-
Ously affects their sale, commonly called
= scratched bonds" Many of these en-
dorsements were under the registration
law of 1856 81; nearly all were made with
a view to security from loss. In my judg-
ment, it would be to the interest of the
State, to give in exchange to all bona fide
holders of these " scratched bonds" new
bonds of longer dates, on payment by the
holder Of Il small sum to cover the eXpen-
SeS Of the new issue.
INTERNAL IMPROVEMENT BONDS ISSUED DUR
ING THE WAR.
Table Z is a descriptive list Of the bonds
issued for Internal Improvement purposes
during the late wal, dated since May Goth,
1861, aud prior to the year 1866, amount
ing to 81, 1S9, 900. These are coupon bonds,
principal and interest, III Raleigh,
in good and lawful money of the Confed-
crate States of America"
We omit here the details, showing for
what purposes these bonds were issued
The Treasurer says
The above mentioned bonds Except those
for the Chatham Railroad Company were
issued under acts passed before the war.-
All We're used III prosecution of our works
of Internal improvements. Many of these
were issued when currency was less depre-
clated than at the present time. Nearl ali
b ing uns;leable, are held by our own citi
zcns. 1t Is but ust that new bonds should
be given III exchange for them on such
terms as may be right.
liable L exhibits the year of maturity of
the bonds OF the State dated prior to May
Goth, 1861, and since the year 1865, and
where payable. From this table it appears,
that in the fiscal years Of 1867 and 1868,
500, 900 viii become due, to wit: 5000,
on April LIST, 1867, and Sil, 900, on January
1st. 1868.
Table u shows the Bonds and Treasury
notes issued during the war, for general
purposes, and Table IL, debts not funded,
to Banks and Individuals:
Bonds, Observation-Disclosures. $50, 81 500 90
Treasury Notes 5,246, 336 25
Banks, &c, ............. sos, 423 90
Total, SIS, 90 Z09 70
OF this amount 81 100000 are reported
by Mr.. John White, former State Agent, as
being on special deposit in the Manches ter
and County Bank, Manchester, England,
having never been used for the purpose for
which they were issued, i. e. as collaterals
in negotiating loans.
The Sinking Fund has to its credit in
war bonds s., 372, 800, and 100000 were
redeemed during the war, by sale of the
Steamer 1dru0ce
Deducting these items, aggregating So,
500, 500, we have, as far as is exhibited by
the books of the Treasury, the debt of the
State, contracted duing the war, for gen
eral purposes, outstanding, S15, 1913, 759 %.
no I oh 40