Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-01-03

ring the war to the Railroad Companies be
included, will not exceed $860,OO0.
The stocks and bonds held by the State,
amount to So, 347, 455 %. Many of which,
under the revival of travel and production,
will contribute to relieve the public burden.
A State as great in all the resources which
swell nations wealth, when capital shall
regain confidence, and give its potent aid
to industry, will bear this small tax, not
one third of one per cent of the $500, 00O,
900 of our property, without perception Of
its weight
Whether the State has sufficiently recov-
cred from the losses of the late disastrous
struggle, and the embarrassments caused
by the sudden change of the labor system,
to be able to enter now, on the regular
payment of the interest on the Public
debt, rests peculiarly within the knowl-
edge, and within the decision of the re-
representatives. of the people, who are fam;-
lar with their condition.
I know you will realize the importance
of an early return to a prompt fulfillment
of our obligations. By every considera-
ton of enlightened public policy, by re-
gard to the pecuniaIy and social standing
of our citizens, wherever in the civilized
world the pursuit of business or pleasure
may lead them, in respect to the fair name
OF North Carolina, whose plghted word
only the sternest necessity has ever been
able to break, we are bound as soon as God
gives US the strength, to redeem our pro-
mise.
The vast wealth of our Western coun-
ties, now locked up within their rocky bar
riers, appeal to us not to let our railroads
come to djsgraceful ruin, after penetrating
to the base Of the mountains they were
designed to cross.
The benefits of the works already built
by the credit of the State, are immeasura-
bly, greater than the capital stock which
represents their cost. They have added
millions to or taxable property. They
still transport t. the markets of the world
the work of our hands and the produce of
our soil. They are every day becoming
stronger for future development. All ma
tons which desire not to fall behind in the
march of civilization are toiling to multi
ply and extend such highways. When we
are ready to cast away these aids to pro-
gress and have no share in the victories
of science and industry over the material
world, then We may VIGOROUSLY throw aside
all care for our fast increasing debt, until
its accumulated weight is too grievOus fol-
our strength.
FUNDING ACT OF MARCH 10TH, 1866.
Table L exhibits IN detail the operations
of this Department. in executing the above
Act. Under this law. new six per cent.
coupon bonds, dated January LIST, 1866 in
terest payable at the National Bank of Re
public in the city of New York, semi-annu
ally, on the LIST day of July and January of
each year, have been issued in exchange
for bonds and coupons Of bonds, issued
under Acts passed prior to May Goth, 1861,
to the amount of 81 ,425, 900 Oh October LIST,
1866.
The Act requires me to sell the new
bonds, at not less than par, and with the
proceeds pay the past due bonds and inter-
est, and the entries on the books of this de-
partment are according to this fiction.
The effect is to require interest to be
charged from January LIST, 1866, on the new
bonds, but to allow none on the coupons
offered in exchange. This produces many
holders contending that cou
pons due January 1st, 1866, and anterior
thereto, should justly bear interest in the
same manner, as by the Act, past due
bonds bear interest from maturity until
paid.
The construction of the law, adopted by
me, is in accordance with the settled prac-
tice of this department for many years. In
Difference to holders of coupons, whose po-
sition is, think, reasonable, [ bring the
only lies the remedy.
As the operation of the Act is on the fic-
Ion of all actual payment for the new
bonds, [ felt bound to require applicants
for the exchange to pay the accrued inter
est in coupons or currency. In this way
81 400 80 in currency have been received,
which is deposited i'll the Treasury.
EXCHANGE OF STOCKS FOR BONDS.
ha Of ho
fed 10th of June, 1866, entitled, IAN Or
dinance to exchange the Stocks of the State
for bonds issued prior to May 21st, 1861,
required me to advertise In such neWspa-
pers as l should select, for sealed proposals
for the exchange of stocks, bonds and other
held by the State, for the prlncl-
pal bonds issued before the Goth OF May,
1861
Accordingly, advertised in newspapers
in different portions OF this State, Virginia
New York, baltimore and
Boston, for such exchange, fixing the day
for opening bids, as late as November 1st,
1866. in order that parties DESTROYS of MAX
ing the exchange might have opportunity
of seeing the annual reports by the differ
ent Rail Road and other corporations,
whose stocks were offered. The bids were
opened in presence of the Governor and
stock for which offers were made, was that
Of the Raleigh & CASTOR Rail Road Com
pany, the whole Of which was taken at an
aggregate premium Of 1888 ST..
Table M. shows the names Of the sue
cessful bidders and the premiums offered
AS the bonds secured by liens held by the
State are in part transactions had during
he war, I have postponed the offering them
or exchange under the law, until could |
ay the matter before you, that the interest
claimed by the State may be ascertained,
md declared by you, if you think advisa-
Die. I respectfully recommend that these
be validated on such terms as
nay be deemed just to the State and to the |
holders of securities, issued for internal
purposes during the war.
AGRICULTURAL LAND SCRIP.
In compliance with the Act of Assembly,
entitled IAN Act to authorize the Public
Treasurer to receive and invest the land
Grip donated to this State, for the estab
ishment of an Agricultural College," [
Hon. d. L. Swain to pro-
eed to Washington and procure the issue.
n this he was successful, and on the 9th
lay of August, 1866, the scrip was forward
ID to Raleigh, and is now in the Treas