The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1868-11-24
Message of Gov. Holden,
To the General assembly Of North Cdrol"o
EXECUTIVE DEPARTMENT,
RALEIGH November 18th. 1868.

EXECUTIVE DEPARTMENT.,
Raleigh, November 18th, 1868.
GENTLEMEN:-Hi is proper that at your first
regular session under the new Constitution,
should lay before you Conformation OF the affairs
of the State" and recommend to your consldera-
ton such measures as may be deemed expedlept.
The people of the State have reconstructed
their government on the basis of the equal rights
of all. The State is quiet and tranquil. There
is no ground for experimenting that secession will
again be attempted, or that the peace OF the
country viii be disturbed
The year now closing has been richly crowned
with harvests. The seasons have been propitlous.
A plentiful supply of bread has been produced
for our whole population so that want IN this
respect will not be felt during the coming year
by any who will labor for living Fruits of all
kinds have been gathered in abundance. The
staples of cotton and tobacco are affording fair
profits to those who have produced them, while
from timber and naval stores considerable por-
ton of our people are realizing good returns, as
in former years. Our commerce is increasing.
Our mineral resources are once more in process
of development Our Railroads are recovering
from the depression under which they formerly
labored. and promising better returns than here
tofore to che State and to the Stockholders !;
while new lines of communication arc being laid
out. destined to penetrate and develop the great
natural resources of portions of the State here
tofore untouched by the hand of improvement.
The State credit has been re-established on a
solid basis, thus giving promise that at no dis
tant day the bonds of the State will command as
much in the market as those of the most favored
and prosperous States
We have great cause to be thankful to Al
mighty God for the manifold blessings which He
is bestowing upon US; and we can confidently
look forward, under His protection and guidance,
for condition of prosperity and happiness which
we have not heretofore enjoyed.
State Debt and Finances.
The State debt and finances will doubtless re-
ceiye the thoughtful and careful consideration of
the General Assembly.
The amount of the State debt the LIST of
October, 1863 was $40 ,209,945 This includes
estimated amount of past due interest to be
funded under act of August 90, 1868, of 81 ,OO0,-
600. The above amount $50 200 $50 is in
elusive of bonds issued for internal Improvement
purposes since May 20, 1861. and prior to the
year 1866. The amount of these bonds is
S1,128S00, and the estimated interest thereon
due and unpaid is SlS0,510.
The amount of interest which has maturcd
October LIST, 1868, and been paid in cash. is
S112, 1O1. The interest maturing at subsequent
dates during the present fiscal year is as follows:
January LIST, 1863 s3O9,197 April LIST, 1869
s3O4,101. July LIST, 1869, s3OS, 1877. Total
for fiscal year ending September 80, 1869,
1902 ,596. The amount of interest above
stated falling due April LIST, 1869, includes
interest on bonds, $1,000, 900. yet to be issued,
bearing date October 1st 1868.
The balance remaining in the hands of the
Public Treasurer, October LIST, 1868, was $780,
HCt 81 Iha from tav iDolr1ipC
ments in October, is 1926, 70642. The taxes
from several counties remain unpaid, but we
cannot expect more than $4,000 from this
source.
The estimated probable expenses of the State
government during the present fiscal year will
be 1875 ,230. Add interest falling due during
the fiscal year of 81 ,O32, 500, will leave the
amount to be provided for 81 ,407 1926. To meet
this the Treasurer will have 5000 81. after
paying $500, 900, temporary loan; taxes received
since October LIST, 1868, sos, 1861; estimated
taxes due, $4,000; proceeds of sale of North
Carolina Railroad bonds, SILT 600, making
total of 1887 ,931.21; leaving the amount of
81 ,OG9, 99479, to be provided for by taxation
during the present fiscal year.
The stocks and bonds held by the State in cor
porations, and interest due from said corpora
tions, is as follows: Stocks, IS, 534, 500; Bonds
s4,234, 900; Interest, $472, 500; making total
of 49, 41 900
! recommend that some mode be provided to
ensure the payment of this interest, and of such
interest as may be due the State in future from
corporations
The report of the Public Treasurer will con-
tain full details of the public debt, with recon-
mendations to the best means for providing
for interest. | have full confidence in that Off
Ger, and respectfully commend his statements
and views to the consideration of the General
Assembly.
The estimated value of all the property in the
State, lands and their improvements included, is
$3.50 ,OOO,OO0 L do not regard this as an ex-
travagant estimate, but assuming that it is and
putting it at 5000, 900 900, it is clear that the
people of the State fully able to carry on their
government and at the same time provide for the
payment Of the interest on their debt An al
rdtOrem tax OF one per cent on two hundred mil
lions would raise two millions. At a half per
cent, it would be one million A citizen worth
five thousand dollars clear of debt would paw
twenty live dollars to the State in order to raise
the million that will be neeessary-and so on in
proportion. The interest on the State debt
should be met promptly and in good faith, and
the taxes necessary to meet it should be levied
The Constitution which We have all sworn to
support, provides that the public debt s'shal
never be questioned" If We hesitate to meet
the interest of the debt. or if We fail from any
cause to make due provision to meet it, we there
by question" the debt, and do violence to our
solemn obligation. I believe that the General
Assembly will impose, and that the people of the
State will cheerfully pay whatever amount may
be necessary to meet the interest on the debt.
believe it will be popular to make such provi-
sion, but whether popular or not, it should be
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