Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-11-26
GOV. HOLDEN'iS MESSAGE
EXECUTIVE DEPARTMEHT,
Raleigh, Nov. Is, 1869.

| brsiness WlICl Your ii.
will doubtless proceed to the consideration ant
, dispatch of business In calm and dispasslonat
spirit, and with an eye to the good OF the WholE
, people OF the State. 1t is made my duty by thu
Constitution to ''give the General Assembly
from time to time, information of the affairs o
the State" and to recommend such measures al
l shall deem expedient, J. propose to perform
this duty in plain and candid manner with the
| assurance in advance that am prepared at al
times zealously to cooperate with yOn in al
measures which you may deem most advisable
and most salutary for the State and fer our com
mon country.
STATE DEBT AND FINANCES.
The most important subject which en-
gage your attention ls the State debt and i'm
| ances.
! The amount of the State debt on the 1st Octo-
ber 1859, is as follows: Antc-War bonds, t8.378.
3OO Postwar bopds, not special tax, IS, 1876, S45
making s17,2l5, CAS-. The postwar bonds art
such as have been issued since the rebellion IN
der funding acts, on such as were authorized By
law before the rebellion. This debt is known at
| the 'Old debt"
! Bonds issued to Railroad Companies. the pay
ment of the interest on which is provided for by
special taxation are as follows: TO the William
| sion and Marlborough Railroad, $500, COO. To the
Western Division Of the Western North Caro- r..
lima Railroad, s6,267,C coo. To the Eastern Di-
ton, Charlotte and Rutherford Road, 81, LOCO
To the North Western North Carolina Road,
To the Wssen and 0o
Railroad s., 700, 900; making s42,6CO,OOO. Iotai
bonded debt, $I9, SIS O45. To this may be added
of bonds not issued 81, 100000 making total OK
the bonded cebt and OF ponds 10 Dc lssued' Vi
s34 O95 O45
The intetest on the special tax bonds is being
paid. regret to state that the treasurer mas
been unable to meet the interest on the old
bonds. It will be necessary to fund the interest
due on these bonds, and it is for the General AS,
sembly to decide for what time the interest shall
be funded. The fact that the state made an ef'
fort to paw this interest and failed certainly
proves disposition TO pay; and the funding,
BY compoundlng and increasing the debt, thus
adding to the burdens Of the people and throw
ing new bonds on the market to compete with
others already sold, will greatly stimulate the
disposition which exists to meet this interest.
We are able TO pay the interest on the et wnole
will be abundanty able to discharge the prlncl-
pal. The State of Pennsylvania, twenty-five
years ago, was as much embarrassed with her
debt as we are with ours, and her good name was
in danger of being clouded by reputation, But
she met her responsibilities boldly and III S0od
faith her best men united to sustain her credit;
her people submitted cheerfully to the taxation
necessary for this purpose and the result was
her faith was maintained, her great resources
were developed, her population increased, her
wealth doubled and quadrup!ed, and now she
would not be embarrassed with a debt OF one
hundred millions. North Carolina has as many
natural resources as Pennsylvania: Our debt has
been incurred to improve our condltlon-that ls,
in the first place, to commence and continue
certain lines of railway, and secondly, to finish
these lines, as provided for in the Constitution.
The amount thus expended has already been OF
incalcuiab!e benefit to the State: Hhat II tne
What if no railroad had gone to
the sea from Goldsboro'? What if the Raleigh
and CASTOR Road had 4ot opened the rich cotton
and tobacco region from Wake, Franklin and
Granville to Weldon, and thence to Petersburg
and Norfolk? What if the North Carolina Rail
road had not stretched itself out az great life
supplying artery from Goldsf orO to Charlotte
Must we pause!in our career? Is not the enter
prising CITY of Wilmington to be placed IL con-
nection with Asheville, and thence with the Mis-
sissipp; valley? Must great Western Bail
road halt st Swapanoa Gap or at Ashevile? No, |
gentlemen, all our great works must be COM
pIeted. We must so Oh. We cannot recede.-
we must spay the interest on our bondas and
thus keeping faith and st the same time putting
our bonds at such figure as they should com
mand, the various Railroad Companies can dis
pose of those they have in hand, realize the
money for them, and press thelr WORKS 10 COM
pletion. "
respectfully recommend. first, the most rigid
economy in the public expenditures; secondly,
that the Public Treasurer be relied upon by your
honorable body to manage the financial concerns
Of the State n such manner as he may deem
best, under your direction.
PUBLIC INSTRUCTION.
Your attention is Invited to the Report of tie
of Public Instruction, with &C.
documents, herewith transmitted.
That officer, and his assistant, the Rev. j. W.
Hood, have been active, jealous, patient and
faithful in their responsible duties, and deserve
therefor the thanks Of the people of the State.
The system of public schools contemplat ed by
the Constitution, and provided for by law, is
nearly ready to go into operation. In most OF
the counties the requisite school officers have
been elected and qualified; Teachers VIII be en-
gagged and schools opened whenever Township
and County authorities are notified OF the appOr-
tionment of the school money which has just
been made for tho ensuing year by the Supetln
tendent of Public Instruction to Thea amount or
S1G5, 290. So few schools have already COM
menced The General Assembly, at its last ses-
sion appropriated one hundred thousand dollars
for school purposes, which sum ls to be added to
the captation tax and apportioned among the |
counties of the State. The census OF 1868, which
was taken by the County Commissioners by dl-
rection of the Board of Education, shows that
the school money must be distributed among |
$780, 581 children. The amount OF the capltatlon
tax cannot be determined until the hnsi returns
Of the Sheriffs on the 1st OF next month.
I cannot too earnestly urge Oh the General |
Assembly the Importance Of sustaining the free
public schools. Every hope for free govern
ment depends on the education OF the masses.
Taxes for such purpose should be cheertuily
paid. This is subject upon which all can
agree. We can al Uuite IL earnest Efforts to
educate the rising generation. and thus make
the State powerful and respected through the
intelligence and general knowledge which will
characterize its people.
The present State debt should lot, and be-
;lieya will not be Increased. This is the dictate
creditors, and sound policy, because to increase
the debt would be TO Cypress the people. But
the debt has been honestly contracted; our
bonds have been put on the market they have
been sold, and we have received the money for
them and we are nov bound in every way in
which State can be bound to pay the debt The
debt is obligatory under both the old and the
new Constitution, and it has been sanctioned
and it's payment will be sustained as sacred du-
~, by the Superior Court of the State. Under
the Constitution and the decision Of the Court, |
which is the highest known to our Constitution
and laws, the whole property of the State Is held
to meet this debt, both new and old. Let Us, |
then meet it like iz.e-. end North Caroliniaus-"
Let us hear no whisper even Of repndlation. |
Let every citizen OF the State resolve taat moth !
ing shall he done cnd nothing omitted which will
cast doubt on our purpose to pay this debt. |
with many other States We are poor in |
developed resources and poor in means; but let
this comparative poverty be honorabe,-let US |
not add to it the crime Of dishonesty, and, by |
destroying our good name with credit, cut
ourselves OF from all hope ofimprovinG our con-
ditioD. There is great hope for US in the future
but this hope is based on our integrity as q PEG
pie and our purpose to meet all our obligations, |
no matter how heavy the burden may seem for
the present. Reputation would not stop with |
the State debt. It would extend itself to the |
national debt, to corporate debts, to individual
debts and to private contracts. There would be
10 confidence between man and man. The cred
1t system would be destroyed. The result of all
this would be, not only practical loss to tho
LI,z.~ / 49, ANRl