Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-09-26

STOCKS.
North Carolina Railroad Co .-. So 600 900
r. --'- - .96G so
Western North Carolina railroad TO OG2l 900
inrn Raiiroad 90 4 900 900
Western Railroad Co .... 2,4i00
AlbeInarle and Chesapeake Canal Co $50 0o9
Roanoke Navigation Co.. 10000
BONDS.
City of Raleigh. .....-.---.-- ii Uo
r ajeiph and q aston Railroad Co., 70 900
Wilmln gton. Charlotte and Ruther-
ford Railroad Co. ..--...... l,.oo.poo
Chatham Railroad Co...-... 200 ,0GO
Interest on same ......... $4,000
20 . 500, 600
Interest on same II 900
III 70 $4,000
Interest due on same ...... 60 coo
Coupons for interest due by the West
ern Railroad Co. .........-....... Zzo''oo
Total. ..... SIG, 555, 500
With the exception of the stock
in the North Carolina Railroad Com
pany, the bonds of the cityof Raleigh,
and the Raleigh and CASTOR Rail
road Company, these assets are worth
less, or if they have any value, it
is merely nominal. The Wilmington,
Charlotte and Rutherford Road. and
the Williamson and Tarboro' Road
have already been sold under pro-
ceedings to forecIose mortgages, and
the Western North Carolina Road is
now under order of sale. The Chatham
Railroad is incomplete, being only
about so miles in length. The Atlantic,
Tennessee and Ohio Road is only about
40 miles long. The whole of the assets
named are not worth s., 900, 600.
So much for the consideration the
State has received for its bonds.
OTHER ASSETS OF THE STATE.
In regard to the real and personal
property of the State other than the
above, it is true as we stated that
S11O, OOO, 900 represents the value, not
of personal property alone as you con-
lecture, but the value of both personal
and real property in the State. It is
true, also, that it will require tax of
50 38 upon the 800 worth of property
ductive, to meet the annual interest of
on the 800 worth of property to keep
down the interest and pay current ex-
penses of government, leaving out
of the account city and township
taxes, and at..r the year 1880 taxes
to create n sinking fund to pay the
principal. It is true, also, that the
present appropriations for government
expenses are inadequate to meet the
cost of the maintenance of charitable
and penal institutions and other an
nual expenses. The Federal census
returns, made by United States officials
for the year 1870, report the assessed
value of our real and personal prop
erty to be S13O,37S, 622. The Auditor s
last report fixes the amount at S123,
5O7, 628. Of course in either case
the amount is subject to deductions
for money on hand, solvent credits,
&C., to-wit: 81, 500, 1873, as reported
by the Auditor. If there is any other
way to arrive at the value, we do not
lieve you speak truly when you say
that nowhere can "the same number
of people in any civilized country be
of property"
This amount, as you say, gives about
| 500 per head out of which you think
1926 on the 500 of property.
Surely you forget that this 1925 is to
/ be paid, not once only, but once u year,
sary to provide food and clothing.
Do you know of any agricultural pop
ulation that makes So. % on 500 clear
profit on the amount invested, over and
above their necessary support? Ii
there be none such, the people of North
Carolina, who are an agricultural
people, must each year sell property
to pay the current expenses of the
Government and to keen down the
interest alone of the public debt,
so-called. We repeat, therefore, that
in their present condition sit is simply
impossible for our people to meet such
a tax
You say you cannot see the relevancy
of our remarks about the effect of the
National Currency System. Youl
suggestion, as appears, we think, by
reference to your letter of 7th June,
was that our Governor and our banks
should gointO market SUD rosa, and buy
up the bonds, and then that 7pcr cent
Sterling loan should be made in Lon
don to reimburse our bankers. The
feasibility of this scheme depends
upon the financial ability of our banks,
and it IS relevant, therefore, to show
what that ability is. The statement
showing the working of our currency
system is pertinent, also. inasmuch as
it bears directly upon our ability to
pay our so-called debt, it being impos-
sible for any country, crippled as this
is by the want of facilities for the
transaction of business, to be i'll q
prosperous condition.
Further information obtained since
the date of our last letter enables us
to make more accurate statement
than we then made. Our bank notes
| before the war were redeemable, and
were actually redeemed whenever SC
demanded, in specie, then the only legal
tender III discharge of q pecunary obj
CATION, and amounted to So, 800, 900. 1t
| safe to say there was also One-fOurtl
of that amount of specie in use, giving
a circulation of at least so, 900, 600
| The population of North Carolina in
1860 was 992, 622, of which number
629, 942 only were white, and used
money. In addition to this the labOrers
of the country being then slaves, Were
not paid money wages. In the year
1870, according to the Federal census
returns, the wages paid to laborers i'll
North Carolina amounted to s., $40
500. It appears, therefore, although
before the war.when the whites needed
less currency, and the slaves needed
none, fifteen dollars head was found
necessary for the transaction of the
business Ct the State, that now when
the white man needs more than he did
then. and the slave as much, only 81 62
per head is allowed. In 1860 when
500, 942 onlyused n circulating medium,
and then moderately, we had at least
so, 600, 900; now when 1,O71 ,3G1 use il
and need it in far greater proportion, we
have conly 81, $4,000. For the cor
rectness of our statement that only
s1.62 per head is allowed in North
Carolina, while in Massachusetts,
| $40, and in Rhode Island 500
per head is allowed, we refer you
to the report of the Comptroller
of the National currency for the year
1872 from which our figures were
taken. Strange as it may seem it is
substantially true that the State OF
North Carolina can create no bank OF
issue or rather it is true that the tax
imposed by the Federal Government
| at WaCin otOD Cifv 6aSi Opa3ly ,,ravopt g