The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-01-03


l,y fe~sons as am Investment, and most for
tho purpose OF becoming borrowers. il
every shareholder should with TO borrow,
and Income sudh shareholder only with
Wow to borrowing. The competition for
the lean. and the disappointment which
y,ould necessarily follow to many, would
naturally lead to contention and despair.
II all expenses incident to the conduct
of such an institution, The making OF
loans etc, must be deducted from the 6
per cent ON the investment, there can
be no inducement to merely investors TAX
ing stock therein. / refer TO this matter
at length. hopping that some way may
be devised by which such associations
may be encouraged in this State and their
great usefulness enlarged. In such pip
ing times OF "oyerfowing prosperity as
orr people are now enjoying, brought n
bout very largely by the energetic efforts
of capital to find n way not to give itself
to the poor in the usual channels Of en-
terprise, or lend itself except on such
treasures as collateral as are mott laid
up in heaven, it may be well to allow 10
Those wiho wish to gather themselves to
gether for mutual help some latitude not
granted to others who strive only 10 lay
up treasures irf this world.
OFFICIAL BONDS.
The General Assembly of 1895 passed
AN act (chapter go, Laws Of 1880, per
hitting various county officers to file
bonds guaranteed by any insurance or
surety company as security thereto, etc.
BY virtue Of this act large number of
the bonds Of sherilfs, clerks of the Su-
peri0r courts and register OF deeds, copies
OF which are required to be deposited in
this office, nave been guaranteed by such
companies The Legislature Of 1893
passed an act (chapter 300, Laws of 1899
requiring such surety companies, before
doing business in this State, to deposit
with the State Treasurer bonds or other
securities, TO be approved by said treas
urer, of the value Of ut least ten thousand
dollars, etc, besides complying, in other
respects, with the insurance laws of this
State The Legislature Of 1895, however,
passed nm act (chapter 800, private laws
1880 repeating the act (chapter 300 laws
Of 1893 above referred to, so far as
relates 10 the deposit Of the ten Thousand
dollars with the treasurer. 1t occurs to
me, in view OF the very general and
largely Increased use Of such companies
in guaranteeing the bonds Of such officers,
it would be well to have something with
in the jurisdiction of this State besides
AN agent upon whom process could be
served, in case it should become neces-
sary, as it has on several occasions, to
take Judgment for default on the part OF
officers
REPORT OF AMOUNT OF STOCKS
HELD IN COUNTIES.
There are certain corporations in this
State, including banking, which pay
license tax to the State Treasurer, meas
ured by the capital stock Of the corpora
ton. All owners Of stock in these corpor
ations, residents OF the State, are also
required to list their stock in the county
in which the owner resides, to be taxed
for school and county purposes, under the
head of Stock in Incorporated COmpan-
les Observation suggests to me that
it would be wise to require, by a provis-
ion in the revenue law, the proper officer
of such institutions or corporations to
report 10 the Auditor, ON blanks to be
furnished by him, the number OF shares
of stock and the value thereof held by
residents of this State, designating the
county in which the shareholder resides.
The name OF the stockholders need not be
given, nor the number of shares held by
any one individual; but the number held
by individuals OF a county, and the value
thereof, should be reported.
THE OYSTER INTERESTS.
The oyster interest OF the State should
be a source Of revenue to the State as
well as to our fellow-citizens on the coast.
1t certainly is not to the State, and have
good reasons for believing it affords but
little to the people Immediately concerned.
| beg leave to suggest to your Excellency
one feature Of this oyster business which
can well be dispensed with. / refer to
the steamer Lilly" which, for many
moons, has been resting at anchor in the
waters Of Pamlico river, near Washing
ton, the melancholy habitat of an ancient
mariner of our oyster navy, who spends
his time drawing his monthly salary, hav-
ing the vessel repaired at State expense,
as the law and the condition of the vessel
requires, and listening to the melodies and
the murmurings of the sad sea waves.
All the advantages accruing to the State
in the ownership OF this beautiful little
sea-hower are poetic, all fancy, both as
to cost of maintenance and any services
She renders. A truthful history of this
noted craft, written by CommodOres
Lucas, Mann and White. cOmmandants
in the order named, would be graphic, if
not gratifying, but l ann sure the most
conspicuous incidents in her career would
be liberal quotations from the books Of
the State Treasurer. I suggest she be
sold, and sold early. II allowed to re-
main as at present much longer, the good
people of our beautiful seaport town, near
which she rests calmly, will wake up some
fine morning to find her, like
Many gem of purest ray serene,
Deep in the bosom of the old river buried
The State should either sell or sail her
It is safest to sell.
CONCLUSION.
A careful study Of this report must
satisfy any one that the public affairs
of the State have been economically ad-
ministered. When we consider that Of
the legitimate amount Of revenue derived
from all sources, 81, 687, 209.22, there was
appropriated for public schools $S47,
57857; for the several institutions, edu-
cational, charitable and pensions, sup
ported or aided by the State, $491, 278.30,