The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-09-28
HON. B. R. LACY.


merchandise passing on delivery, but
registered bonds are only transferable
in the State Treasurers office and in
the presence of the Treasurer, therefore,
when q bond is registered it shows that
the holder intends it for permanent in
vestment The books of the office show
that under Fusion rule only $SS5O0 worth
of bonds were registered in SIX YEARS,
while during the present Democratic ad
ministration, there has been 1922, 900 in
EIGHTEEN MONTHS. A whole volume
could not show palmer in what
estimation the credit of the State is
held, than that simple state
ment. In seventy-two months owners
of only $3S, 500 of our bonds want
ed to permanently invest them, and when
the Democratic party brought peace and
security to the State the holders of nearly
$500. 900 sailed them away by registering
them, thus practically Withdrawing them
from the market. The eagnerness with
which these securities are sought, and the
high prices so readily paid for them have
resulted in placing the credit OF the state
on the remarkable basis of less than 312
ner cent and outside of the United States
government issue, there are but few
classes of bonds that command better
prices Our per cent bonds, although
nearing the day OF maturity, still COM
mand a good premium, the market price
being S1O5. The per cent. having longer
to ran, are held at 1885,
But there is nothing surprising in this
state of affairs, when we compare North
Carolina with her sister States. We APP
parently owe S6.527 $50, but we have to
offset it $4,000 shares of stock in the
North Carolina Railroad, which sells to-
day. in small blocks al SITS, and if it were
sold as a whole it would bring at least
sc. 600, 900. We have also 1866 shares of
stock in the Atlantic and North Carolina
Railroad. which being controlling in
terest, would bring not less than $780,
600 and if Democratic administration is
continued, as is likely. the day is not far /,
distant when the stock already advancing |
will readily bring it's face value, and be
worth to the State 81. 266, 900. Now COM
pare with other States: Virginia. one of
our nearest neighbors, owes $24,331 631 |
our daughter, Tennessee. SIS, 507 600 our /
little sister, South Carolina, Sc, S45. III and
Alabama, which is just our size to mile, |
has bonds to the tune of 50, 357 600 while |
as stated above, our total Indebtedness
amounts to s6,527 $50, with available as
sets in hand sufficient to pay the entire /
sum and leaves us free from all debt. |
Our own people, although too restricted !
in means to permit much investment in |
high priced securities, never hesitate to
invest their trust funds in the obliga- |
tions of their own State, in whose moral
and financial integrity they have the most |
unbounded confidence.
With other members of the admins
tration. | can but rejoice at the high
credit of the State but | feel that it is |
due not so much to the recognized con- |
servatism of those in charge of its affairs |
as to the rock-ribbed honesty and ster- |
ling integrity of the great people behind |
the administration, who have honored us |
with their confidence. and whose I'M /
swervng purpose and TO us instructions |
are that every lawful obligation shall be I
met to the utmost farthing.
AS is well known, the last Legislature |
in its wisdom made large appropriations
for the valiant old deserving Confederate |
soldiers. and their widows, the INDECENT
insane, the INDECENT deaf, dumb and blind, |
and last but not least, for the education
of the children of the State. The revenue
bill not bringing in as much as it was
calculated that it would. and these calls |
for patriotism, charity and education be-
ing so necessary and urgent, the State
borrowed for one year. at the low rate
of Az per cent. 100000 This trans
action was a greater object lesson of our
financial standing than even the register
ing of our bonds, the high premium the
bonds are bringing, or the comparative
sta ement with other States, because one
OF the first financiers of the unc1 made
this loan upon the simple assurance of the
Treasurer of the State, and upon his
faith in the honor and integrity of our
people. He accepted the plain note of the