The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1903-01-13

Criminals. This petition states facts
which make clear the great benefit to be
. derived by the State from sue reforma-
tory. There are not as a matter of fact
many youthful criminals in the jaiis or
| the penitentiary, but this is due TO the
Discrimination OF the judges to ~confne
them with older criminals. These boys
are. therefore. turned loose upon the
community TO renew their depredations
and TO grow up criminals. The work OF
retormatories in other States has pro-
duceG excellent results. and | hope you
may see your way clear TO make a be-
ginning in the discharge OF our duty to
the young criminals. who by your action
may be saved and made useful men.
STATE INDEBTEDNESS.
The total deficit in the Treasury OF the
State on the first OF December. 1902.
amounted TO 1915. 4i9.4l. 1t is regretab!e,
OF course. that this Indebtedness should
have come about. but the State has had
full value for it. The appropriations
made by the last General Assembly eX-
coded the estimated income and even
where the appropriations were paid it
was found by most OF the institutions OF
the State. on account of their increased
attendance and by reason of unforeseen
accidents that they Could not conduct
their business upon the appropriations
made. There is in almost every inssitu-
ton q deficit for maintenance due not
only to increased attendance. bat to the
higher prices paid for all articles con-
sumed. The cost of living has increased
in every private family and the State
has felt the effect of the high prices quite
as much as the individual. Our ASSESS
ments of properly were made before the
high prices and az n time when business
and agriculture We're much depressed.
Hence the revenue fell far short of the
amount anticipated by the last General
Assembly. In of these facts
it became certain early in last year that
the appropriations could not be met.
Upon this being made to appear l called
the Council of State IN consultation and
upon their advice l invited many prom
inent, responsible, and wise men from
different sections of the State TO meet
with me and the Council OF State in my
office for consultation. After viewing
the situation from all possible stand
points it was finally determined that We
should borrow for the State the sum Of
two hundred thousand dollars. Either
one of three courses might have been
pursued. First, withhold the apprOpria-
tons for the enlargement of the asylum
and refuse to pay the one hundred thou
sand ($100, 00O) dollars appropriated for
bringing the public schools up to the con-
stitutional requirement of four months in
each district. Second: call the LegiSla-
ture together in special session and let
it taxi the responsibility OF repeating
the appropriations or making provision
for meeting them. Third: pay the APP
preparations and issue bonds at six per
cent for fifty years with which to .ieet
the interest on the public debt. 1t did not
seem to US wise in view of our repeated
pledges to the people to provide for the
insane and for the education of the chill
dren to withhold these appropriations. To
call the Legislature together in extra
session would cost the State more than
the interest on two hundred thousand
dollars, and it was not thought that the
Legislature would hesitate to make pro-
vision for meeting the appropriations
which it had heretofore made. We We're
unwilling to fasten upon the State a debt
running for fifty years and bearing six
per cent interest. We, therefore,, deter
mined if possible to borrow the two hun-
dred thousand dollars until provision
could be made by your Honorable Body
" INV Ing YIN NiAS1 ~
fronted us. Our Treasurer, with the ad-
vice of the Counsel of State, and myself
went to New York and secured the loan
of two hundred thousand dollars at four
and One-half per cent per annum inter
est, payable sem~i-annually. All the facts
We're laid before the lender and it is no
small tribute to the business Qualifica-
lions Of our Treasurer and to the credit
of the State that Mr.. Lacy was enabled
to secure this loan. BY it's use We have
been enabled to furnish the necessary
money for the public schools and have
nearly completed the promised additions
to the Morganton Asylum. 1t is impos-
sible to meet the floating debt of the
State, together with current expense
and the absolutely necessary permanent
Improvements out of our current rev
enues. 1t is, therefore, apparent to me
that it is necessary 20 issue bonds with
which to pay off the present Indebtedness
and if thought wise to complete the i'm
proVements which have already been be
gun and those which are found by your
Honorable Body to be absolutely neceS-
sary in the immediate future. | recon-
mend that authority be given to the
Governor and Council of State to issue
n~on-taXable bonds in an amour not to
cACeGullS I'VE III cu IlOl.Sduu uOlIdIS
$500, 0O0) the bonds to run for fifty years,
to bear a rate of interest to be named in
the Act, to De sold for not less than par.
l believe that a three per cent bond can
be sold at par. The credit of the State is
and ought to be excellent. Her present
conditions Is hat of ~uneXampled pros
perity. The value of her property is in
creasing annually at a great rate, her debt
is small compared with the debts of other
States and she meets without question
and on time every recognized and hon |
est obligation. If the property of the
State now held as investments was sold
at the present market value it would
bring almost enough to pay our entire ,
bonded Indebtedness. I have been all my
life much opposed to issuing bonds, but
to do SO now is not an unmixed evil. 1t
is probably better to care for the neces-
sary permanent improvements in our
present condition by a bond issue, than
TO burden our reViving industrial and