The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-01-09
Governors Message
To General Assembly
Continued from Page Three.)

the appropriations could not be met
Trpon this being made to appear 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
should borrow for the State the sum OF
two hundred thousand dollars. Eithcr
| one of three courses might have been
pursued. First, withhold the apprCpria-
| lions for the enlargement of the asylum
and refuse to pay the one hundred thou
| sand ($l00,000) 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
j it take the responsibility OF repeating
the appropriations or making provision
| for meeting them. Third: pay the ap-
preparations and issue bonds at 5iX per
| cent for fifty years with which to meet
| the interest on the public debt It did not
! seem to us wise in view of cur repeated
| insane and for the education OF the Chill
| dren to withhold these appropriations. Tc
| 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 were
| Al,
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
for meeting the difficulties which con-
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 semi annually. All the facts
were laid before the lender and it is no
| small tribute to the business 1ualifica
lions Of our Treasurer and TO the credit
| of the State that Mr.. Lacy was enabled
to secure this loan. BY its use we have
! been enabled to furnish the necessary
money for tho public schools and have
| nearly completed the promised additions
to the Morganton Asylum. It is i-npos-
| sble to meet the ncafng debt of the
| State, together with current expenses
| and the absolutely necessary permanent
| improvements out of cur 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 l recon-
mend that authority be givon to the
Governor and Council Of State to issue
! non taxable bonds in an amount not to
exceeding five hundred thousand dollars
| $500 ,000) the bonds to run for fifty years,
TO bear 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 that 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 cur entire
bonded Indebtedness. 1 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
| agricultural interests with high taxation
with which to supply the needs CT the
| great works which the people have pro
jected If We can accomplish the educa-
ton Of all our children, care for tn. af-
| flicted, build good roads, develop our
industries, and increase our agricultural
productions as we are now doing we viii
in a short time have State rich eCnugh
to meet every obligation without eXces-
| sive taxation on anybody. However If
your Honorable Body can find better
way in which to provide for the alb
solutely necessary appropriations l shall
! be much grattsied
If bonds are issued I suggest that
! portion of them be in small denomina-
| lions SO that they may be taken by our
/
/ ton of our citizens at present is one of
! much prosperity and ] believe that quite
! number of the bonds will be sought
for by them.
GENERAL THOMAS F TOON.
| On the 18th day of February 1902, Gen
eral Thomas T. Toon Superintendent of
! Public instruction for the State, fell on
sleep. His record is one of which the
State may we'll be proud. He entered
! the Confederate Army young man as a
/ private and without outside influence, by
merit alone, won promotion after promo
ton until he became a Brigadier Gener-
al. He freely offered his life for the in
| dependence of his section. He finally
gave it in behalf of the education of the
children. He was engaged in canvassing
! the State in advocacy of larger educa-
tional facilities when he was attacked by
pneumonia. He ended his life as he had
spent it, in patriotic service for the
| State. As soldier. as citizen, as officer,