The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-01-08

College (col). $4,000 ...... .......
N C. College A.
and M Arts. $4,000 $4,000 IS, 7S6
Normal and In
dustrial Col
lege. -. -. $4,000 $4,000 32,947
Soldiers Home. $4,000 5000 .......
Total ...$972 166 $256,70O $149, 633
The revenues derived by the State
government, at the present rate of taxa
ton, as will be readily seen, will not be
sufficient to pay the appropriations ask
ed for.
STATEMENT OF THE STATE DEBT.
During my term Of office, there have
been presented for cancellation and ex-
change $1,000 of old State bonds, ex-
changeable under the act of 1879 Ten
bonds were issued, returning these to the
amount of $1,S00. leaving the State debt
amounting to $6,527, no. The act to
commute and settle the State
debt expires January /, 1900,
and # it is desired to continue to refund
the old State bonds. it will be necessary
for the present General Assembly to re-
new the act.
The report next takes up the matter of
interest on the SO, 399,15O North Carolina
4 per cent. consolidated bonds. This in
terest. it says, was paid out of the gen
eral fund, except the amount obtained
from the taxes levied for this purpose.
defect in the last Revenue Act is cited
as allowing the taxes for this purpose to
be smaller. but it is said that after this
year the law will adjust itself. and the
revenue will probably reach $4,000.
INVESTMENTS AND INCOME.
The investments of the State are named
as being $4,000 shares of stock in North
Carolina Railroad Company, 1866 shares
Atlantic and North Carolina Railroad,
some shares in the Boone and Blowing
Rock Turnpike Company, 500 shares of
stock in the Wilkesboro and Jefferson
Turnpike Company, and a balance due
from Alexander county bonds of 1850
The State Board of Education holds as an
investment $143,250 of 4 per cent. bonds.
s., 600 Of per cent. bonds. The annual
income to the State from the stock in the
North Carolina Railroad Company is
now $210,014. After payment of interest
on the 6 per cent. construction bonds out
is shown by the account at the end of
this year, and this surplus has been used
used i'll paying State obligations.
The State holds $13,T50 in Alexander
county bonds, which the county, by spe-
cial act, is permitted to redeem, without
interest, by paying to the State Treas
urer beginning January 1, 1892. $1,000
per year, until the whole should have
been paid. Eleven of these payments
have been promptly made leaving
balance of $3.50 yet due.
The discovery of the Martin fraud and
defalcation Of 100000 is told of and the
Treasurer says of this: THE first altered
check he attempted to use under the
new administra ton resulted in the detec
ton of the fraud, his confession of guilt,
conviction and sentence to the State
prison for ten years"
He also says that in addition to the
sum stolen during the previous admins
traton the "committe also found evil
dences of similar frauds. amounting to
1884, committed by Major Martin dur
ing his temporary appointment under the
present administration and adds
SIN view of the fact that it was essen
tally necessary that l should have re-
tanned him for a short time, that by
doing so that fraud was discovered
quickly and the State saved harmless,
ask that the Legislature repay to me the
sum which / was compelled to pay on this
account, and eXonerate me and my adj
ministration for liability on account of
Martins acts
The report states that many old bonds,
showing a face value of thousands of
dollars, are in the vaults and that SINH
lar bonds are frequently presented for
payment. Some of these are reported as
having been previously funded, and not
destroyed, others never actually issued.
Authority is asked to destroy those on
hand and those which are later obtained.
THE TAX QUESTION.
Attention is called to the need of a law
to have county commissioners make
prompt settlements with sheriffs, and is
asked that authority be given the State
Auditor to force such a settlement so that
the sheriffs can pay the State as the
Treasurer. can not sue the sheriff until
the register of deeds sends the abstract
to the Auditor.
tax of $50 annually be paid direct to the
State Treasurer each agent to have
duplicate receipt, for which a charge of
$500 be made, with so cents for the seal
The tax on oculists is said to be hard
ship and it is advised that this be re-
duced to S. in each county in which an
oculist operates, in addition to the
present resident tax of S..
He explains his refusal to pay the
$4,000 a year to the colored A. and NJ
College until the Supreme Court COM
PEELED it, tells of the three banks organ
lied under the State Banking Act at
Burlington at Wilmington and at Mon
roe. of his borrowing 100000 for public
school and charitable appropriations from
the National Park Bank of New York
by the authority of the Governor and
Council of State. This is due on March
10. and he asks that provisions for its
prompt payment be made, as failure to
, do so would irjure the States credit.
UNPAID APPROPRIATIONS
The receipts being less than the dis
burscments, the following appropriations,
in the main for building purposes, are
unpaid: