GOVERNORS MESSAGE

Gentlemen of the Senate


and of the House of Commons
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/ NHt>f ~ Ote 4IOESS " commons
Yonr biennial return to the seat of Government


for the purpose of Legislation. as The representa-


:ives of free and happy people, is always an oc-


casion of interest to the patriot and Of grati-
tude to Him: whose kind providence directed our


fathers in the paths of political wisdom, and cast


our lots in this favoured and happy land. May


we not hope for continuance of the same favors,


by walking in the same paths and devoutly ask
ing of Him that guidance and purity of purpose


which will lead to wholesome and wise legslatlonf


Many subjects of importance will engage your
attention, but whether you deem this proper time
TO acL upon all ofthem, matter for your deiibe-


rate consideration.


PUBLIC FINANCES.
! The condition of the Public Treasury should
especially engage your attention. The appropri-
Iaons made at the session before the last, to dis
charge the debt due for building the Capitol, so
far exhausted the public fund, that it INSULT
cent TO meet the current expenses of the govern
ment; and the public Treasurer was directed to
borrow Of the Literary and Internal Improvement


Boards what money mightb needed to meet those
expenses.


| Reference 10 his report 10 the last Legislature
and TO his monthly settlements with The Comp
troller, will show the amount ofthe Literary fund
used by him, and the amount that was kept on


hand for his use as it was deemed better that the
State should use these funds, than go elsewhere to
borrow.


| The curren! expenses of the State and the long
session of the last Legislature, left the public
Treasury, at its rise, nearly or quite exhausted,
except as 10 the funds belonging 10 the Boards.


The last Legislature, aware Of the condition of
the Treasury, and, being called upon to make
provision 10 meet the payment Of $4,000 of the
bonds of the Wilmington and r leigh Rail Road
falling due in JAM. 1843, and endorsed by the
State, directed the Literary Board to redeem those
l.. - I,4
provision 10 meet the interest falling due on the
bonds Of the Raleigh and CASTOR Rail Road Com
pany, endorsed by the State and to raise funds TO
meet the current expenses OF the Stale until the
taxes of 1S43 shonld be paid into the Treasury,
authorised the public Treasurer to borrow the sum
OF S5O,00O from one ofthc Boards or ofthe Banks
Of the State and, being likewise d'srous to do
something for the relief ofthe people. it directed
the Literary Board 10 loan out its funds. Al the
time these requirements of the Board were made.
! it had less than 900 in the Treasury, about
100000 in bonds upon individuals, and the BAL
ance of its funds in stocks and permanent sccur-
tics


The Literary board, desirons TO meet that high
confidence manifested by the Legislature in their
financial skill. pressed collections. and with tho
cash in hand redeemed the $4,000 Of Rail Road
bonds and BY the assiatance OF the funds of the
Board Of Internal Improvement, and those the
Literary Board had bern able pay INTO the TIras-
ury, the pnblic Treasurer has been enabled 10
meet all drInands a, the Treasury without borrow
ing clsrwhcrr Notwithstanding $50 900 Of the
bonds Of the Wilmington and Raleigh Rail Road.
which fell due in January 1874, endorsed by the
State, had TO be paid BY the Treasurer


The Literary Board did not b.ieve that it was
intended by the Legislature that its stocks and 9TH
or securities should be sold 10 raise fund to be
loaned to the people, and however much the Board
regretted the disappointment so many were drs-
tined to experience Cor applications were very
numerous,) il was unable 10 avoid it and render
the State, to which the Board owed its first duty,
that aid which it needed


1t is evident. upon the slightest ref 'ction, how
embarrassing it is To the Boards charged with tho
mana gemrnt ofthe Literary and Internal Improve
mcnt funds TO be required to hold thu SC funds sub
ipct to the requirements Of the Public Treasury,
and to be prevented from investing thrm in some
profitable and permanent investment, whereby a
large amount of interest is lost


therefore recommend that ample and perma-
nrnt provision be made to supply the Public !
Treasury, and that whatever interest ought Justly
10 be due to the two Boards, upon their funds kept
in the Treasury for the public service, be paid o.
yer TO the Literary Board, TO 60 into the disribu-
ton fund for the use of " Common Schools"


RAIL ROADS.


As the embarrassmens of the Treasury arise in !
part from the connection oil tue St1te Win our Rall
Roads, it becomes matter of absorbing interest
to devise the means whereby their usefulness to
the public may be continued, and the State at the
same time sustain no dctrmcnt on account of her
liabilities for these roads.


TIE difficulties under which these roads labor,
arise from their Indebtedness for their construction


The Wilmington and Raleigh Rail Road, in
cludng the sea route to Charleston, cost some two
millions of dollars, while the stock paid in amount
ed to about thirteen hundred and fifty thousand
dollars only, leaving the balance Of the cost Of
debt against the corporation, the in
terest of which absorbs large portion of its re-
ceipts So of the Rnleigh and CASTOR Rail Road.
1t cost about one million five hundred thousand
dollars, while its stock paid in was only about six
hundred and fifty thousand dollars, leaving the
balance of its cost Of construction debt against the
corporation the interest of which absorbs all lis
receipts, after defraying the current expenses.


To aid these corporations, the State, under acts
the Legislature passed for the purpose, endorsed
for The latter s8OO.O0O of its bonds none of which
are vet due and for the former 100000 of its
bonds half of which have fallen due and been paid
or redeemed-$50 600 by the corporation itself;
$4,000 have been redeemed BY the Literary {
Bolrd, as directed by the Legislature; $4,000 I
have been paid by the Public Treasurer; and t
$4,000 continues to fall due each succeeding Jan.
nary, until all fall due to meet which, the Legis-
ature must make provision in the event the cor |
poraton fails to pay. IL