22 TRANSACTIONS OF THE 



that a desperate case demands a desperate remedy, applied to the Legis- 

 lature, then in session, for a law authorizing the funding of the entire 

 indebtedness of the society, the issuance of warrants or bonds, and the 

 creation of a fund for the final redemption of the same. The Legisla- 

 ture granted their request, and the creditors came forward, with few 

 exceptions, surrendered their evidences of debt in exchange for warrants 

 at par on the Eedemption or General Fund of the Society, bearing inter- 

 est at ten per cent per annum. Thus the society was placed beyond the 

 reach of immediate trouble, and at the same time was relieved of a 

 ruinous accumulation of interest against it, and was enabled to prepare 

 for and hold its Annual Fair, the financial and general beneficial results 

 of which are set forth in detail in our report to the Governor, which has 

 been ordered printed by the Legislature, and will soon be published for 

 distribution among our own members, and to other kindred societies 

 both in our own and other States, to which we would respectfully refer 

 you for information ; and would ask your attention for a few minutes to 

 some suggestions in regard to the management and objects of the so- 

 ciety, which observation and experience have taught us are worthy of 

 consideration. 



"We deem it proper, however, here to remark that the debt of the so- 

 ciety has been, under the management of the present Board, reduced 

 over seven thousand dollars, leaving the present indebtedness of the 

 society, including interest to date, nineteen thousand one hundred and 

 eighty-two dollars and seventy-four cents, and there is no incumbrance 

 of any kind on any of its property, and it has a monthly income of one 

 hundred dollars under a contract which has nearly three years yet to 

 run. We are also able to state to you that a plan has been devised, and 

 we have confident hopes of its success, by which the entire debt of the 

 society will be paid during the next twelve months. 



The exhibition at the last Annual Fair, though not as full and abun- 

 dant in some departments as in some former years, yet it j>roved that 

 the State is making more rapid and substantial progress in the develop- 

 ment of wealth and the production of new and useful articles of indus- 

 try than at any previous time in her history. It is with heartfelt pride 

 and satisfaction, therefore, that we congratulate you upon your steady 

 and uninterrupted advancement and improvement in general — agricul- 

 ture, mining, manufactures, arts, and commerce. 



The premium list offered for our last Fair, we are well aware, was 

 imperfect and defective in many respects, and the premiums offered in 

 many cases were insufficient to induce a lively and healthy competition 

 among exhibitors; but it must be remembered that the present Board 

 did not assume the management of the society and become fully organ- 

 ized until the first of April, some time after the list should have been 

 published, and that then the prospects of a Fair were such as not to 

 warrant a very large list of premiums, lest they should be unable to pay 

 those offered. 



We would here suggest the propriety of increasing the premiums for 

 many of the agricultural productions, particularly as to those the suc- 

 cessful culture of which in our State is yet unsettled, for the wealth and 

 independence of a State depends more upon the variety of the produc- 

 tions than upon the quantity of any one article, however excellent or 

 valuable that may be. 



The list of premiums for manufactured articles may well be extended I 

 in number, and increased in value — for however rich a State may be in 

 the production of the raw material, yet when put to the test she will 



