582 



NORTH CAROLINA. 



hands of the officers of the extinct corporation, 

 in the new company, subject to the claims of 

 creditors of the Western Division, the remain- 

 der to be administered as a trust for the stock- 

 holders of the Western Division. The purchas- 

 ers of the State's interest had fulfilled their 

 obligations up to the close of the year, paying 

 off the floating debt according to a later amend- 

 ment of the bill authorizing the sale, the lim- 

 it of the obligation being $30,000, paying cash 

 for the hire of the convicts, etc. The Paint 

 Rock branch, when completed, will be, it is 

 reported, a link in an extensive combination 

 of railroads lately effected by capitalists of 

 Richmond and other cities, taking in all the 

 important lines of connection east of the Alle- 

 ghany Mountains. 



The Atlantic and North Carolina Railroad, 

 which is under the control of the State, is in a 

 prosperous condition, having been able to pay 

 the interest on its bonded debt of $195,500 and 

 a judgment debt of $37,474, and having in the 

 two years paid cash for all purchases, and spent 

 considerable sums in repairing its roadway and 

 keeping up its rolling-stock. Several offers 

 have been made for the lease of the road, of 

 which that of the Wilmington and Weldon 

 Railroad Company is favored by the stock- 

 holders. Of the stock of the Albemarle and 

 Chesapeake Canal held by the State, in all 

 $350,000, $100,000 has been exchanged for 

 State bonds. The law authorizing the ex- 

 change expired January 1, 1880. The Cape 

 Fear and Yadkin Railroad has been graded 

 fifty miles beyond Greensboro. The sale of 

 first-mortgage bonds, authorized in 1879, will 

 probably be sufficient to equip the road to 

 Greensboro ; $30,000 out of $50,000 appropri- 

 ated was paid out in adjusting the indebted- 

 ness of this road. For the hire of convicts 

 employed in the construction, the State re- 

 ceives first-mortgage bonds. 



Pursuant to an act ratified March 14, 1879, 

 George Davis, Montford McGehee, and Donald 

 W. Bain were appointed commissioners to set- 

 tle the portion of the State debt represented 

 by the construction bonds of the North Caro- 

 lina Railroad. The compromise effected by 

 them involves the issue of $2,750,000 of new 

 bonds in settlement, the authorization of which 

 is dependent on the action of the Legislature. 

 The State owns $3,000,000 of the $4,000,000 

 of stock of this railroad. The dividends on 

 this stock were pledged for the payment of 

 interest on the bonds. In 1868 the interest 

 on the bonds remaining after the exchange of 

 a portion for Raleigh and Gaston stock was 

 funded. There were $2,795,000 of these bonds 

 then outstanding. In 1871 the road was leased 

 to the Richmond and Danville Company, and 

 by order of the Federal Court in the Swasey 

 suit, the rental was applied to pay the interest 

 on the bonds. The bonds fall due in 1883, 

 1884, and 1885. If the adjustment proposed 

 is _ accepted and the lease continues, the State 

 will derive a surplus income from the road of 



$12,000. If the road ceases to be paying, the 

 amount of taxes to be raised for the payment 

 of the interest will amount to $170,000 an- 

 nually. 



The summary of the total receipts and ex- 

 penditures of the Treasury for the fiscal year 

 ending September 30, 1880, is as follows: 



Total receipts ..$546,99604 



Total disbursements 492,720 33 



Balance in favor of receipts $54,275 71 



If all the expenses incurred in the quarter 

 ending September 30th had been paid in that 

 quarter, the balance in hand would not have 

 been so great. It is likely, however, that as 

 great an amount will not be paid in the quar- 

 ter ending September 30, 1881, so that this need 

 not alter any estimate. Among the items in 

 the receipts were the following: Drummers' 

 licenses, $42,300; fertilizer licenses, $24,000; 

 general tax, including tax on banks, $208,220.- 

 80; income-tax, $2,602.48; Insane Asylum, 

 special tax, $94,241.15; Penitentiary, special 

 tax, $92,860.48 ; insurance companies, $15,- 

 181.04; merchants' tax, $18,256.21; sewing- 

 machines, $2,400 ; three fourths tax on pur- 

 chases of liquors, $12,329.49; Western North 

 Carolina Railroad, $10,041.67. The principal 

 disbursements were as follows: Agricultural 

 department, $24,697.07; Cape Fear and Yad- 

 kin Valley Railroad, $30,000 ; commutation for 

 loss of eyesight, etc., $1,370 ; fugitives from 

 justice, $1,315 ; convict account, $9,083.62 ; 

 General Assembly, $17,695.70 ; Insane Asylum 

 at Raleigh, support account, $40,000 ; Western 

 Insane Asylum at Morganton, $30,000 ; Colored 

 Insane Asylum at Goldsborough, $22,500; 

 Deaf, Dumb, and Blind Institution, $24,375 ; 

 interest on mortgage bonds of the Western 

 North Carolina Railroad, $58,485; judiciary, 

 $38,213.83; outside lunatics, $115 ; Oxford Or- 

 phan Asylum, $3,000 ; Penitentiary, $103,000 ; 

 public printing, $7,900.86 ; Western North 

 Carolina Railroad, $30,747.06. The gross 

 amount of State taxes collected was $431,687.- 

 92; school-taxes, $342,290.68; county taxes, 

 $1,309,714.66. 



The following is a statement showing the 

 amount of receipts and disbursements of the 

 public funds of the State for each fiscal year 

 from 1868 to 1880, inclusive: 



The total assessed value of all kinds of prop- 

 erty in the State, according to the returns of 

 1880, is $166,208,241. Of this amount, $101,- 



