564 



NOKTII CAROLINA. 



Third: Bonds issued since the war, to fund 

 accrued interest and past-due bonds, viz. : 



Under act of 1866 



Under act of 1868 



Accrued interest 



Fourth: Bonds issued during the war, for 

 internal-improvement purposes, but not 

 marketable, because of the time of issue, 

 etc., viz. : 



Bonds issued under acts passed before the 

 war 



Bonds issued under acts passed during the 



war 



Accrued interest 



Fifth : Bonds issued under acts passed since 

 the war, for internal improvement pur- 

 poses, not special tax, viz. : 



Under ordinance of convention of 18S3 to 

 Chatham Railroad Company 



To Williamstown & Tarboro' Eailroad Com- 

 pany 



Accrued interest 



$2,417,400 

 1,721,400 



744,984 



Sixth: Special-Tax Bonds, issued under act 

 passed in 1863-'69, and since repealed by 

 act of 8tb of March, 1870, viz. : 



Bonds to Eastern Division of Western 

 North Carolina Railroad Company 



Western Division of Western North Caro- 

 lina Railroad Company 



Western Railroad Company 



Wilmington, Charlotte & Rutherford Rail- 

 road Company 



Williamstown & Tarboro' Railroad Comp'y 



Atlantic, Tennessee & Ohio Railroad Com- 

 pany 



Accrued interest 



Seventh: Bonds pronounced unconstitu- 

 tional by Supreme Court, viz. : 



Bonds issued to Chatham Railroad Com- 

 pany, now outstanding 



Penitentiary on Deep River 



$913,000 



215,000 

 383.550 



$1,511,550 



$1,200,000 



150,000 

 234,000 



$1,584,000 



$273,000 



6,367.000 

 1,320,000 



3,000,000 

 300,009 



147.000 



1,475,670 



$12,882,670 



$350.000 

 100,000 



$450,000 



SUMMARY OF THE DEBT. 



The principal of the entire debt is $29,900,045 00 



The total amount of accrued interest there- 

 on to October 1, 1871, is 4,987,419 45 



Total of principal and interest is $34,887,464 45 



The only securities held by the State, from which 

 she derives any income, are the $3,000,000 stock in 

 the North Carolina Eailroad Company, on which six 

 per cent, dividends have lately been realized, which 

 dividends, by a decree of the Circuit Court of the 

 United States for the District of North Carolina, have 



been subjected to the payment of interest due on the 

 bonds of the State issued to pay for said stock. 



The views of the Governor were thus ex- 

 pressed : 



Let the State create a new debt, issue new bonds 

 bearing three per cent, interest, payable in specie, 

 with a tax imposed in the act sufficient to raise funds 

 to pay such interest, then make it optional with the 

 bondholders to exchange their old bonds for the 

 new issue, or await the chances of such improvement 

 in the condition of the State as will secure to them 

 payment of their claims in full. I suggest, without 

 making any recommendation either pro or con, that 

 it might be provided that, in lieu of $1,000 bonds 

 bearing three per cent, interest, $500 bonds bearing 

 six per cent, interest might be given in exchange for 

 each $1,000 held by him. In my opinion, the people 

 can bear the burden of such a settlement. 



By pursuing this course, the General Assembly 

 would merely acknowledge frankly a palpable truth : 

 they would offer the best which, in the judgment of 

 many, the people can do at present, and they would 

 refrain from a repudiation of their contracts. 



The corner-stone of the Tileston Normal 

 School-house, for the purpose of educating 

 teachers, was laid at "Wilmington on the 30th 

 of November, 1871. It is the first school of 

 the kind in North Carolina. 



The Asylum for the Insane, and the Institu- 

 tion for the Deaf, Dumh, and Blind, have been 

 well managed, and their affairs economically 

 and satisfactorily administered. The Asylum 

 for the Insane is filled to its utmost capacity, 

 and about two hundred and fifty applica- 

 tions for admission cannot he favorably con- 

 sidered for want of room. Many of these 

 unfortunates are under constant restraint in 

 different parts of the State, some of them 

 manacled at home, while others are confined 

 in loathsome dungeons of common jails. 



An office of a State Commissioner of Immi- 

 gration was established by act of the Legisla- 

 ture at the previous session, and assistant com- 

 missioners have been appointed in England, 

 Scotland, Germany, and France. The efforts 

 of the Commissioner, considering the small 

 means at his command, have met with consid- 

 erable success; with the aid which he has re- 

 ceived from his assistant in England, he has 

 succeeded in establishing a line of steamers 

 from Liverpool to Norfolk, where an office has 

 been established to receive and forward immi- 

 grants coming to the State. 



CENSUS OF 1870. 



