NORTH CAROLINA. 



631 



Brought forward $5,471,400 00 



Bonds issued since the close of the war, by 

 authority of acts passed before the war, and 

 registered certificates of the Board of Educa- 

 tion, 25 per cent 8,261,045 00 



Bonds issued under the funding acts of March 

 10, 1866, and August 20, 1868, 15 per cent . . . 8,888,600 00 



Total $12,627,045 00 



Bonds have been redeemed as follows : 



First class, as described above, 40 per cent. . . . $4,244,500 00 



Second class; at 25 per cent 2,164,045 00 



Third class, at 15 per cent 2,412,200 00 



Total $S,820,745~00 



New 4 per cent bonds have been issued as 

 follows : 



For bonds at 40 per cent $1,697,800 00 



For bonds at 25 per cent 541,011 25 



For bonds at 15 per cent 861,830 00 



Total $2,600,641 25 



In this amount are included certificates is- 

 sued in exchange for fractional suras less than 

 $50, still outstanding, and receivable for new 

 bonds, in amounts of $50, $100, $500, and 

 $1,000. 



The old bonds yet outstanding and fundable 

 under the act are 



Redeemable at 40 per cent $1,232,900 00 



Kedeemable at 25 per cent 1,097,000 00 



Kedeemable at 15 per cent 1,476,400 00 



Total $3,806,300 00 



Should the General Assembly, at its session 

 in 1883, extend the compromise act of March 

 4, 1879, the actual and prospective debt of the 

 State will be : 



Actual debt bearing 4 per cent interest $2,600,641 25 



Prospective debt bearing 4 per cent interest. . 988,870 00 



Actual debt bearing 1 per cent interest 1,720,000 00 



Prospective debt bearing 6 per cent interest 



(old bonds now being renewed) 1,075,000 00 



Total. 



$6,384,511 25 



The receipts of the "Public Fund," which 

 is charged with all moneys derived from taxa- 

 tion and other ordinary sources of revenue, 

 and credited with all disbursements of what- 

 ever character, not connected with the Educa- 

 tional Fund, for the fiscal year, ending Sep- 

 tember 30, 1882, amounted to $755,881.44. 

 From these are to be deducted $42,000, tax on 

 fertilizers, appropriated to the exclusive use of 

 the Department of Agriculture; $59,500 interest 

 on mortgage bonds of the Western North Car- 

 olina Railroad ; and $29,460 paid by the re- 

 ceiver of the dividends accruing to the State 

 from stock in the North Carolina Railroad, and 

 applicable to payment of interest, October 1, 

 1882, on new "construction" bonds, making a 

 total of $130,960, and which, being deducted 

 from $755,881.44, leaves $624,921.44 available 

 revenue. The total disbursements for the fiscal 

 year amount to $629,112.37. Deducting from 

 this amount $43,500 on account of Agricul- 

 tural Department, and not properly a part of 

 the general fund, and $58,555 paid as interest 

 on the mortgage bonds of the Western North 

 Carolina Railroad, the expenses legitimately 

 chargeable to the fiscal year amount to $527,- 

 057.37. The balance to the credit of the Pub- 



lic Fund at the close of the fiscal year was 

 $254,189.78, made up as follows: 



Accumulated funds to pay interest on the 4 

 per cent consolidated debt of the State $224,086 96 



Amount received from receiver of North Caro- 

 lina Eailroad 29,460 00 



Amount applicable to general expenses 642 82 



Total $254,189~78 



This large balance to the credit of the inter- 

 est fund is due to the fact that nearly $1,000,- 

 000 of the new 4 per cent bonds remain unis- 

 sued because the redemption of the old bonds 

 under the act of March 4, 1879, was discon- 

 tinued on January 1. 1882, by the expiration 

 of the time prescribed for the exchange. 



The revenue act of the State authorizes a 

 tax of six cents on the hundred dollars' worth 

 of property, for the general fund for the sup- 

 port of the State government ; a tax of eleven 

 cents on the hundred dollars of property, for 

 the support and completion of the asylums for 

 the insane ; a tax of five cents on the hundred 

 dollars of property for the support of convicts 

 and construction of the penitentiary, and a tax 

 of six cents on the hundred dollars of property 

 for the payment of interest on the public debt, 

 making a total tax of twenty-eight cents per 

 hundred dollars on the assessed value of prop- 

 erty, the aggregate value of which, as shown 

 by the report of the State Auditor, published 

 November 30, 1882, amounts to $167,738,639. 

 The estimated expenses of the State for each 

 of the years 1883, 1884, and 1885, are: 



General Assembly, sessions 18S3 and 1S85, mile- 

 age and per diem, each 



Executive Department 



Judiciary 



General expenses, including printing, contingen- 

 cies, etc 



Penitentiary 



University of North Carolina 



Oxford Orphan Asylum 



Normal schools 



Institutions for Deaf, Dumb, and Blind 



Support and completion of Insane Asylums 



$55,000 00 

 21,500 00 

 37,000 00 



50,000 00 

 75,000 00 

 12,500 00 

 5.000 00 

 8,000 00 

 36,000 00 

 140,000 00 



Total $440,000 00 



Interest on outstanding 4 per cent bonds 104,000 00 



Total $544,000 00 



As is the case in many other Southern States, 

 the valuations of real and personal property for 

 taxation in North Carolina are far below the 

 cash value, and very unequal in the various 

 counties. The limit of taxation fixed by the 

 Constitution is 66- cents on the $100 worth of 

 property. Of this, as already stated, 28 cents 

 are required to pay the expenses of the govern- 

 ment, and the remaining 38f are needed to pay 

 the expenses of the counties. If the property 

 throughout the State were equitably and uni- 

 formly assessed, it is generally believed the 

 aggregate value of the real and personal prop- 

 erty in the State would be fully $300,000,000, 

 which would either allow a large reduction of 

 the rate of taxation, or furnish a surplus which 

 could be devoted to educational purposes, and 

 thus largely increase the number and efficiency 

 of the public schools. It is estimated that 

 there are 490,000 educable children in the 



