FARMERS' REGISTER— INTERNAL IMPROVEMENT. 



547 



which, furthermore, they feel themselves very illy 

 qualifiert to perform, the committee flatter them- 

 selves that by the adoption of one or two <i;eneral 

 principles they will brinj^ all tliose local works, 

 worthy of legislative patronage, within its reach ; 

 so that none may be turned away, who have claims 

 to attention ; wliile none will be fostered beyond 

 . their merits. To meet this view, they recommend 

 that whenever any company shall be incorporated 

 by the General Assembly, for any work of inter- 

 nal improvement, such company shall, in the pro- 

 secution of their work, be at liberty to intersect 

 with, or cross any other \vork executed or to be 

 executed by any other incorporated company or 

 by the state; and that whenever the stockholders 

 of any such company shall pay or secure to be paid, 

 three fifths of the amount necessary for tlie comple- 

 tion of any such work, the General Assembly may, 

 in their discretion, subscribe the remaining two 

 fifths, for and on account of the state, if thereunto 

 requested by such company. 



The committee have endeavored to form an esti- 

 mate of the amount necessary for the full accom- 

 plishment of the foregoing scheme ; and, after 

 mature consideration, they feel very confident that 

 five millions of dollars will be a sufficient allow- 

 ance. This sum will not be required in greater 

 instalments than one million of dollars per an- 

 num ; perhaps mucli less may serve. 



Whatever amount may be required, cannot be 

 raised otherwise at this time than by loan. This, 

 the committee is informed, may probably be ob- 

 tained at a rate of four per centum per annum ; 

 but it is believed that the rate can, in no event, 

 exceed five, if proper measures are adopted to 

 provide for the regular payment of the interest. 

 The committee does not doubt that the legislature 

 will, if it should so happen that the resources here-, 

 after pointed out shall be insufficient for this pur- 

 pose, by a proper system of taxation, supply the 

 deficiency, which the convention should recom- 

 mend, and stand pledged to sustain them in, to the 

 extent of its weight and influence in the commu- 

 nity. In addition to the vast fund of wealth held 

 by the state in the affections and property of her 

 citizens, the annexed schedule sets forth sundry 

 items amounting in all to the sum of 1,067,000 

 dollars, actual property, belonging to the state, 

 and now available to a great extent; uncertain 

 items amount lo 706,000 dollars; and the swamp 

 lands, which the committee recommends shoukl 

 be pledged as flir as it will go to the payment of 

 the interest, and repayment of the principal, of 

 such sums as the state may from time to time find 

 it necessary to borrow for the prosecution of the 

 scheme of internal improvement. 



The sum of .^1,067,000, at four per cent, will 

 yield an income of .f 42,080, and other annual items 

 added thereto gives a certain available income of 

 ^51,055 per annum. Part of this sum, it will be 

 seen, consists of effects which have been hereto- 

 fore set apart for the literary fund. But your com- 

 mittee thinks that the great object for which this 

 fund was originally set apart, will in no wise suf- 

 fer by the proposed diversion. This fund has been 

 for a number of years lying unused, and would 

 probably so remain for a number of years to come, 

 so far as the use for which it is nominally design- 

 ed is concerned ; and, if used immediately, it is 

 thought that in no way could it contribute so ef- 

 fectually to a wide and immediate spread of really 



useful and substantial knowledge, as by increas- 

 ing the facility of intercourse between the different 

 sections ofthe state, and bringing well informed per- 

 sons, bearing with them the arts and sciences, with 

 all the improvements of civilized life, to the most 

 inaccessible mountains and sequestered vallies of 

 the state. A part of the fund which it is proposed 

 to set apart as a partial security to those who may 

 become the creditors of the state, it will also be 

 seen, consists of lands lying in the western part of 

 the state, to which the Indian title has not as yet been 

 extinguished. It is, therefore, desirable that this 

 title should be extinguished as soon as practicable ; 

 and to that end it is recommended by the commit- 

 tee, that in some proper way the attention of our 

 representatives in Congress should 15e called to 

 this subject. It is not the province of this conven- 

 tion to interfere with any matter which may have 

 a tendency to awaken political differences, or ex- 

 press any opinion upon political questions; but 

 your committee may be allowed to say that many 

 are of 04)inion that the bill commonly called the 

 land bill, will sooner or later become a law of the 

 union ; and, should it do so, the state of North Ca- 

 rolina will be entitled to the sum mentioned in the 

 schedule ; and your committee have, therefore, 

 {)ut it down as what may possibly constitute a part 

 of her effects. Your committee further recom- 

 mend, as the most effectual and speedy mode of 

 carrying into execution the views and wishes of 

 tl)e convention, that a memorial, signed by the 

 members of that I'ody, be respectfully submitted 

 to the legislature, during its present session, pray- 

 ing its concurrence therein, and its aid in their ac- 

 complishment. 



Respectfully submitted, 



DUNCAN CABIBRON, Chairman. 



Schedule of the effects proposed to be pledged to cre- 

 ditors of the state upon the contemplated loan. 



Estimated value of bank stock, ^500,000 



Do. do. Roanoke Navigation 



stock, 50,000 



Do. do. Cape Fear do. 32,500 



Do. do. Buncombe Turnpike, 5,000 



Do. do. loan to Clubfoot & Har- 



lows, 33,000 



Do. do. Road stock Pungo and 



Plymouth, 2,-500 



Loan to Tennessee Turnpike Company, 2,000 



Do. Swannanoah do. 2,000 



Cherokee bonds, 40,000 



Do. lands in Macon unsold, 100,000 



Do. do. title unextinguished, 300,000 



Claim for military expenditures 



during the late war, 20,000 



Proportion of western lands, 686,000 



^1,067,000 



8706,000 



Swamp lands without estimate. 

 Annual income interest on above sum of 



1,067,000 dollars, at 4 per cent, $42,680 



Entries of lands, 5,000 



Taxes on sales at auction, 675 



Tavern tax, 2,700 



$51,055 



Altera full, free and animated discussion upon 



the question of concurrence in the report, forty 



