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lS€S-'69.] DoouMKNT No. 5. 3
of aiding in the completion of the Chatham Raillload, but the
Legislature has not yet recognized the validity of the trang-action.
So, also ^520,000 of the second mortgage bonds on the Wil-mington,
Charlotte and Rutherford Rail Road Company were
executed in 1S62, under the ^provisions' of an act of Assembly,
"passed in 18 GO and ISGi. Neither the bonds issued by the au-thorities
then in possession of the State Goyernment, nor tho^
accepted by them from the said Company, lia,ve been, exj^resslj
recognized since the termination of the late war. The same
observations apply to ^220,000 bonds issued to the "VYestel'n
North Carolina Rail Road Company, and to the stock received
from that Company in return, which transaction occurred in
October, 18(U.
Two hundred thousand dollars bonds received from the
Western Rail Road Company in 1861 were authorized by oxit
of 1866-'6T, Chap. , to be surrendered to the Com2:)any in ex-change
for stock in the same, but no provision has been made
lor the State bonds originally issued in exchange for them, which
being on their face securities issued during the war are uiia-vailable
to the hulders.
In making the exchange above mentioned with the Western
Rail Road Company $225,000 coupons were retained in tliis
office, the Company claiming that they were to be surrendered
under the term of the act. My predecessor declined to do tKis,
in my opinion rightly so.
Table E exhibits the securities belonging to the Literary
Fund.
Table F shows the bonded debt of tJie State past due. To-tal
8150,000.
Table G exhibits the year of maturity of bonds not yet tine
issued prior to May 20th, 1801, and since the year 1S65, and
where payable.
The General Assembly having by act ratified the 19th Au-gust,
1868, instructed mo to commence paying interest on tlie
debt of the State on 1st October, 1868, and4hereiifter to con-
Object Description
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| Title | Page 189 |
| Full Text | lS€S-'69.] DoouMKNT No. 5. 3 of aiding in the completion of the Chatham Raillload, but the Legislature has not yet recognized the validity of the trang-action. So, also ^520,000 of the second mortgage bonds on the Wil-mington, Charlotte and Rutherford Rail Road Company were executed in 1S62, under the ^provisions' of an act of Assembly, "passed in 18 GO and ISGi. Neither the bonds issued by the au-thorities then in possession of the State Goyernment, nor tho^ accepted by them from the said Company, lia,ve been, exj^resslj recognized since the termination of the late war. The same observations apply to ^220,000 bonds issued to the "VYestel'n North Carolina Rail Road Company, and to the stock received from that Company in return, which transaction occurred in October, 18(U. Two hundred thousand dollars bonds received from the Western Rail Road Company in 1861 were authorized by oxit of 1866-'6T, Chap. , to be surrendered to the Com2:)any in ex-change for stock in the same, but no provision has been made lor the State bonds originally issued in exchange for them, which being on their face securities issued during the war are uiia-vailable to the hulders. In making the exchange above mentioned with the Western Rail Road Company $225,000 coupons were retained in tliis office, the Company claiming that they were to be surrendered under the term of the act. My predecessor declined to do tKis, in my opinion rightly so. Table E exhibits the securities belonging to the Literary Fund. Table F shows the bonded debt of tJie State past due. To-tal 8150,000. Table G exhibits the year of maturity of bonds not yet tine issued prior to May 20th, 1801, and since the year 1S65, and where payable. The General Assembly having by act ratified the 19th Au-gust, 1868, instructed mo to commence paying interest on tlie debt of the State on 1st October, 1868, and4hereiifter to con- |
