6 Document No. 1. [Session
The people cannot pay the annual interest as it accrues on
the entire debt, in addition to the ordinary expenses of the
State government, and the question arises as to the best mode
and manner of its adjustment.
•^^ Yarious'plans have been suggested in relation to this sub-ject,
but in matters of business two or more parties are neces-sary
to a contract, and to give it any validity it must have the
assent of both.
I earnestly recommend to your careful attention and considera-tion
the adjustment of the State debt, because it is filled with
the fate of future consequences which may ultimately redound
to the honor and good name or the shame and humiliation of
the State. We have great cause for honest pride in her past his-tory,
her present position and future prospects, and may it
never be truly said, that her patriotic and honest sons quietly
submitted to any unjust imputation or stain upon her char-acter
for integrity and fidelity.
The past cannot be recalled but in memory, and it is our
duty to try to protect and promote the rights and interests of
the people and the State. Improvements are going on in the
useful and industrial pursuits and vocations of life ; in our ag-riculture,
commerce and manufactures ; and our prospects are
brighter for the future than they have been in the past. We
are making steady progress in the development of our vast and
various resources, and our taxable wealth is increasing from
year to year.
NOKTH CAEOLINA EAILROAD.
As important interests are involved in this great trunk line
of railroad, I deem it necessary to give a brief statement of its
present financial condition, as I understand it, as I prefer deal-ing
in facts and figures, instead of supposition.
As security for the redemption of the bonds issued to con-struct
the North Carolina Railroad, the public faith of the State
is pledged to the holders thereof; and in addition thereto, all
