production of cotton in 1931 is going to determine the social and economic status of the South for the next decade. I realize that we cannot make a big crop of cotton east of the Mississippi without commercial fertilizer and I also realize that we cannot secure fertilizer without cash, which is going to be most difficult to obtain. I, therefore, think that even if we are foolish enough not to reduce acreage that our crop will be greatly reduced by reason of a lack of food value. The banks and leaders of the South should exercise the highest degree of patriotism in directing this acreage reduction for the salvation of the South. The same argument for cotton applies with equal force to tobacco and the same line of reasoning and possible economic disaster is involved.
DECEMBER 20, 1930
On January 1, 1931, the state of North Carolina will pay in New York City a total of $4,899,844 on bond obligations. This payment will be made out of the current tax revenue, without any additional borrowing.
Of the nearly $5,000,000 payment, $1,650,000 represents reduction in the State's bonded debt; $3,249,844 represents semiannual interest on the State's debt.
After meeting these obligations, the state treasurer will still have a substantial amount of state funds on deposit in North Carolina banks, amply secured by Federal and state bonds and surety bonds.
During the past year and a half, and including the payment to be made January 1, the State will have paid off a total of $7,948,000 of its funded debt, and in addition will have invested in its bond sinking fund a total of $1,534,640 for repayment of bond issues maturing in the future. In the past year and a half,