Captain O'Berry was most reluctant to accept the post of state treasurer when it was tendered to him; and he did so only because of his very high sense of duty. It was only on the same considerations that he consented to be a candidate for reëlection last year.
He served the State in most splendid manner in what has been the most critical period the office of treasurer has ever faced, and his place will be most difficult to fill at this time.
JANUARY 14, 1932
In the beginning of my biennial message to the 1931 General Assembly I stated, "We are face to face with the supreme test of our collective common sense, of our intellectual and moral courage, and of our faith in the essential soundness of this commonwealth." I feel today that this sentence states more precisely the situation which we are now facing than it did a year ago. At that time we could only guess at the future. Today, one year of the future has become the past. I ask your indulgence in saying again that we are here face to face with the supreme test of our collective common sense, our courage and our faith in North Carolina.
Soon after the beginning of this administration we reached the turning point in the State's prosperity, and we have ever since experienced declining revenues. In 1929-30, I, as director of the budget, found it necessary to reduce legislative appropriations in the amount of $1,424,000. In 1930-31 we cut $2,136,000 from appropriations.
At the beginning of this biennium, in June, 1931, you were advised that it would be necessary for departments
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