Senate considers usury bill amid heated debate in January session
The North Carolina Senate debated a bill to reduce the legal interest rate to 6 percent, with extensive speeches by Morton, Battle, Campbell, and Aycock. Amendments were offered and defeated, the bill faced concerns over state bank taxes, and the chamber adjourned after adjournment of the afternoon session.
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Treasury statement shows surplus and cash balance
Secretary Foster submitted a treasury report to the Ways and Means Committee detailing the first half of the current fiscal year. Receipts totaled 274,419,215 while expenditures reached 230,571,006, yielding a surplus of 3,848,209 and a cash balance of 129,092,588 as of December 1892. Projections for the year end include 466,671,350 in revenues and 164,671,350 in expenditures, with a surplus of 2,000,900 and a June 30, 1893 cash balance of 120,992,377 including 100,000,000 for gold reserve funds.
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