The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-11-08

about leaving lhe graves n their sire- %
SEEK new homes "a the wesi. usilrss sc
|, exert ourselves Ca make iI their ilferesf
70 stay here. II is idle 70 complain q
rarenls for sending their daughters - rhi-
lad.lphlA and New York. &c. 10 be edu-
eaIed, unless We concentrate our enofls
20 establish amongst ourselves eqcsi OPP
pOrtuni.les for their improvement. In
this. as in esery other internal improve.
menl. falkiag does no ga'd, ne must DO
something. 4-... ...s
| Pardon lhls apparent digression--ail
who read these ESSAYS will probably not
i esteem Il 80. =-... ....-
/ The Raleigh and CASTOR rail road then
claims our sid-bs.snsr Il has teen CON-
mencrd sad its sucress viii promote the
local interests Of many interior counties,
viz: Wake. Chatham, Orange. Granville.
Warren. Fraaklia, and perhaps others.
because II will greatly increase the I'M
porsnee If our seal Of Government, and
open the way To the establishment OF . u
lersrg insumllon for sIie education ui ie-
males. whass parents nov exprnd ihoii-
sand. elsewhere. Because Il this road
fails Tor lack OF reasonable assistance. tis
failure would pr ,duee reyulsIon 90 pub
lie sentiment. lhal will operate injurious
~ upon the cause uf improvement gene
rally. Because this road may be helped
by the state without, great risk. without
burIhening the people. without interfering
with her AVA adopted pulicy and system.
aud II may appear ?raeticable hereafter 70
mske Il an im;nntant aud valuable part of
our system. Then wherefore shall thai
aid he refused! Why shall nor the friends
# our home policy give II Their counie-
nance aad suppori! They vii answer
fr themselves. after nis shown how all
thls may br dane. aud alter | have met
and rrfd.ed the objec'ioas eonmonly
made against IL.
/ feel sure that subscriptions % the
stock Of the Raleigh and Gssl0n r"sd will
no, be made. II ought moi 10 be asked.
What right has q representative oil the
STATE TO take the public money and buy
stock al 100 dollars per share which 20
the market is mt worth IS doliarsf The
vote would be indeiensihlc aud 10 cannot
bs procured. We're u a new stock there
w"nld be nrIhing like the same objection
IL ia chance of depreciation would he
then accompanied by chance Of profits
hut this .iock is nov greatly below par,
and the state agents however confident in
their estimates Of future advance on The
price, dare not invest the public monev
in buying deprecated stock al par; or
what is the same thing, by entering ints
, the partnership when the stock is depre-
: ciated 20 or 80 per cent. Any member
4 Of Assembly who would not be willing 10
h lay out his o'cn money in the purchase al
/ a named stock, has no right To buy that
, stock with the public funds. Would q
r prudent man buy al 100 dollars per share,
1 stock in this rail road now. when The
: Stockholders (msny Of them) would take
E 90 or 25 per cent. less for their interests!
: For this reason. as well as for The of.-re-
5 peaIed sentiment of wha, is the primary
e duty Of the state. do NOT advocate SUD-
!, scripfion 10 the STOCK Of the Raleigh
C and CASTOR road.
n The President of the company. il is
d generally understood, has been suthoriz-
Il ed to raise money upon the bonds Of the
+ company aud give lien upon the road
o To secure payment. Whatever may he
4 thought by others. Icannot bu. apprehend
Z that this loan will be effected (ii effected
v at all) uenn very disadVantsgeous terms.
= | hope | may be mistaken. but money
n lenders are exceedingly wary, aud there
/. are so many opportunities fnr investing
= their wealth upon uadoubied security, that
Il they require heavier interest from private
e corporations. aud generally allow shor.
r credits. Now it is plain that The Raleigh
j. and CASTOR road cannot get an sdvania.
/, geous sale Of their bonds where only lit
II tie more than half of the capital necessary
II 10 its completion has been paid in, aud
e there are no other remaining subscrip-
h lions to be collected. |, is possible tha,
loan Of 100000 dollars might re-ani,
y mate confidence, and thereby induce he
> patrons to subscribe more in The stock;
;, but that is 10 be tried yet. and i, will hard.
e ly be the case unless the loan is granted
r. for a grea, length OF time Any period
e. short Of 30 years credit would expose in.
C. dridual prnprieIors to iot.l loss Of their
a. stock bs foreclosure Of The mortgage.
n. Thus: Suppose loan is Obtained 70,
in 100000 dollars; the prlncip / pay able al,
i, ter 10 years. the ,n,eres, 70 be paid annu,
e. ally. That amount being expended in
4. the construction Of this road: 300, 900 dol
T. lars more will be necessary 10 complete Il
If IL the latter sun 10 M, also procured, III,
2. difficulty will have been deferred. bul no
Of removed; and Il it's procured, their deb
n will be s6O0.Go0. Then a, the expira
G. .inn of 10 years. The principal Of The deb
10 being densndable. lis paymen, will rsi,
OF The corporation. unless the profits hav,
u been sufficient to pay the DEBT AND IN
al TEREsT! Indeed. rail road which cos,